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Background The Commodity Futures Trading Commission (CFTC) recently adopted final amendments to Part 190 of the CFTC s regulations (the Final Rules ), governing bankruptcy proceedings with respect to commodity brokers. 1 The Final Rules represent the first comprehensive update to the CFTC s bankruptcy rules since the Part 190 rules were initially adopted in 1983. Approved unanimously, the Final Rules serve to modernize and revise the CFTC s regulations to reflect changes in the commodity brokerage industry over that time. Subchapter IV, chapter 7 of the Bankruptcy Code ( Code ) sets out the essential provisions governing the liquidation of a commodity broker in bankruptcy. However, the CFTC is authorized under section 20 of the Commodity Exchange Act (CEA), notwithstanding the Code, to adopt rules that provide, among other things: (1) that certain cash, securities, other property or commodity contracts are to be included in or excluded from customer property or member property

New yorkUnited statesElias wrightHeath tarbertDeposit insurance corporationMf global incExchange commissionCommodity futures trading commissionPeregrine financial group incDerivatives clearing organizationCommodity exchange actStatutory authorityFinal rulesBankruptcy codeChairman heath tarbertCore concepts