DCIO responded to a request for guidance from the Joint Audit Committee (JAC) as to investments of customer funds by futures commission merchants (FCMs) in corporate debt securities guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program (TLGP). The letter sets forth the conditions under which TLGP securities guaranteed by the FDIC may be permitted investments for customer segregated funds under Regulation 1.25 or customer secured amount funds under Regulation 30.7, and further specifies the necessary haircuts to FCM adjusted net capital under Regulation 1.17. The letter also provides guidance to the JAC as to whether, and to what extent, Regulation 1.32 permits offsets of FCM customer account deficits against TLGP securities the customer has deposited for its account with the FCM.