News & Analysis as of September 18, 2024

National Futures Association

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A Commodity Pool is an investment structure or enterprise where funds from a number of participants are combined into a single entity for the purpose of trading futures contracts, options on contracts, retail... more +

Customer Segregation: Keep It Separate

New Outsourced Compliance Guidance – Implications for CFTC-Registered Private Fund Managers

Akin Gump Strauss Hauer & Feld LLP on 7/15/2021

Key Point - As of September 30, 2021, private fund managers registered with the CFTC as CPOs or CTAs will be required, under new NFA guidance, to supervise certain third-parties performing regulatory functions. ...more

Registered and Exempt Market Participants May Need to Plan Ahead to Take Action Early in 2021 to Address CFTC and NFA Rule and...

Dechert LLP on 11/9/2020

During the course of 2019 and 2020, the Commodity Futures Trading Commission and the National Futures Association (NFA, the self-regulatory organization for the U.S. futures and swaps industry) have been hard at work amending...more

CFTC Adopts Bad Actor Disqualifications for CPO Exemptions

Akin Gump Strauss Hauer & Feld LLP on 6/12/2020

- A CPO will be prohibited from claiming an exemption from registration under CFTC Regulation 4.13 if it or any of its principals has in their backgrounds a statutory disqualification under the Commodity Exchange Act. - A...more

NFA Provides Relief to Permit CTAs to Present Gross Past Performance to ECPs; CFTC Proposes Updates to Form CPO-PQR

Proskauer Rose LLP on 5/12/2020

In April, the National Futures Association (NFA) provided relief to permit commodity trading advisors (CTAs) who are also registered as investment advisers with the Securities and Exchange Commission (SEC) to provide...more

CFTC Adopts Final Rules Clarifying CPO and CTA Exemptions for Family Offices, BDCs

Proskauer Rose LLP on 1/7/2020

On November 25, 2019, the Commodity Futures Trading Commission (CFTC) approved final rule amendments intended to simplify certain existing CFTC rules, codify certain previously granted no-action relief, and better coordinate...more

Corporate & Financial Weekly Digest, Featuring Articles Articles on CFTC Proposed Rule to Amend Reg. 160.30, NCA Publishes Annual...

Katten Muchin Rosenman LLP on 11/18/2019

CFTC - CFTC Proposes Rule to Amend Regulation 160.30 - On November 12, the Commodity Futures Trading Commission (CFTC) published a proposed rule that would amend CFTC Regulation 160.30 by establishing specific...more

Bridging The Week - September 2019 #2

Katten Muchin Rosenman LLP on 9/16/2019

An interdealer broker agreed to pay a fine of US $13 million to the Commodity Futures Trading Commission to resolve charges that it failed to supervise brokers on a swaps desk that allegedly made numerous false or misleading...more

National Futures Association Proposes Overhaul of its Member Requirements for the Supervision of Branch Offices and Guaranteed...

Katten Muchin Rosenman LLP on 7/3/2019

The National Futures Association (NFA) has proposed updated guidance (the Proposed Guidance) for all of its member firms—including futures commission merchants (FCMs), retail foreign exchange dealers (RFEDs), introducing...more

CFTC and SEC Issue Privacy Guidance

K&L Gates LLP on 5/24/2019

CFTC Proposes New Swap Data Reporting Requirements and NFA Proposes Dues Surcharge for Swap Firms - INTRODUCTION - The Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC”)...more

Swaps Proficiency Requirements for Associated Persons; Revised Form 7-R

K&L Gates LLP on 4/9/2019

Introduction - By a Notice to Members dated March 25, 2019, the National Futures Association (“NFA”), the self-regulatory organization for the U.S. derivatives industry, announced that it had amended rules and adopted an...more

April 1, 2019: Effective Date of NFA Compliance Rule 2-9

Foley Hoag LLP on 3/28/2019

As a reminder, pursuant to an Interpretive Notice recently released by the National Futures Association (“NFA”), all commodity pool operators (“CPOs”) that are registered with the U.S. Commodity Futures Trading Commission...more

NFA Amends its Information System Security Program Requirements; CFTC-Registered CPOs and CTAs Need to Take Action by April 1

Dechert LLP on 2/8/2019

The National Futures Association (NFA), the self-regulatory organization of the futures and swap trading industry, announced to its membership on January 7, 2019 that it had amended its requirements for NFA Member Information...more

NFA Proposes Interpretive Notice Addressing CPO Internal Controls

K&L Gates LLP on 1/4/2019

Introduction - By letter dated December 10, 2018, the National Futures Association (“NFA”), the self-regulatory organization for the U.S. derivatives industry, submitted to the U.S. Commodity Futures Trading Commission...more

NFA Inspects Hong Kong Based Investment Managers

Akin Gump Strauss Hauer & Feld LLP on 7/12/2018

The U.S. National Futures Association (NFA) has confirmed that it has commenced its first-ever, on-site inspection program of NFA member firms located in Hong Kong. Prior to this current initiative, the NFA’s inspections of...more

CFTC and NFA Issue FAQS on Form CPO-PQR and Form CTA-PR

Foley Hoag LLP on 12/17/2015

The Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission (the “CFTC”) recently issued answers to Frequently Asked Questions (“FAQs”) regarding CFTC Form CPO-PQR applicable to...more

Cybersecurity Update: National Futures Association Adopts Cybersecurity Guidance for Member Firm Information Systems Security...

K&L Gates LLP on 12/2/2015

The Commodity Futures Trading Commission (CFTC) recently approved the National Futures Association’s Interpretive Notice to NFA Compliance Rules 2-9, 2-36 and 2-49, entitled Information Systems Security Programs (the...more

NFA Adopts Cybersecurity Guidance

Dechert LLP on 11/6/2015

The National Futures Association (NFA) adopted on October 23, 2015 an “Interpretive Notice to NFA Compliance Rules 2-9, 2-36, and 2-49: Information Systems Security Programs” (Notice). The Notice requires each NFA Member to...more

"CFTC Extends Registered Futures Association Membership Requirement to Introducing Brokers, Commodity Pool Operators and Commodity...

Skadden, Arps, Slate, Meagher & Flom LLP on 9/14/2015

The Commodity Futures Trading Commission (“CFTC”) unanimously approved a final rule (“Final Rule”) that formally extends the existing registered futures association (“RFA”) membership requirement to registered introducing...more

Cybersecurity Update: National Futures Association Proposes Cybersecurity Guidance Setting Forth General Requirements for Member...

K&L Gates LLP on 9/10/2015

The National Futures Association (“NFA”) submitted to the Commodity Futures Trading Commission (“CFTC”) on August 28, 2015 a proposed Interpretive Notice (“Proposed Guidance”) for CFTC’s approval, which provides guidance to...more

CFTC Staff Exempts Certain Commodity Trading Advisors from Form CTA-PR Reporting

Morgan Lewis on 7/28/2015

The reporting relief applies to commodity trading advisors that do not “direct” trading of any client commodity interest trading accounts. On July 23, the CFTC’s Division of Swap Dealer and Intermediary Oversight issued...more

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