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FEDERAL RESERVE BANK
OF NEW YORK

• Circular No. 1 8 0 1 "I
. December 4, 1937 J

AMENDMENT OF REGULATION T
OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

To Members of National Securities Exchanges,
Brokers and Dealers in Securities, and Banking
Institutions, in the Second Federal Reserve District:

The Board of Governors of the Federal Reserve System has
adopted Amendment No. 11 of Regulation T, to become effective
December 6, 1937.
For your information a copy of the above mentioned amendment is
sent to you herewith. Additional copies will be furnished upon request.




GEORGE L. HARRISON,

President.

BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM

Amendment No. 11 of Regulation T—Effective December 6, 1937.
Regulation T, as amended, is further amended by adding at the
end thereof after section 12 a new section reading as follows:
"SECTION 13.

SPECIAL COMMODITY ACCOUNT

Notwithstanding any other provision of this regulation:
(a) In a special commodity account recorded separately, a creditor
may effect and carry for any customer transactions in commodities,
and such a special account when so recorded shall be excluded from all
calculations involving any combined account or any other special
account; and
(&) On or before December 31, 1937 the creditor shall transfer to
the special commodity account of a customer from the combined
account and from any other special account of such customer (1) all
open trades or contracts in commodities carried in such combined
account or such other special account, together with (2) funds in an
amount equal to the amount of margin customarily required by the
creditor on all such open trades or contracts so transferred plus any
net loss on such open trades or contracts or minus any net profit (not
exceeding such margin) on such open trades or contracts.
A special commodity account established pursuant to this section
shall not be used in any way for the purpose of evading or circumventing any of the provisions of this regulation. If a customer has
with a creditor both a combined account and such a special commodity
account, the creditor shall treat the special commodity account as if
the customer had with the creditor no combined account."





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102