In response to the COVID-19 pandemic, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued no-action relief to commodity pool operators (CPOs) extending the upcoming filing deadlines for required pool quarterly reports on CFTC Form CPO-PQR, as well as annual reports and periodic account statements provided to pool participants. National Futures Association (NFA) also issued similar relief to CPOs for pool quarterly reporting requirements on NFA Form PQR and to commodity trading advisors (CTAs) for quarterly filings on NFA Form PR.
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On March 24, the Commodity Futures Trading Commission (CFTC) issued final interpretive guidance regarding retail commodity transactions that involve digital assets. The interpretive guidance is designed to clarify the CFTC’s views on the “actual delivery” exception to Section 2(c)(2)(D) of the Commodity Exchange Act (CEA) for digital assets that serve as a medium of exchange (otherwise known as “virtual currencies”).
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On March 20, National Futures Association (NFA) issued Notice to Members I-20-14, which announced the NFA Executive Committee’s decision to increase the minimum security deposits under NFA Financial Requirements Section 12 due to increased volatility in the currency markets and the margin increases that CME and ICE implemented for foreign currency futures involving the Norwegian Krone and Mexican Peso. Minimum security deposits required to be collected and maintained by forex dealer members have been increased to the following:
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On March 18, the Commodity Futures Trading Commission (CFTC) issued a Customer Advisory warning the public to watch for fraudulent schemes attempting to profit from recent market volatility stemming from the COVID-19 (coronavirus) pandemic. The CFTC identified common fraud tactics often used during major news events (such as the spread of the COVID-19 pandemic), including the following:
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On March 4, National Futures Association (NFA) published a Notice to Members with information regarding the Coronavirus. In the notice, NFA acknowledged that Members may be concerned about their ability to meet Commodity Futures Trading Commission (CFTC) and NFA regulatory requirements in light of the potential impact of the Coronavirus.
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National Futures Association (NFA) recently amended several of its rules and Interpretive Notices related to discretionary customer accounts, customer information, risk disclosures and bunched orders. These amendments will become effective on March 1.

More information concerning the NFA amendments can be found in the December 6, 2019 edition of Corporate & Financial Weekly Digest.