---
kind: "section"
citation: "17 C.F.R. § 41.48"
title: "17"
number: "41.48"
heading: "Undermargined accounts."
url: "https://uscodex.org/cfr/17/41.48"
---

# §41.48. Undermargined accounts.

- (a) **Failure to satisfy margin call.** If any margin call required by this Regulation ([Subpart E](/cfr/17/subpartE.md), [§§ 41.42 through 41.49](/cfr/17/41.42..41.49.md)) is not met in full, the security futures intermediary shall take the deduction required with respect to an undermargined account in computing its net capital under SEC or Commission rules.
- (b) **Accounts that liquidate to a deficit.** If at any time there is a liquidating deficit in an account in which security futures are held, the security futures intermediary shall take steps to liquidate positions in the account promptly and in an orderly manner.
- (c) **Liquidation of undermargined accounts not required.** Notwithstanding [§ 41.44(a)(1)](/cfr/17/41.44.md?p=a-1) of this subpart, [§ 220.4(d)](/cfr/17/220.4.md?p=d) of Regulation T ([12 CFR 220.4(d)](/cfr/12/220.4.md?p=d)) respecting liquidation of positions in lieu of deposit shall not apply with respect to security futures carried in a securities account.

## Notes

### Source

Source: 67 FR 53171, Aug. 14, 2002, unless otherwise noted.

### Authority

Authority: Sections 206, 251 and 252, Pub. L. 106-554, 114 Stat. 2763, 7 U.S.C. 1a, 2, 6f, 6j, 7a-2, 12a; 15 U.S.C. 78g(c)(2).

### Source

Source: 66 FR 44511, Aug. 23, 2001, unless otherwise noted.