News & Analysis as of

National Futures Association Commodities Futures Trading Commission

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

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

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

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

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

CFTC Designates NFA as SDR Data Recipient

The Commodity Futures Trading Commission has issued an order authorizing National Futures Association (NFA) as a designee of the CFTC for purposes of receiving direct electronic access to swap data repository (SDR) data. All...more

CFTC Staff Issues No-Action Relief Helpful for Non-U.S. Commodity Pool Operators and Commodity Trading Advisors

by Dechert LLP on

The U.S. Commodity Futures Trading Commission (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) provided no-action relief on February 12, 2016 to commodity pool operators (CPOs) and commodity trading advisors...more

NFA Issues Notice Regarding Swap Valuation Dispute Notices

On February 2, National Futures Association (NFA) issued Notice I-16-07, which implements an order previously issued by the Commodity Futures Trading Commission authorizing NFA to receive notices of swap valuation disputes...more

Investment Management, Trading & Markets Advisory: Annual CPO or CTA Exemption or Exclusion Affirmations Due by February 29, 2016;...

by Alston & Bird on

Any firm that is currently claiming certain exemptions or exclusions from registration with the Commodity Futures Trading Commission (CFTC) as a commodity pool operator (CPO) or commodity trading advisor (CTA) is required to...more

CFTC Issues Order Delegating to the NFA Certain Functions Related to Notices of Swap Valuation Disputes

The Commodity Futures Trading Commission has authorized the National Futures Association (NFA) to receive, review, maintain and serve as the official custodian of records for notices of swap valuation disputes in excess of US...more

Important Dates and Reminders for Investment Advisers, Exempt Reporting Advisers, Commodity Trading Advisors and Commodity Pool...

by Foley Hoag LLP on

Investment Advisers - Annual Compliance Reviews: All investment advisers registered with the Securities and Exchange Commission (“SEC”) or The Commonwealth of Massachusetts are required to review their...more

Deadline Approaches for Annual CPO/CTA Exemption Filings

by Morgan Lewis on

Firms must affirm their exemption or exclusion from CPO or CTA registration on the National Futures Association’s Exemption Filing System by February 29....more

CFTC Adopts Final Margin Rules for Swap Dealers

by Katten Muchin Rosenman LLP on

On December 16, the Commodity Futures Trading Commission adopted final rules that set margin requirements for swap dealers and major participants (collectively, Swap Entities) regulated by the CFTC with respect to swaps that...more

Between Bridges - November 2015

Last week, the Commodity Futures Trading Commission proposed a comprehensive set of new rules that, if adopted, potentially would impose many new obligations on certain CFTC registrants that use algorithmic trading systems to...more

Better Late Than Never? The CFTC and the NFA Publish FAQs on CPO and CTA Reporting Forms

by K&L Gates LLP on

On November 5, 2015, the Commodity Futures Trading Commission (“CFTC”) Division of Swap Dealer and Intermediary Oversight (“DSIO”) issued responses to frequently asked questions (“CFTC FAQs”) regarding CFTC Forms CPO-PQR and...more

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