[Federal Register Volume 62, Number 122 (Wednesday, June 25, 1997)]
[Rules and Regulations]
[Pages 34165-34166]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-16625]


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COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 1


Alternative Method of Compliance With Requirements for Delivery 
and Retention of Monthly, Confirmation and Purchase-and-Sale 
Statements; Correction

AGENCY: Commodity Futures Trading Commission.

ACTION: Correction to an Advisory.

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SUMMARY: This document contains a correction to the Advisory that was 
published on Tuesday, June 10, 1997 (62 FR 31507). The Advisory related 
to delivery by futures commission merchants (``FCMs'') of confirmation, 
purchase-and-sale and monthly statements by means of electronic media 
and related recordkeeping requirements. The correction clarifies 
potential confusion in connection with the Commodity Futures Trading 
Commission's (``Commission's'') definition of ``eligible customer'' for 
purposes of the Advisory.

EFFECTIVE DATE: June 25, 1997.

FOR FURTHER INFORMATION CONTACT:
Susan C. Ervin, Deputy Director/Chief Counsel; Lawrence B. Patent, 
Associate Chief Counsel; or Natalie A. Markman, Attorney-Advisor, 
Division of Trading and Markets, Commodity Futures Trading Commission, 
Three Lafayette Centre, 1155 21st Street, N.W., Washington, DC 20581. 
Telephone: (202) 418-5450.

SUPPLEMENTARY INFORMATION: On June 10, 1997, the Commission published 
an Advisory issuing guidance to FCMs concerning alternative methods of 
compliance by FCMs with requirements in Commission Rules 1.33 and 1.46 
pertaining to the delivery of specified customer account documents and 
requirements for recordkeeping in Commission Rule 1.31. The Commission 
defined an ``eligible customer,'' for purposes of the Advisory, to 
include any person who is an ``institutional customer,'' as 
``currently'' defined by Federal Reserve Board (``FRB'') Rule 
225.2(g).\1\ The Advisory included a list of the persons included in 
the Rule

[[Page 34166]]

225.2(g) definition \2\ but, in an effort to eliminate any possible 
confusion, the Commission makes the following correction: In the 
Federal Register published June 10, 1997, on page 31509, in the third 
column, in paragraph (2), replace ``as currently defined by FRB Rule 
225.2(g)'' with ``as defined by FRB Rule 225.2(g) on April 20, 1997.''
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    \1\ 12 CFR 225.2(g) (1996).
    \2\ The following were ``institutional customers'' under the FRB 
rule:
    (1) a bank (acting in an individual or fiduciary capacity), 
savings and loan association, insurance company, investment company 
registered under the ICA, or corporation, partnership, 
proprietorship, organization or institutional entity with a net 
worth exceeding $1,000,000;
    (2) an employee benefit plan with assets exceeding $1,000,000, 
or whose investment decisions are made by a bank, insurance company 
or investment adviser registered under the Investment Advisers Act 
of 1940;
    (3) a natural person whose net worth (or joint net worth with a 
spouse) exceeds $1,000,000;
    (4) a broker-dealer or option trader registered under the SEA, 
or other securities, investment or banking professional; or
    (5) an entity whose equity owners are institutional customers.

    Issued in Washington, D.C. on June 20, 1997 by the Commission.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 97-16625 Filed 6-24-97; 8:45 am]
BILLING CODE 6351-01-M