Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: FCM

NFA Proposes Amendments to Compliance Rule 2-9(c) and Interpretive Notice: Compliance Rule 2-9: FCM and IB Anti-Money Laundering Program

Posted in CFTC
On June 15, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission proposed amendments to NFA Compliance Rule 2-9(c) and the NFA Interpretive Notice entitled Compliance Rule 2-9: FCM and IB Anti-Money Laundering (AML) Program (collectively, the Amendments). Rule 2-9(c) requires futures commission merchants (FCMs) and introducing brokers (IBs) to develop and… Continue Reading

CFTC Staff Issues Interpretive Guidance Clarifying Commodity Trading Advisor Registration Requirements Resulting from the European Union’s MiFID II Research Compensation Provisions for Investment Managers

Posted in CFTC, Derivatives
On December 11, at the request of the Futures Industry Association (FIA), the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (Division) issued an interpretive letter regarding the “solely incidental” exclusion from registration as a commodity trading advisor (CTA). Under the relevant provisions of the Commodity Exchange Act and CFTC rules, a… Continue Reading

CFTC Proposes Amendments to Certain Rules Governing CCO Duties and Annual Reports

Posted in CFTC
On May 3, the Commodity Futures Trading Commission announced proposed rules amending its regulations regarding certain duties of chief compliance officers (CCOs) of swap dealers (SDs), major swap participants (MSPs) and futures commission merchants (FCMs; each, a Registrant). In addition, the proposed rules amend certain requirements for preparing and furnishing CCO annual reports on a… Continue Reading

CFTC Staff Grants No-Action Relief From Residual Interest Withdrawal Restrictions

Posted in CFTC, Derivatives
On January 26, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (Division) issued CFTC Letter No. 17-03, in which the Division authorized futures commission merchants (FCMs) that carry cleared swaps customer accounts to withdraw excess residual interest from the cleared swaps customer accounts prior to the time provided in CFTC Rule… Continue Reading

40 Days Left Until Compliance Date for Variation Margin Rules for Uncleared Swaps

Posted in Derivatives
As part of a global regulatory initiative, the United States, European Union, Canada, Switzerland, Japan, Hong Kong, Singapore and Australia have all adopted, or are in the process of adopting, rules (Margin Rules) that impose mandatory variation margin requirements on non-cleared swaps and, in some cases, non-cleared security-based swaps and FX derivatives (collectively, “Covered Trades”).… Continue Reading

CFTC Issues No-Action Relief Relating to Risk Disclosure Statements for Non-Institutional Customers

Posted in CFTC, Derivatives
On November 30, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight granted no-action relief for futures commission merchants (FCM) and introducing brokers (IB) consolidating risk disclosure statements sent to non-institutional customers (customers that are not eligible contract participants). CFTC regulations require an FCM or IB to provide each non-institutional customer with… Continue Reading

CFTC Amends Filing Requirements for FCM and SD CCO Annual Reports

Posted in CFTC
The Commodity Futures Trading Commission has approved a final rule that amends certain filing requirements for futures commission merchant (FCM) and swap dealer (SD) chief compliance officer (CCO) annual reports. Most notably, the CFTC extended the filing deadline to 90 days after the registrant’s fiscal year-end. (The previous filing deadline had been 60 days after… Continue Reading

NFA Issues Notice Regarding Jurisdictions With AML/CFT Deficiencies

Posted in CFTC
On September 14, the National Futures Association (NFA) published Notice I-16-19, which notified member futures commission merchants (FCMs) and introducing brokers (IBs) of a September 7 advisory published by the Financial Crimes Enforcement Network (FinCEN) regarding updates to the Financial Action Task Force’s list of jurisdictions with strategic anti-money laundering and combating the financing of… Continue Reading