Ex Parte Meeting for Proposed Rule 76 FR 33818
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Title:
Telephone Call on Segregation & Bankruptcy Rule
Ex Parte No:
478
Date:
12/22/2011
Meeting Date:
Thursday, December 22, 2011
CFTC Staff:
Dan M. Berkovitz
Organization(s):
Tudor Investment Corp.
External Attendees:
Ken Raisler, Sullivan & Cromwell; Steve Waldman, Tudor Investment Corp.
Additional Information:
Participants discussed the adequacy of customer protection under segregations models being considered by the Commission, particularly the Legal Segregation Operationally Commingled (LSOC) model. Mr. Raisler and Mr. Waldman stated that the CFTC should adopt provisions to permit institutional managers to establish separate accounts, apart from the FCM, in their own name, that would not be commingled with other customer funds and that would not be considered "customer property" under the Bankruptcy Code. They urged the Commission to include such options in the final rule and, if necessary, defer the issuance of a final rule until such additional provisions for the treatment of customer funds could be included in the final rule.
