On December 10, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission a proposed Interpretive Notice to NFA Compliance Rule 2-9, which would provide commodity pool operators with guidance on designing and implementing an adequate system of internal controls.

On January 31, the NFA issued Notice I-19-03 announcing the recent adoption of the Interpretive Notice, which will become effective on April 1.

The NFA proposal is available here.

The NFA Notice I-19-03 is available here.