The Commodity Futures Trading Commissionâs (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued interpretative guidance providing that a futures commission merchant (FCM), swap dealer (SD), or introducing broker (IB) that receives separate compensation for commodity trading advice is not required to register as a commodity trading advisor, provided that the offered advice is âsolely incidentalâ to the conduct of the FCMâs or SDâs business, or âsolely in connection withâ the operation of the IBâs business.
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