News & Analysis as of

National Futures Association

National Futures Association Simplifies Section 4s Submission and Review Process for Swap Dealer Registration

by Allen & Overy LLP on

On July 24, 2017, the National Futures Association (“NFA”) adopted measures to streamline the process for registration of swap dealers pursuant to Section 4s of the Commodity Exchange Act. Previously, entities seeking to...more

Corporate and Financial Weekly Digest - Volume XII, Issue 26

SEC/CORPORATE - SEC Expands Nonpublic Review of Draft Registration Statements - On June 29, the Division of Corporation Finance (Division) of the Securities and Exchange Commission announced that, beginning on July 10,...more

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

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds

by Dechert LLP on

The U.S. federal securities laws and the rules of U.S. self-regulatory organizations (such as the Financial Industry Regulatory Authority) impose certain reporting and compliance obligations on investment advisers and funds....more

NFA Update for Commodity Pool Operators and Commodity Trading Advisors

by Reed Smith on

On January 11, 2017, the National Futures Association issued a notice to its members regarding commodity pool operators and commodity trading advisors claiming an exemption or exclusion from registration pursuant to certain...more

CFTC Permits Unaudited Financial Statements Upon Liquidation of a Series of a Pool That is Also a Registered Investment Company

by K&L Gates LLP on

The Commodity Futures Trading Commission (“CFTC” or “Commission”) has provided general exemptive relief to persons registered as commodity pool operators (“CPO”) under the Commodity Exchange Act that operate commodity pools...more

Trading and Markets Enforcement Report - January 2017

by Morgan Lewis on

January 2017 - The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and...more

Financial Services Weekly News - December 2016

by Goodwin on

Editor's Note - OCC to Move Forward with Federal FinTech Charter. In a development foreshadowed in the April 6, June 29 and September 14 editions of the Roundup, on December 2, the Office of the Comptroller of the...more

Corporate and Financial Weekly Digest - Volume XI, Issue 46

ISS Releases 2017 Proxy Voting Guideline Updates - On November 21, ISS published its 2017 Proxy Voting Guideline Updates, which will be in effect for meetings held on or after February 1, 2017. The US 2017 updates cover...more

Futures and Derivatives Alert: Update on NFA’s Swap Dealer Examinations and Upcoming Priorities

by WilmerHale on

Introduction - Both the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), the self-regulatory organization for the US derivatives industry, have signaled their expectation—now...more

NFA Proposal Would Require CFTC-Registered Asset Managers to Report on Financial Condition

by Morgan Lewis on

The National Futures Association’s (NFA’s) latest proposal would require registered commodity pool operators and commodity trading advisors to provide new information about their financial condition in quarterly reports to...more

Can a futures brokerage firm pay trailing commissions to an inactive AP or his estate?

by Thompson Coburn LLP on

Can a futures commission merchant (FCM) or other commodity futures industry registrant pay trailing commissions to a former associated person (AP) whose registration has been revoked? Or who has retired and is no longer...more

Recent CFTC/NFA Regulatory Actions Affecting Commodity Pool Operators and Commodity Trading Advisors

by K&L Gates LLP on

During August 2016, the Commodity Futures Trading Commission (“CFTC” or “Commission”) and National Futures Association (“NFA”) published several items that will affect commodity pool operators (“CPO”) and commodity trading...more

CFTC Proposal to Amend CPO Reporting Rules

The Commodity Futures Trading Commission (“CFTC”) on August 5, 2016, issued a proposal to amend its rules governing commodity pool annual reports, which, if adopted, would permit commodity pool operators (“CPOs”) of a pool...more

ATF Final Rule 41F – Background Checks for Responsible Persons

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Going forward, ATF’s new rule on applications by a trust or legal entity to make or transfer NFA firearms, requires that they be submitted on new forms — including background checks. The Bureau of...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

The Financial Report - Volume 5, No. 11 • June 2016 (Global)

by DLA Piper on

Discussion and Analysis - A few years ago, David Blass, then Chief Counsel of the SEC’s Division of Trading and Markets, created a stir when he said in a speech that private fund advisers should be concerned about some...more

Commodities traders, know thyself: Are you a pool or prop shop?

by Thompson Coburn LLP on

Do you trade commodity futures, options or swaps with a partner or a group of partners? If so, you need to know if your business model is properly described as a commodity pool or as a proprietary trading firm. The answer is...more

Bridging the Week - March 2016 #3

Industry Comments to Regulation AT Argue CFTC Proposed Rules Too Prescriptive; Registration and Source Code Requirements Particularly Objectionable - After declining multiple requests to extend the comment period that...more

NFA To Review Initial Margin Models for SDs and MSPs

National Futures Association (NFA) has issued a notice reminding its swap dealer (SD) and major swap participant (MSP) members of their obligations under the new uncleared swap margin requirements adopted by the Commodity...more

NFA Issues Notice Regarding Cybersecurity Self-Examination Questionnaire

On February 29, National Futures Association (NFA) issued Interpretive Notice I-16-10, which notifies member firms about the addition of a cybersecurity section to NFA’s Self-Examination Questionnaire. This section is...more

Reminder: March 1, 2016 Effective Date for Information Systems Security Programs Including Cybersecurity for NFA Members

As noted in our earlier Foley Adviser, March 1, 2016 is the effective date for NFA member firms (including futures commissions merchants, commodity trading advisors, commodity pool operators, introducing brokers, retail...more

NFA’s Interpretive Notice on Information Systems Security Programs Becomes Effective on March 1

National Futures Association (NFA) has issued a reminder that its interpretive notice on information systems security programs becomes effective on March 1. The interpretive notice, which was discussed in detail in the...more

CFTC’s New Proposed Rules Mandate Extensive Cybersecurity Testing; Comments Due Feb. 22, 2016

by King & Spalding on

On December 16, 2015, the Commodity Futures Trading Commission (“CFTC”) released two Notices of Proposed Rulemaking (“NPRMs” or “Proposed Rules”) that would, if finalized, supplement existing regulations covering the...more

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Cybersecurity

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