Additionally, Giddens also filed a number of recommendations to regulators that came as a result of his investigation, including:
- Abolish the alternative calculation method and implement a requirement to segregate an amount in excess of 100% of customer funds.
- Eliminate the segregated versus secured distinction in Commodity Futures Trading Commission (CFTC) Regulation 30.7, ensure consistency of customer protection when trading overseas, and monitor compliance abroad closely.
- Create a protection fund for futures and commodities customers under a certain threshold, and implement suitability standards for customers of Futures Commission Merchants (FCMs).
- Provide for civil liability for officers and directors in the event of a commodities segregation shortfall.
- Consider simplifying some CFTC rules for bulk transfers and claims in an FCM liquidation proceeding.
- Enact legislation explicitly authorizing Trustee standing on behalf of customers.
Finally, the trustee filed a motion for the bankruptcy court to approve counsel’s fees through February 2012, which totaled approximately $17 million