Futures Commission Merchants

Futures Commission Merchants are any individuals, partnerships, corporations or entities soliciting or accepting orders for the purchase or sale of commodities related to the futures contract market and accepting... more +
Futures Commission Merchants are any individuals, partnerships, corporations or entities soliciting or accepting orders for the purchase or sale of commodities related to the futures contract market and accepting payment in connection with those orders.   less -
News & Analysis as of

CFTC Issues 30.7 Customer Funds No-Action Relief and Interpretation

The Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission has issued no-action relief and interpretive guidance for futures commission merchants (FCMs) with customers that trade...more

Bridging the Week - November 2014 #3

Five Banks Penalized US $3.1 Billion by CFTC and UK FCA for Attempted Manipulation of FX Benchmark Rates; OCC Fines Two of the Banks and One More an Additional US $950 Million - The Commodity Futures Trading Commission...more

NFA Changes Public Display of FCM Financial Information on BASIC

Beginning November 25, the National Futures Association (NFA) will display additional information on each futures commission merchant’s (FCM’s) BASIC page, including the amount of customer funds held at clearing organizations...more

CFTC Grants Relief to IB Entering Into Give-Up Arrangements

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) granted no-action relief from the proviso in CFTC Regulation 1.57(a)(1), which requires an introducing broker (IB) that has...more

Bridging the Week - November 2014 #2

CFTC Proposes a Cornucopia of Measures to Avoid Unintended Consequences - At a public hearing on November 3, the Commodity Futures Trading Commission proposed three measures intended to avoid unintended consequences...more

CFTC Proposes to Revise Residual Interest Deadline for FCMs

In 2013, the Commodity Futures Trading Commission amended CFTC Regulation 1.22 to require a futures commission merchant (FCM) to maintain its own funds (i.e., residual interest) in customer segregated accounts in an amount...more

CFTC Proposes Amendments to Recordkeeping Rules

Proposed changes would provide permanent relief from compliance with certain recordkeeping requirements and narrow the types of records that must be identifiable by transaction. The December 2012 amendments to...more

Corporate and Financial Weekly Digest - Volume IX, Issue 44

In this issue: - SEC Sanctions 10 Companies for Disclosure Failures Surrounding Financing Deals and Stock Dilution - Delaware Court of Chancery Rejects Entire Fairness Review in Absence of Conflicted...more

CFTC Extends Relief to FCMs from Certain Commingling Requirements

On October 30, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) extended indefinitely the relief previously granted in CFTC No-Action Letters Nos. 14-02, 14-45 and 14-88, as...more

Corporate and Financial Weekly Digest - Volume IX, Issue 43

In this issue: - ISS Announces Launch of QuickScore 3.0 - SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements - CFTC Extends Relief to FCMs from Certain Commingling Requirements -...more

FinCEN Customer Due Diligence Rule Proposal

On July 30, 2014, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued proposed rules (the “Proposed Rules”) to clarify and strengthen customer due diligence requirements for banks, securities...more

FinCEN Proposes to Expand Financial Institution Customer Due Diligence Requirements

The proposal would require financial institutions to identify beneficial owners of legal entities and codify existing customer due diligence guidance....more

CFTC Extends Relief to FCMs from Certain Commingling Requirements

On June 25, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) extended to October 31 the relief previously granted in CFTC No-Action Letters Nos. 14-02 and 14-45....more

Corporate and Financial Weekly Digest - Volume IX, Issue 26

In this issue: - Delaware Fee-Shifting Legislation Delayed - SEC Orders Securities Exchanges and FINRA to Develop Tick Size Pilot Plan - CFTC Extends Relief to FCMs from Certain Commingling...more

JAC Issues Guidance on FCM Financial Information Disclosure Requirements

The Joint Audit Committee (JAC) has issued a regulatory alert reminding futures commission merchants (FCMs) of their obligation to make certain financial information available on their websites effective July 12 in accordance...more

Corporate and Financial Weekly Digest - Volume IX, Issue 25

In this issue: - Delaware Court of Chancery Rules That a Major Debt Holder and 48 Percent Stockholder Is a Controlling Stockholder and Owes Fiduciary Duties to Minority Stockholders - Delaware Court of Chancery...more

JAC Issues Guidance on Margin Funds

The Joint Audit Committee (JAC) has issued a regulatory alert regarding the receipt and disbursement of margin funds. As noted in the regulatory alert, a futures commission merchant (FCM) is generally prohibited from applying...more

Auditors Of Futures Commission Merchants: Know The Audit Rules Or You Will Be Fined

A recent $100,000 settlement between the Commodity Futures Trading Commission (CFTC) and an accounting firm highlights — for accounting firms auditing Futures Commission Merchants (FCM) — the importance of closely following...more

CFTC Staff Provides Guidance on Auditor Independence Requirements Under FCM Customer Protection Rules

The CFTC’s Division of Swap Dealer and Intermediary Oversight (the “Division”) issued an interpretive letter regarding the auditor independence standards included in CFTC Regulation 1.16, specifically as it applies to...more

CFTC Issues Interpretation Regarding Auditor Independence Standards

On March 28, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued an interpretive statement regarding the auditor independence standards applicable to futures commission...more

Joint Audit Committee Adopts Template Acknowledgment Letters

On March 12, the Joint Audit Committee issued a regulatory alert and revised templates for segregated, secured and cleared swap customer acknowledgment letters...more

CFTC Issues No-Action Relief Regarding 30.7 Accounts

On January 10, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission issued time-limited relief to a registered futures commission merchant (FCM) with respect to certain of...more

CFTC Issues Guidance on New Filing Requirements

On February 5, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission issued guidance to futures commission merchants (FCMs) and depositories regarding procedures for...more

Time-Limited No-Action Relief From Compliance With Certain Conditions Associated With the Receipt of Customer Funds by Futures...

On January 10, 2014, the US Commodity Futures Trading Commission's ("CFTC") Division of Swap Dealer and Intermediary Oversight (the "Division") issued a time-limited no-action letter in response to a letter sent on behalf of...more

CFTC Issues No-Action Relief to FCMs Relating to Enhanced Customer Protection Rules

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued two no-action letters granting relief to futures commission merchants (FCMs) from certain requirements of the...more

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