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The Commodity Futures Trading Commission (Commission) is proposing a rule to codify a no-action position currently applicable to derivatives clearing organizations (DCOs) with respect to the treatment by clearing member futures commission merchants (FCMs) of margin requirements for separate accounts of certain beneficial owners. The proposed rule will be codified under 17 CFR part 1, and will apply the underlying requirement, along with the associated conditional exception, directly to all FCMs, with supporting amendments in 17 CFR parts 1, 22, 30, and 39, and additional amendments to ensure Commission regulations accurately describe current Commission requirements, in parts 1, 22, and 30.  The proposed rule also withdraws the Commission’s prior proposal, published in the Federal Register on April 14, 2023, to codify the no-action position, as applicable only directly to DCOs, in part 39.