• By January 31, 2021, all swap associated persons of registered CPOs and CTAs must take and pass the NFA’s new swaps proficiency requirements.
• The swaps proficiency requirements mirror the proficiency testing long...more
• The NFA has determined that registered CPOs must implement an internal controls system and highlighted best practices for such a framework.
• In response to certain frequently asked questions, the NFA has also updated its...more
1/15/2019
/ Best Practices ,
Books & Records ,
CFTC ,
Commodity Pool ,
Consumer Fraud ,
CPOs ,
Cyber Attacks ,
Cyber Incident Reporting ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
Employee Monitoring ,
Employee Training ,
Financial Services Industry ,
Guidance Update ,
Information Security ,
Information Systems Security Program (ISSP) ,
Internal Controls ,
Investment Management ,
NFA ,
Notification Requirements ,
Policies and Procedures ,
Popular ,
Recordkeeping Requirements ,
Risk Assessment
• CPOs and CTAs of offshore commodity pools, family offices and business development companies would be exempt from registering with the CFTC.
• Certain registered CPOs and CTAs would not be required to file Form CPO-PQR...more
10/17/2018
/ Business Development Companies ,
CFTC ,
Commodity Exchange Act (CEA) ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
CPO ,
Exemptions ,
Family Offices ,
Recordkeeping Requirements ,
Registration Requirement ,
Reporting Requirements
• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security
• The SEC continued to bring actions related to cryptocurrency offerings against...more
9/24/2018
/ Anti-Money Laundering ,
Banking Sector ,
Bitcoin ,
Broker-Dealer ,
CFTC ,
Commodities ,
Counter-Terrorist ,
Cryptocurrency ,
Customer Due Diligence (CDD) ,
Digital Currency ,
Disclosure Requirements ,
Enforcement Actions ,
Exchange-Traded Products ,
FATF ,
Financial Institutions ,
FinTech ,
Income Taxes ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
Investment Company Act of 1940 ,
IRS ,
Jurisdiction ,
Motion to Dismiss ,
National Futures Association ,
Popular ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Token Sales ,
Trading Platforms ,
U.S. Treasury ,
Unregistered Securities ,
Virtual Currency ,
Websites
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
7/12/2018
/ Asset Management ,
Audits ,
CFTC ,
Commodities Traders ,
Commodity Broker ,
Commodity Pool ,
Cryptocurrency ,
Hong Kong ,
Inspections ,
Investment Management ,
National Futures Association
• A New York federal judge held that virtual currencies are commodities within the meaning of the Commodity Exchange Act.
• This marks the first court decision to assess and to adopt the CFTC’s position that virtual...more
3/14/2018
/ CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Consumer Protection Act ,
Cryptocurrency ,
Currency Manipulation ,
Enforcement Actions ,
Fraud ,
Jurisdiction ,
Preliminary Injunctions ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
Key Points -
- Unless an exemption from aggregation is available, all positions in accounts for which any person controls the trading or holds a 10 percent or greater ownership or equity interest must be aggregated...more
Key Points -
- The supplemental proposed rulemaking to Regulation AT heightens the procedural mechanisms by which source code is made accessible to the CFTC.
- The supplemental proposed rulemaking adds a...more
If you read one thing...
- Proposed Regulation AT sets out minimum pre-trade safeguards and internal policy requirements on all “AT Persons,” which would generally include persons using algorithmic systems for generating...more
On September 22, 2015, the Commodity Futures Trading Commission (CFTC) proposed certain changes in a supplemental notice of proposed rulemaking (the “Supplemental Notice”) to the position limit aggregation rules and...more
The staff of the Commodity Futures Trading Commission (CFTC) yesterday changed its position and no longer requires a no-action request for delegation of commodity pool operator (CPO) functions from persons that might...more
The staff of the Commodity Futures Trading Commission (CFTC) published a no-action letter on September 9, 2014 (available here) that permits certain commodity pool operators (CPOs) to conduct general solicitation in private...more
9/12/2014
/ CFTC ,
CPO ,
Disclosure Requirements ,
Exemptions ,
General Solicitation ,
JOBS Act ,
No-Action Letters ,
Private Offerings ,
Reporting Requirements ,
Rule ,
Rule 144A ,
Rule 506(c) ,
Securities and Exchange Commission (SEC)
On March 12, 2014, the Commodity Futures Trading Commission (CFTC) staff issued the long-awaited guidance letter relating to the delegation of commodity pool operator (CPO) functions from persons that might otherwise be...more
On November 5, 2013, the Commodity Futures Trading Commission (CFTC) re-proposed speculative position limits relating to certain U.S. exchange-listed physical commodity futures contracts as well as to swaps that reference the...more
Swaps market participants that are not “U.S. persons” may not be subject to the full requirements of the Commodity Futures Trading Commission’s (CFTC) swaps regulation, depending on with whom they enter into a swap. Also,...more
On August 13, 2013, the Commodity Futures Trading Commission (CFTC) adopted amendments to certain provisions of Part 4 of the CFTC regulations that are applicable to all commodity pool operators (CPOs) and commodity trading...more
8/21/2013
/ CFTC ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
CPO ,
Disclosure Requirements ,
Distribution Rules ,
Documentation ,
Investment Company Act of 1940 ,
Recordkeeping Requirements ,
RICs ,
Securities and Exchange Commission (SEC)
In their joint swap definitions release in July 2012, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) made a distinction between (i) a “compo” equity total return swap, in...more