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GGD-92-28R 1 (1992-08-26)

handle is hein.gao/gaobackcy0001 and id is 1 raw text is: gq I'' United States GAO General Accounting Office Washington, D.C. 20548 General Government Division B-250056.1 August 26, 1992 147437 The Honorable John D. Dingell Chairman, Committee on Energy and Commerce House of Representatives Dear Mr. Chairman: In response to your March 1, 1991 written request and subsequent discussions with Consuela Washington of your staff, we reviewed Commodity Futures Trading Commission (CFTC) and self-regulatory organization (SRO) oversight of futures commission merchants' (FCM)l compliance with industry financial requirements. On December 17, 1991, February 24, 1992, and again on July 29, 1992, my staff briefed Ms. Washington on our findings. She agreed that a GAO report was not necessary. We found that CFTC and the SROs we reviewed had policies and procedures for monitoring FCM compliance with industry financial requirements. We also found that CFTC and the SROs generally followed these prescribed policies and procedures in the sample of FCM financial audits we reviewed. This letter summarizes the information we provided Ms. Washington. The Commodity Exchange Act (CEA) requires FCMs to register with CFTC. A registered FCM must meet the minimum financial requirements of CEA, CFTC regulations, and SRO rules. Key requirements relate to minimum capital, Financial recordkeeping and reporting, and safeguards for protecting customer funds. CFTC and the SROs are responsible for monitoring compliance with these requirements. 1FCMs solicit or accept orders from the public for buying or selling commodity futures or options contracts and accept payment from, or extend credit to, those whose orders are accepted. GAO/GGD-92-28R, CFTC Oversight O55 411//7q37

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