Section 22.3 - Derivatives clearing organizations: Treatment of cleared swaps customer collateral(a)General. A derivatives clearing organization shall treat and deal with the Cleared Swaps Customer Collateral deposited by a futures commission merchant as belonging to the Cleared Swaps Customers of such futures commission merchant and not other persons, including, without limitation, the futures commission merchant.(b)Location of Cleared Swaps Customer Collateral.(1) The derivatives clearing organization must segregate all Cleared Swaps Customer Collateral that it receives from futures commission merchants, and must either hold such Cleared Swaps Customer Collateral itself as set forth in paragraph (b)(2) of this section, or deposit such collateral into one or more Cleared Swaps Customer Accounts held at a Permitted Depository, as set forth in paragraph (b)(3) of this section.(2) If a derivatives clearing organization holds Cleared Swaps Customer Collateral itself, then the derivatives clearing organization must:(i) Physically separate such collateral from its own property, the property of any futures commission merchant, and the property of any other person that is not a Cleared Swaps Customer of a futures commission merchant;(ii) Clearly identify each physical location in which it holds such collateral as "Location of Cleared Swaps Customer Collateral" (the "DCO Physical Location");(iii) Ensure that the DCO Physical Location provides appropriate protection for such collateral; and(iv) Record in its books and records the amount of such Cleared Swaps Customer Collateral separately from its own funds, the funds of any futures commission merchant, and the funds of any other person that is not a Cleared Swaps Customer of a futures commission merchant.(3) If a derivatives clearing organization holds Cleared Swaps Customer Collateral in a Permitted Depository, then:(i) The Permitted Depository must qualify pursuant to the requirements set forth in § 22.4 of this part; and(ii) The derivatives clearing organization must maintain a Cleared Swaps Customer Account with each such Permitted Depository.(c)Commingling.(1) A derivatives clearing organization may commingle the Cleared Swaps Customer Collateral that it receives from multiple futures commission merchants on behalf of their Cleared Swaps Customers.(2) A derivatives clearing organization shall not commingle the Cleared Swaps Customer Collateral that it receives from a futures commission merchant on behalf of Cleared Swaps Customers with any of the following:(i) The money, securities, or other property belonging to the derivatives clearing organization;(ii) The money, securities, or other property belonging to any futures commission merchant; or(iii) Futures Customer Funds (as § 1.3 of this chapter defines such term) or the foreign futures or foreign options secured amount (as § 1.3 of this chapter defines such term), except as expressly permitted by Commission rule, regulation, or order, (or by a derivatives clearing organization rule approved in accordance with § 39.15(b)(2) of this chapter).(d)Exceptions; Permitted Investments. Notwithstanding the foregoing and § 22.15 , a derivatives clearing organization may invest the money, securities, or other property constituting Cleared Swaps Customer Collateral in accordance with § 1.25 of this chapter. 77 FR 6371 , Feb. 7, 2012, as amended at 77 FR 66334 , Nov. 2, 2012