Page 46 - 期货和衍生品行业监管动态（2022年12月）

期货和衍生品行业监管动态

descriptions of the possibility of “30-40% net gains,” “annualized rate of return of
20% or more” and “unlimited upside potential” according to the order. Monex also

trained its sales force to gain customers’ trust in order to make sales. In addition,

Monex incentivized its sales staff to push customers into leveraged trading with

increased commissions and bonuses, the order finds.

Monex never disclosed that the majority of its customers lost money, according

to the order. As a result, Monex’s claims about the profitability of leveraged trading

of precious metals were misleading. Moreover, Monex’s customers who expected to

make profits from such trading instead lost money, the order finds. The order further

finds that Louis and Michael Carabini controlled Monex and are liable for its illegal

activities.

The CFTC cautions that orders requiring repayment of funds to victims may not
result in the recovery of any money lost because the wrongdoers may not have

sufficient funds or assets. The CFTC will continue to fight vigorously for the

protection of customers and to ensure the wrongdoers are held accountable.

https://www.cftc.gov/PressRoom/PressReleases/8643-22

14. 美国商品期货交易委员会工作人员发布关于将客户资金投资于以有担保隔

夜融资利率为基准的证券的不行动函（2022 年 12 月 23 日）

美国商品期货交易委员会（CFTC）市场参与者部宣布，延长 CFTC 第 21-02

号工作人员函，该函涉及期货佣金商（FCMs）开展的客户资金投资活动。CFTC

市场参与者部和清算与风险部联合宣布扩大工作人员函的适用范围，将衍生品清

算机构（DCOs）的投资行为也包含在内。

鉴于从伦敦银行间同业拆借利率（LIBOR）基准的过渡，以及越来越依赖于

有担保隔夜融资利率（SOFR）作为替代基准，根据不行动函，期货佣金商可以

继续将客户资金投资于含有以有担保隔夜融资利率为基准的可调利率的证券。衍

生品清算机构也可以根据该函进行此类投资。不行动函中设定的条件是，期货佣

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