Page 47 - 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

金商或衍生品清算机构必须遵守 CFTC 关于客户资金投资的所有规定和条件，包

括可调利率证券应当属于 CFTC 列举的允许投资对象的要求。

此次发布的不行动函将于 2024 年 12 月 31 日，或 CFTC 采取其他行动（包

括但不限于制定允许有担保隔夜融资利率作为基准的规则或签发行政令）的生效
日（以较早者为准）到期。

CFTC Staff Issues No-Action Letter Regarding Investments of Customer Funds

in Securities Benchmarked to SOFR (2022/12/23)

The Commodity Futures Trading Commission’s Market Participants Division

today announced it is extending CFTC Staff Letter No. 21-02 regarding investments

of customer funds by futures commission merchants (FCMs). In issuing the extension

in conjunction with the Division of Clearing and Risk, the scope of the letter was
expanded to include investments by derivatives clearing organizations (DCOs).

In light of the transition from the London Interbank Offered Rate (LIBOR)

interest rate benchmark, and the increasing reliance on the Secured Overnight

Financing Rate (SOFR) as an alternative benchmark, under the no-action letter, FCMs

may continue to invest customer funds in securities that contain an adjustable rate of

interest that is benchmarked to SOFR. DCOs also may make such investments under

the letter. The no-action letter is conditioned upon an FCM or DCO otherwise

complying with all relevant terms and conditions of the CFTC ’ s regulations

governing the investment of customer funds, including the requirement that the

adjustable rate security is one of the enumerated permitted investments.

This no-action letter will expire on the earlier of December 31, 2024 or the

effective date of a CFTC action, including, without limitation, a rulemaking or order

that addresses SOFR as a permitted benchmark.

https://www.cftc.gov/PressRoom/PressReleases/8645-22

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