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On May 24, the National Futures Association (NFA) issued Notice to Members 1-21-16, announcing the effective date for NFA Member swap dealer and major swap participant dues increases.

NFA Bylaw 1301 imposes annual dues on NFA Member swap dealers (SD) and major swap participants (MSP). The current annual dues amounts have remained unchanged, except for a reduction in MSP annual dues, since NFA established its swap regulatory program in 2013. Given the expansion of NFA’s swaps regulatory program over the past eight years and to fund its operations and maintain adequate reserves, NFA’s Board of Directors, on May 20, unanimously approved the following increases to these annual dues amounts:
Continue Reading Effective Date for NFA Member Swap Dealer and Major Swap Participant Dues Increases

On April 13, the National Futures Association (NFA) issued Notice I-21-15 advising members firms that new NFA Compliance Rule 2-50 and its related Interpretive Notice become effective June 30. (The proposal of the new rule and Interpretive Notice was discussed in the March 12, 2021 edition of Corporate & Financial Weekly Digest.)
Continue Reading NFA Issues Notice Regarding Effective Date of NFA’s Rules Regarding CPO Notice Filing Requirements

On March 31, the National Futures Association (NFA) issued Notice I-21-14 advising member firms that are registered with the Commodity Futures Trading Commission as swap dealers (SDs), that NFA rules adopting minimum capital and financial reporting requirements will become effective October 6.
Continue Reading NFA Issues Notice Regarding Effective Date of NFA’s Swap Dealer Capital Requirements

On March 24, the National Futures Association (NFA) issued Notice I-21-13 to advise member firms that the Interpretive Notice entitled, “NFA Compliance Rules 2-9 and 2-36: Members’ Use of Third-Party Service Providers” (Interpretive Notice) will become effective September 30.
Continue Reading NFA Issues Notice Regarding Effective Date of Interpretive Notice on Use of Third-Party Service Providers

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 January 19, the National Futures Association (NFA) issued Notice to Members 1-21-03, announcing that remote online testing is now available for futures industry proficiency. The exams include Series 3, Series 30, Series 31, Series 32 and Series 34, which FINRA administers on behalf of NFA. Tests also may continue to be taken at a local test center. The availability of remote online testing has not affected NFA’s Swaps Proficiency Requirements.
Continue Reading Remote Online Testing Available for Candidates Seeking to Take Futures Industry Proficiency Examinations

On January 13, the Commodity Futures Trading Commission’s Market Participants Division determined that the National Futures Association’s (NFA) swap dealer capital model requirements and review program are comparable with the CFTC’s swap dealer capital model requirements and review program. As a result, a capital model approved by NFA will be accepted as an alternative means of compliance with CFTC Regulation 23.102.
Continue Reading CFTC Approves NFA’s Swap Dealer Capital Model Review Program

On December 8, the National Futures Association (NFA) issued Notice I-20-45 to remind member firms that the compliance date for NFA’s Swaps Proficiency Requirements (Requirements) is January 31, 2021 (Compliance Date). As more fully discussed in the July 10, 2020 edition of the Corporate & Financial Weekly Digest,
Continue Reading NFA Issues Notice to Members Regarding Compliance Date Swaps Proficiency Requirements