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On February 8, the National Futures Association (NFA) released three Notices to Member that cover educational resources, common regulatory and compliance deficiencies, and recent amendments to NFA Rules and Interpretative notices, each aimed at a different audience, as indicated below.
Continue Reading NFA Publishes Series of Member Notices Related to Common Deficiencies and Other Regulatory Matters

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:
Continue Reading NFA Increases Required Minimum Security Deposits for Forex Transactions

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 February 10, the National Futures Association (NFA) issued a series of Notices to Members containing an overview of the educational resources available to Members in different registration categories to assist them in meeting their regulatory obligations, identifying common deficiencies noted during NFA examinations and providing links to other Notices regarding recent amendments to NFA Rules and Interpretive Notices applicable to certain Members.
Continue Reading NFA Provides Information to Assist Members in Meeting Their Regulatory Obligations

On November 29, the National Futures Association (NFA) proposed an amendment to NFA Bylaw 1301(e) to reduce assessments for each order segment fee a Forex Dealer Member (FDM) submits to NFA’s Forex Transaction Reporting Execution Surveillance System (FORTRESS). Currently, each FDM is required to pay an assessment of $.004 on each order segment submitted to…

On January 11, the National Futures Association (NFA) issued a Notice that the amendments to NFA Compliance Rules 2-36 and 2-43 submitted to the Commodity Futures Trading Commission on December 4, 2017 (as reported in the December 8, 2017 edition of Corporate & Financial Weekly Digest) were approved. The amendments will apply to forex…

On December 4, the National Futures Association (NFA) submitted proposed amendments to NFA Compliance Rule 2-36 and Rule 2-43 to the Commodity Futures Trading Commission.

The amendment to NFA Compliance Rule 2-36 will require forex dealer members (FDM) to disclose to customers on a per-trade basis: (1) any commissions or other fees charged; (2) for FDMs using a straight-through processing (STP) model, any mark-up or mark-down imposed on the price received from the liquidity provider for the offsetting position; and (3) for FDMs using a non-STP model, the mid-point spread cost. Further, the amendment will require FDMs not using the STP model to provide customers with a description of the mid-point spread cost in a form and manner acceptable to the NFA.
Continue Reading NFA Proposes to Amend NFA Compliance Rules 2-36 and 2-43

The Commodity Futures Trading Commission recently approved National Futures Association’s (NFA) amendment to NFA Compliance Rule 2-36. The amendment requires forex dealer members to supply customers and NFA with certain transaction execution data upon customer request. More information about the amendment is available in the December 2 edition of the Corporate & Financial Weekly Digest…