On May 21, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission proposed amendments to NFA Bylaw 1301 regarding the schedule of dues and assessments for swaps firms. NFA Bylaw 1301 imposes dues and assessments on futures commission merchants (FCM) (for which NFA is the designated self-regulatory organization (DSRO)), introducing brokers (IB), commodity pool operators (CPO) and commodity trading advisor (CTA) Members that are approved swaps firms under Bylaw 301(l).
In order to fund the regulatory costs associated with NFA Members’ swaps-related activities, NFA’s Board unanimously approved amendments to NFA Bylaw 1301 to impose an annual dues surcharge of $1750 on NFA Members that are approved swaps firms under Bylaw 301(l). This dues surcharge is identical to the one imposed by NFA in 2011 on IB, CPO and CTA Member firms approved as forex firms in order to defray the costs associated with regulating this forex activity.
Pending CFTC approval, NFA intends to make the dues surcharge effective January 1, 2020 for all annual dues payable after that date.
NFA proposed amendments are available here.