NFA Announces Review of FCM Audit Practices

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[author: LexBlog, Maureen C. Guilfoile, Ross Pazzol, and Blake J. Brockway]

On July 16, National Futures Association (NFA) announced that it will conduct a review of its audit practices and procedures and the execution of those procedures with respect to Peregrine Financial Group, Inc. (PFG). The announcement comes a week after NFA issued an emergency enforcement action against PFG for failing to maintain adequate funds in customer segregated accounts and falsifying bank records and regulatory reports. NFA’s internal review of its audit practices is intended to indentify and implement any regulatory oversight changes that may be necessary to improve fraud detection and protect customer funds. NFA’s Special Committee for the Protection of Customer Funds, which consists of the public representatives on NFA’s Board of Directors, will oversee the review.

More information is available here.

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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