National Futures Association (NFA) has provided limited relief to commodity trading advisors (CTAs) who are also registered investment advisers from compliance with certain portions of NFA Rule 2-29 “Communications with the Public and Promotional Material” and a related Interpretive Notice. Generally, CTAs presenting past performance in promotional materials are required to include performance net of all commissions, fees and expenses. With this relief, CTAs who are also registered as investment advisers with the Securities and Exchange Commission may present past performance to eligible contract participants (ECPs) on a gross basis in non-public one-on-one presentations, if the CTA:
Continue Reading NFA Published Amendments to Its Advertising Rules

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.
Continue Reading Regulatory Relief Issued for CPOs and CTAs

On March 5, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission (CFTC) proposed amendments to Compliance Rule 2-29 and Interpretive Notice 9003 regarding communications with the public and promotional material.
Continue Reading NFA Proposes Amendments to Compliance Rule 2-29 and Related Interpretive Notice

On January 27, the National Futures Association (NFA) issued a notice to members as a reminder that the effective date for NFA’s Swaps Proficiency Requirements (Requirements) is January 31, and that the Requirements must be completed by applicable individuals by the January 31, 2021 compliance date. The Requirements are now available online here.
Continue Reading NFA’s Swaps Proficiency Requirements Effective and Available Online

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

On December 2, the National Futures Association (NFA) issued Notice I-19-29 reminding NFA members that any person claiming an exemption from commodity pool operator (CPO) registration under CFTC Regulation 4.13(a)(1), 4.13(a)(2), 4.13(a)(3), 4.13(a)(5), an exclusion from CPO registration under CFTC Regulation 4.5 or an exemption from commodity trading advisors (CTA) registration under 4.14(a)(8) must annually

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).
Continue Reading Proposed Amendments to NFA Bylaw 1301 Regarding the Schedule of Dues and Assessments

On March 5, the National Futures Association (NFA) submitted with the Commodity Futures Trading Commission proposed amendments to NFA Bylaw 301 and Compliance Rule 2-24. The proposed changes to NFA Bylaw 301(l) are intended to specify that any individual applying for approval as a futures commission merchant (FCM), introducing broker (IB), commodity pool operator (CPO) or commodity trading advisor (CTA) member swap firm or swap associated person of an FCM, IB, CPO or CTA must take and pass the NFA’s Swap Proficiency Requirements to be granted approval as a swap firm or swap associated person (AP). In connection with this change, the NFA also proposed amendments to Compliance Rule 2-24 which, among other changes, would prohibit an FCM, IB, CPO or CTA member from having associated with it an individual engaged in CFTC regulated swap activities, unless such individual has satisfied the aforementioned requirements.
Continue Reading NFA Proposes Amendments to Bylaw 301, Compliance Rule 2-24 and Related Interpretive Notice