On February 12, the Commodity Futures Trading Commission announced 2019 Examination Priorities (the “Examination Priorities”) for registrants of the Division of Market Oversight (DMO), Division of Swap Dealer and Intermediary Oversight (DSIO), and Division of Clearing & Risk (DCR). This marks the first time that the agency has published Examination Priorities for its divisions.
Continue Reading CFTC Divisions Announce 2019 Examination Policies
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
By Kevin M. Foley & Timothy D. Nolan on
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 futures commission merchant (FCM), swap dealer (SD) or introducing broker (IB) that provides commodity trading advice is required to be registered separately as a CTA unless such advice is “solely incidental” to the conduct of such registrant’s business as an FCM or SD (or “solely in connection with” such registrant’s business as an IB).
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
CFTC Amends Filing Requirements for FCM and SD CCO Annual Reports
By Kevin M. Foley & James M. Brady on
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 fiscal year-end, which had been extended to 90 days through various no-action letters). The CFTC also revised the CCO annual report filing requirements to clarify that the report does not need to be filed simultaneously with the relevant FCM’s or SD’s financial report.
Continue Reading CFTC Amends Filing Requirements for FCM and SD CCO Annual Reports
NFA To Host Audio Conference for SDs and MSPs
By Kevin M. Foley & James M. Brady on
National Futures Association (NFA) will hold an audio conference on Thursday, September 24, at 11:00 a.m. ET to help prepare swap dealers (SDs) and major swap participants (MSPs) for their upcoming examinations. Interested persons should register in advance here.
A recording of the conference will be available on NFA’s website beginning September 25, and…