Quote from comintel:
The SIPC claim form for MF Global customers does indeed have a full set of questions designed to cover issues that arise in the MF Global case. I append them below.
The questionnaire is tailored by SIPC for each particular firm.
If a broker with universal accounts and a sweep policy and SIPC like IB were to go under, they would need questions like the ones I mentioned if they are going to implement their stated policies as to limitations on SIPC coverage for sweeps from futures accounts and forex trading. Otherwise they would be negligent and would be sued for paying out claims ineligible for coverage under their own stated policies.
From the SIPC MF Global claim form:
III. ADDITIONAL INFORMATION ABOUT YOUR CLAIM
NOTE: Please check the appropriate answer for items 1 through 8, below. If you select âYES,â for any item, please provide a detailed explanation on a signed attachment, and attach any supporting documentation you have. If you do not provide sufficient details, you may be sent a deficiency letter seeking additional information.
YES NO
1. Does your claim in any way relate to an entity other
than MF Global Inc. (for example, MF Global
Holdings Inc., MF Global Finance USA Inc. or
another MF Global subsidiary)?
o o
2. Has there been any change in your account since
October 31, 2011?
o o
3. Are you or were you a party to a repurchase or reverse
repurchase agreement, or a director, officer, partner,
shareholder, lender to, or capital contributor of MFGI?
o o
4. Are you related to, or do you have any business
venture with, any of the persons specified in item (3),
above, or any employee or other person associated in
any way with MFGI? If so, give name(s).
o o
5. Are or were you a person who, directly or indirectly,
through agreement or otherwise, exercised or had the
power to exercise a controlling influence over the
management or policies of MFGI?
o o
6. Is this claim being filed on behalf of a customer of a
broker or dealer or bank? If so, provide
documentation with respect to each customer on
whose behalf you are claiming. o o
7. Have you ever given any discretionary authority to
any person to execute securities transactions with or
through MFGI on your behalf? Give names, addresses
and phone numbers. o o
8. Have you or any member of your family ever filed a
claim under the Securities Investor Protection Act of
1970? If so, give name of that broker. o o
IT IS A VIOLATION OF FEDERAL LAW TO FILE A FRAUDULENT CLAIM.
CONVICTION CAN RESULT IN A FINE OF UP TO $50,000 OR IMPRISONMENT OF UP TO FIVE YEARS OR BOTH.
