News & Analysis as of

National Futures Association

Registered CPOs and CTAs: Prepare for June 30 Changes to NFA Forms PQR and PR

by Dechert LLP on

Beginning with the second quarter 2017 filings, registered commodity pool operators (CPOs) and commodity trading advisors (CTAs) (collectively, Registrants) will need to report financial information regarding their own...more

New York & Colorado Propose “New” Cybersecurity Regulations for Broker-Dealers

by Wilson Elser on

In the wake of the promulgation of new cybersecurity regulations by New York State’s Department of Financial Services, Colorado has proposed cybersecurity regulations for broker-dealers, investment advisers and other fund...more

CFTC Permits Registered CTAs to Use Third-Party Recordkeepers; Action May be Required

by Ropes & Gray LLP on

On April 20, 2017, the Commodity Futures Trading Commission’s (“CFTC”) Division of Swap Dealer and Intermediary Oversight (the “Division”) issued Exemptive Letter No. 17-24 (“Letter 17-24”), which provides exemptive relief to...more

Bridging the Week - March 2017 #2

US Broker-Dealer, Its CEO and a Non-US Client Sued by SEC for Layering and Other Manipulative Schemes - Lek Securities Corporation (“LEK”), a US-registered broker-dealer and Samuel Lek, its 70 percent owner and chief...more

Bridging the Week - March 2017

Non-Member Sanctioned by NYMEX Business Conduct Committee for Non-Bona Fide EFRPs; Can’t Shift Blame to Broker or FCM Despite Try: Bunkerbridge PTE Ltd, a non-member of the New York Mercantile Exchange, was fined US $30,000...more

SEC Proposal Would Require Business Continuity and Transition Plans for Investment Advisers

Citing the ongoing risk of terrorist and cyber-attacks, the 2008 financial crisis, and Hurricanes Katrina and Sandy, the Securities and Exchange Commission (“SEC”) has issued proposed rules under the Investment Advisers Act...more

Late Fee for NFA Forms PQR and PR Filings Effective Starting September 30, 2016

by Foley Hoag LLP on

The National Futures Association recently amended NFA Compliance Rule 2-46 in order to impose late fees for its commodity pool operator (CPO) and commodity trading adviser (CTA) members that do not make quarterly filings on...more

CFTC Intermediaries to Adopt and Implement Cybersecurity Programs by March 1, 2016

Commencing March 1, 2016, all commodity pool operators, commodity trading advisors, futures commission merchants, retail foreign exchange dealers, investment brokers, major swap participants and swap dealers that are National...more

A CFTC Potpourri

by K&L Gates LLP on

Toward the end of 2015 and in the first few months of 2016, the Commodity Futures Trading Commission (“CFTC”) took action on several issues of interest to investment management firms that had been pending for quite some time....more

CFTC 4.13(a)(3) Annual Affirmations Due February 29

by Foley Hoag LLP on

As a reminder, fund managers relying on the exemption from registration with the US Commodity Futures Trading Commission (the “CFTC”) set forth in Rule 4.13(a)(3), commonly referred to as the “de minimis exemption,” must...more

Private Equity Fund Managers: Annual Compliance Reminders and New Developments

by Latham & Watkins LLP on

Summary of private equity firms’ compliance obligations, discussion of notable developments in 2015 and outlook for 2016. US federal laws and regulations, as well as the rules of self-regulatory organizations (SROs),...more

Bridging the Week - January 2016 #2

FINRA Will Grade Members on Culture, Supervision and Liquidity Management; BDs Not Managing Spoofing Likely to Get Bad Scores: The Financial Industry Regulatory Authority kicked off the new year by issuing its annual...more

Guidance on CPO and CTA Annual Affirmations Requirements Due By February 29, 2016 and General Compliance Requirements for...

by Reed Smith on

On December 1, 2015, the National Futures Association (the NFA) issued a notice to members to remind them of certain Commodity Futures Trading Commission (CFTC) regulations that require any person claiming an exemption or...more

NFA Amends Interpretive Notice Regarding NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401

by Foley Hoag LLP on

Proficiency Requirements for Security Futures Products - The term security futures product (“SFP”) encompasses security futures and options on security futures. The term security future includes both futures on a single...more

CFTC Regulation Automated Trading (Regulation AT)

by Reed Smith on

On November 24, 2015, the Commodity Futures Trading Commission (“CFTC”) held an open meeting at which it unanimously approved its long-anticipated notice of proposed rules referred to as Regulation Automated Trading...more

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

by Foley Hoag LLP on

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

Financial Services Weekly News - December 2015 #3

by Goodwin on

Regulatory Developments - SEC Proposes New Derivatives Rules for Registered Investment Companies and Business Development Companies - On Dec. 11, the SEC proposed new Rule 18f-4 under the Investment Company Act,...more

NFA Issues Notice on the Inclusion of Legal Entity Identifiers in the Swap Dealer/Major Swap

by Katten Muchin Rosenman LLP on

The National Futures Association (NFA) has issued Notice I-15-28, which discusses the legal entity identifiers (LEIs) that are now being used in the NFA’s swap dealer/major swap participant registry (SD/MSP Registry). The...more

CFTC Proposes “Regulation AT” for Automated Trading

by WilmerHale on

I. Executive Summary - On November 24, 2015, the Commodity Futures Trading Commission (CFTC or Commission) proposed a new regulatory regime for automated trading on US designated contract markets (DCM) (Regulation AT or...more

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

by K&L Gates LLP on

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

by Dechert LLP on

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

National Futures Association Issues Updated Self-Examination Questionnaire

by Katten Muchin Rosenman LLP on

The National Futures Association (NFA) has updated the Self-Examination Questionnaire that all NFA members must complete annually. The revised questionnaire incorporates recent changes to NFA rules and Commodity Futures...more

SEC Cybersecurity Update

Results from the SEC’s First Round of Cybersecurity Examinations - On February 3, 2015, the OCIE published a risk alert summarizing its findings from its examinations of over 100 registered investment advisers and...more

NYCCHR’s Enforcement Guidance on NYC Credit Check Law: Answers and New Questions

On September 2, 2015, the New York City Commission on Human Rights (NYCCHR or Commission) issued Enforcement Guidance (Guidance) on the New York City Stop Credit Discrimination in Employment Act (SCDEA), which took effect on...more

CFTC Requires Introducing Brokers, Commodity Pool Operators, and Most Commodity Trading Advisors That Use Swaps to Become Members...

On September 14, 2015, the Commodity Futures Trading Commission (CFTC) published a final rule requiring introducing brokers (IBs), commodity pool operators (CPOs), and most commodity trading advisors (CTAs) to become members...more

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Cybersecurity

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