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(9:33 a.m.) 5 MR. BARNETT: We'll get started in one
6 minute. Okay, good morning, everyone. Welcome to
7 the staff's roundtable to discuss certain topics
8 included in our -- in the Commission's proposed 9 rulemaking on "Enhancing Protections Afforded
10 Customers and Customer Funds Held by Futures 11 Commission Merchants and Derivatives Clearing
12 Organizations," that was published for comment on
13 November 14th, 2012. 14 The rulemaking contemplated a 60-day
15 comment period, which has been extended for
16 another 30 days to February 15th, this month. To
17 date, do you know how many letters we're up to
18 now? Over 40, right? 19 MR. SMITH: Seventy.
20 MR. BARNETT: Up to 70 now? All right. 21 So we're currently up to 70 letters, which
we will 22 be going through, and, of course, responding
to Consumer Protection Roundtable Meeting Page:
7 Anderson Court Reporting -- 703-519-7180 -- www.andersonreporting.net
1 when we get to the final rulemaking. 2 Today's roundtable will focus on four
3 topics that arise out of the proposal. First, 4 we'll look at the proposal regarding the
periodic 5 engagement of an exam expert to review SRO
6 examination programs and the execution of those
7 programs to assure that adequate procedures are in 8 place and are being followed properly.
9 Secondly, we will look at the proposed 10 additional reporting and firm disclosures.
Third, 11 we will discuss acknowledgment letters
for 12 customer accounts and related requirements.
And 13 fourth, we'll look at certain proposed
14 requirements regarding customer margin. 15 In terms of housekeeping items, people
16 probably -- the bathrooms and the telephones are
17 out in the back. The first session today will go
18 from now until 11:00. We'll take a 15-minute 19 break. And then we'll have a second session
which 20 will go until 12:45, when we'll break for
lunch 21 and we'll start again at 2:00 for the third
22 session. We'll go to 3:15, take another break,
Consumer Protection Roundtable Meeting Page: 8
Anderson Court Reporting -- 703-519-7180 -- www.andersonreporting.net 1 and then go into the fourth session. We'll
end by 2 5:00 today.
3 The typical disclaimer in this 4 roundtable, staff may express views and
thoughts (9:33 a.m.)
5 MR. BARNETT: We'll get started in one 6 minute. Okay, good morning, everyone. Welcome
to 7 the staff's roundtable to discuss certain
topics 8 included in our -- in the Commission's proposed
9 rulemaking on "Enhancing Protections Afforded 10 Customers and Customer Funds Held by Futures
11 Commission Merchants and Derivatives Clearing 12 Organizations," that was published for
comment on 13 November 14th, 2012.
14 The rulemaking contemplated a 60-day 15 comment period, which has been extended
for 16 another 30 days to February 15th, this
month. To 17 date, do you know how many letters we're
up to 18 now? Over 40, right?
19 MR. SMITH: Seventy. 20 MR. BARNETT: Up to 70 now? All right.
21 So we're currently up to 70 letters, which
we will 22 be going through, and, of course, responding
to Consumer Protection Roundtable Meeting Page:
7 Anderson Court Reporting -- 703-519-7180 -- www.andersonreporting.net
1 when we get to the final rulemaking. 2 Today's roundtable will focus on four
3 topics that arise out of the proposal. First, 4 we'll look at the proposal regarding the
periodic 5 engagement of an exam expert to review SRO
6 examination programs and the execution of those
7 programs to assure that adequate procedures are in
8 place and are being followed properly. 9 Secondly, we will look at the proposed
10 additional reporting and firm disclosures. Third,
11 we will discuss acknowledgment letters for
12 customer accounts and related requirements. And
13 fourth, we'll look at certain proposed 14 requirements regarding customer margin.
15 In terms of housekeeping items, people 16 probably -- the bathrooms and the telephones
are 17 out in the back. The first session today will go
18 from now until 11:00. We'll take a 15-minute 19 break. And then we'll have a second session
which 20 will go until 12:45, when
we'll break for lunch 21 and we'll
start again at 2:00 for the third 22 session. We'll go to 3:15, take another
break, Consumer Protection Roundtable Meeting Page:
8 Anderson Court
Reporting -- 703-519-7180 -- www.andersonreporting.net 1 and
then go into
the fourth session. We'll end by 2 5:00 today.
3 The typical disclaimer in this 4 roundtable, staff may express views
and
thoughts