On December 3, the National Futures Association (NFA) proposed amendments to various NFA Compliance Rules and Interpretive Notices related to discretionary customer accounts, customer information, risk disclosures and bunched orders to apply to cleared swaps, in addition to other minor amendments. Most notably, NFA proposal would amend the following:
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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 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 November 13, the National Futures Association (NFA) issued Notice to Members 1-19-25, announcing that amendments to NFA Compliance Rule 2-29 and NFA Compliance 2-36 will become effective on January 1, 2020.  Compliance Rules 2-29 and 2-36 and related Interpretive Notices establish requirements for an NFA Member’s communications with the public and use of promotional material.

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On November 1, the National Futures Association (NFA) issued Notice to Members I-19-22, announcing that NFA’s Swap Proficiency Requirements would launch and become accessible online on January 31, 2020 (Swap Proficiency Requirements). Each NFA Member with associated persons required to take the Swap Proficiency Requirements must designate at least one Swaps Proficiency Requirements Administrator who

On October 8, the National Futures Association (NFA) issued Notice I-19-19 announcing the effective date of the updated Interpretive Notice Compliance Rule 2-9: Supervision of Branch Offices and Guaranteed IBs, which establishes minimum requirements that member firms should implement to supervise their branch offices and guaranteed introducing brokers’ (IB) compliance with certain regulatory requirements. The updated Interpretive Notice is effective January 1, 2020, although NFA members may act in reliance on the guidance immediately.

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On June 20, the National Futures Association (NFA) issued Notice to Members I-19-15 (Notice), announcing the approval of a $1,750 annual surcharge (Surcharge) on certain NFA members, including futures commission merchants for which NFA is the designated self-regulatory organization, introducing brokers, commodity pool operators and commodity trading advisors that are approved as swap firms pursuant to NFA Bylaw 301(l)1. The Commodity Futures Trading Commission recently approved an amendment to NFA Bylaw 1301 that allows for the Surcharge (for additional information regarding the amendment, please refer to the May 24, 2019 edition of Corporate & Financial Weekly Digest). The NFA Board of Directors determined to impose the Surcharge because NFA does not currently assess any fees related to its oversight of the swaps activities of member firms.

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On June 12, the National Futures Association (NFA) amended several of its rules and interpretive notices to incorporate expressly supervision requirements for NFA members’ swaps activities. NFA Compliance Rule 2-9(a), as amended, will apply specifically to futures commission merchant (FCM), introducing brokers (IB), commodity pool operator (CPO) and commodity trading advisor (CTA) members. New