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:
Continue Reading CFTC Issues Customer Advisory Regarding COVID-19 Related Fraud

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.
Continue Reading NFA Issues Guidance Regarding Coronavirus

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.

On January 8, the Securities and Exchange Commission (SEC) released a proposed order to improve the governance of National Market System (NMS) data plans that produce consolidated equity market data and disseminate trade and quote data. Currently, the equities exchanges and the Financial Industry Regulatory Authority (the Participants) together collect, consolidate and disseminate information regarding trades and quotes in NMS stocks pursuant to three separate national market system plans.
Continue Reading SEC Proposes Changes to Market Data Plans

On December 18, the Division of Swap Dealer and Intermediary Oversight (DSIO), the Division of Market Oversight (DMO) and the Division of Clearing and Risk (DCR) each issued a no-action letter providing relief to market participants in preparation for the transition away from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (collectively with LIBOR, IBORs). The letters identify the terms and conditions pursuant to which counterparties may be eligible for relief in connection with amending swaps to replace provisions referencing discontinued IBORs with alternative benchmarks.
Continue Reading CFTC Grants Market Participants LIBOR-Transition Relief

On December 18, National Futures Association (NFA) announced that its recent amendments to NFA Compliance Rule 2-34 and two interpretive notices relating to performance reporting and disclosures by commodity pool operators and commodity trading advisors will take effect on February 1, 2020.

More information about the amendments is available in the September 6 edition of

The Commodity Futures Trading Commission will host an open meeting at 10:00 a.m. on Tuesday, April 23, at which it expects to cover the following topics:

  1. notice of proposed rulemaking regarding amendments to regulations on certain swap data depository and swap data reporting requirements;
  2. notice of proposed rulemaking regarding amendments to derivatives clearing organization general