The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
Coinbase Financial Markets, Inc., a leading cryptocurrency exchange, announced that it has secured regulatory approval from the National Futures Association (NFA) to operate a futures commission merchant offering crypto...more
Starting May 31, National Futures Association (“NFA”) Members and Associates that engage in digital asset commodity activities must comply with NFA Compliance Rule 2-51 (“Rule 2-51” or the “Rule”) regarding anti-fraud, just...more
On March 29, 2023, the National Futures Association (NFA) announced that NFA Compliance Rule 2‑51: Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities will become effective on May...more
On February 28, 2023, the National Futures Association (NFA), the self-regulatory organization for U.S. derivatives market participants, submitted to the Commodity Futures Trading Commission (CFTC) for approval a new...more
Once in a while, a Commodity Futures Trading Commission (“CFTC”) enforcement action confirms market participants’ worst fears that the CFTC is prepared to, and is able to, find violations of the Commodity Exchange Act (“CEA”)...more
On Monday, November 27, 2021, the National Futures Association (NFA) submitted to the CFTC proposed amendments to NFA Compliance Rule 2-7 to exclude associated persons (APs), designated as “swap” APs, from the Branch Office...more
Key Points - Beginning as early as September 2, 2021, a “branch office” for NFA purposes will exclude any remote working location not held out to the public as a CPO or CTA office where one or more APs from the same...more
Key Point - As of September 30, 2021, private fund managers registered with the CFTC as CPOs or CTAs will be required, under new NFA guidance, to supervise certain third-parties performing regulatory functions. ...more
SEC Final Rule on Derivatives Use by Registered Funds and BDCs - On October 28, 2020, the SEC passed a final rule to modernize the regulatory framework for derivatives used by registered investment companies, including mutual...more
During the course of 2019 and 2020, the Commodity Futures Trading Commission and the National Futures Association (NFA, the self-regulatory organization for the U.S. futures and swaps industry) have been hard at work amending...more
- A CPO will be prohibited from claiming an exemption from registration under CFTC Regulation 4.13 if it or any of its principals has in their backgrounds a statutory disqualification under the Commodity Exchange Act. - A...more
In April, the National Futures Association (NFA) provided relief to permit commodity trading advisors (CTAs) who are also registered as investment advisers with the Securities and Exchange Commission (SEC) to provide...more
As reported in prior McGuireWoods alerts, financial services regulators have been issuing guidance and relief to assist the industry as financial services firms and public companies continue to deal with the impact COVID-19...more
The US Securities and Exchange Commission, Financial Industry Regulatory Authority, Commodity Futures Trading Commission, and National Futures Association have each announced temporary regulatory relief for market...more
Key Points - - This Katten Advisory focuses on the impact of the COVID-19 outbreak on regulatory compliance obligations of financial firms operating in the United States, with a focus on securities and derivatives industry...more
The Commodity Futures Trading Commission (CFTC or Commission) has issued a series of eight staff letters which will facilitate the functioning of the derivatives markets during the COVID-19 pandemic. These actions will assist...more
The self-regulatory organization responds to the US derivatives market’s shift to remote working arrangements. As the novel coronavirus outbreak (COVID-19) continues to spread across the globe, causing various disruptions,...more
CFTC - CFTC Designates Small Exchange, Inc. as a Designated Contract Market - On March 10, the Commodity Futures Trading Commission (CFTC) announced that it had issued an Order of Designation approving the application...more
Last week, international regulators began issuing guidance and/or relief to impacted firms in response to the spread of COVID-19. The impact of this novel coronavirus has already begun materially to affect operations and...more
SEC/CORPORATE - SEC Amends Disclosure Rules for Registered Debt Offerings - On March 2, the Securities and Exchange Commission adopted amendments to the financial disclosure requirements for registered debt offerings...more
Product innovation (including in pooled investment vehicles) is encouraged, but innovation must be consistent with the law. The US Commodity Futures Trading Commission’s (CFTC’s) Division of Swap Dealer and Intermediary...more
BROKER-DEALER - FINRA Issues Investor Alert Regarding Required Minimum Distributions - The Financial Industry Regulatory Authority (FINRA) issued an Investor Alert regarding a new law raising the age for required...more
A non-US-based investment and brokerage firm agreed to settle spoofing allegations by the Commodity Futures Trading Commission by payment of a US $700,000 fine. In accepting this settlement, the CFTC emphasized the...more