CFTC & Compliance Issues for 2019

The beginning of a new year is typically when Commodity Futures Trading Commission (“CFTC”) registered, National Futures Association (“NFA”) member firms are most focused on growing their book of business. While the launch of new marketing or trading campaigns is important, attention to shifting operational and regulatory issues is just as critical to running a successful brokerage and/or trading operation. For Futures Commission Merchants (“FCMs”), Introducing Brokers (“IBs”), Commodity Pool Operators (“CPOs”), and Commodity Trading Advisors (“CTAs”) the end of 2018 is the perfect time to take an account of company regulatory obligations. Based on experience with a diverse group…...

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CFTC and K-State to Host 2nd Agricultural Commodity Futures Conference

The Commodity Futures Trading Commission (CFTC) and the Center for Risk Management Education and Research (CRMER) at Kansas State University will host AgCon2019, the 2nd annual agricultural commodity futures conference on April 11-12 in Overland Park, Kansas. The CFTC and CRMER will again jointly host the conference, which brings together federal, state, and local governments with agribusiness and academia to discuss a range of topics that are important to the agricultural community who depend on the futures markets. “We are excited to once again partner with K-State to discuss significant derivatives-markets issues affecting the agricultural community. AgCon2018 brought together stakeholders…...

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Reminder: New Virtual Currency Disclosure Requirements

Due to the significant growth of the virtual currency market, the NFA has proposed an interpretive notice to the CFTC invoking the “ten-day” provision and will make it effective 10 days after receipt of submission. The notice was put forth because of concerns that customers do not fully understand the nature, volatility, and substantial risk involved with trading virtual currencies. Therefore, NFA is implementing new disclosure requirements for NFA Members engaging in virtual currency products. For IBs and FCMs, an Investor Advisory: — Futures on Virtual Currencies Including Bitcoin an the CFTC Customer Advisory: Understand the Risk of Virtual Currency…...

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5th Annual Cyber Risk Conference at DePaul University

New and evolving technologies such as artificial intelligence, predictive analytics, machine learning and robotic process automation are now an everyday reality. Similarly, use of the Cloud and third-party systems have grown dramatically as the technology has become more complex. Business practices are being rapidly transformed in all sectors—from expediting insurance claims, automating financial processes and revolutionizing search algorithms to heralding a paradigm shift in cyber security and military technology. These emerging technologies provide a host of new benefits, but also create a horde of new risks. In this conference, we’ll discuss the real impact that these technologies have on all…...

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CTA/CPO Ratio Errors; NFA PQR and PR Filings

This month NFA put out a fantastic reminder about common CTA/CPO ratio errors and the obligations facing reporting firms. In particular they have laid out their expectations for CTA and CPO ratio reporting. Please consider the following directly from NFA as a number of CPOs and CTAs have been incorrectly reporting these financial ratios: 1) Ratios must be calculated using the accrual method of accounting CPOs and CTAs are incorrectly calculating these ratios because they are using cash basis of accounting. Both ratios must be computed using the accrual method of accounting and in accordance with U.S. generally accepted accounting…...

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CFTC to Hold Open Commission Meeting 11/5

Washington, DC — Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo announced today that the CFTC will hold an open meeting on Monday, November 5, 2018 at 10:00 a.m. to consider the following: Final Rule: Amending the De Minimis Exception to the Swap Dealer Definition Proposed Rule: Amendments to Regulations on Swap Execution Facilities and the Trade Execution Requirement Request for Comment regarding the Practice of “Post-Trade Name Give-Up” on Swap Execution Facilities The meeting is open to the public with seating on a first-come, first-served basis. Members of the public may also watch a live webcast or listen…...

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2018 IB Handbook

The Complete IB Handbook – 2018 Edition Now Available Updated annually, The Complete IB Handbook is a comprehensive resource for prospective and current introducing brokers (IBs). This guide, written by Melinda H. Schramm of MHS Capital Resource and sponsored by CME Group, provides a state of the IB industry, covering current trends, business practices and regulation. Read the latest version, updated for 2018. Download Handbook...

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Conference Session Preview – Compliance

Have you attended compliance sessions in the past that have not quite addressed your concerns or perhaps hit topics that were interesting but not relevant to your firm?  This year we have setup our compliance session just for you!  The session titled “Whats on your Mind?” answers just that calling by creating an audience driven session.  What does that mean exactly?  You are in the driver’s seat and can select in real time the compliance topics you would like to hear the panel discuss.  This panel is a great mix of compliance experts and regulators.  Below is a bio for…...

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NFA Promotional Material Filing

On Tuesday, August 14, 2018, NFA launched a new Promotional Material Filing System. The new system provides firms the ability to seamlessly track their promotional material submissions throughout the entire review process, access correspondence and communicate with NFA reviewers, and view previously-filed promotional material for reference. NFA held a webinar to educate firms on the new system.  If you were not able to attend the webinar you can find an archived version below. Promotional Material Filing System Webinar – Archived...

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CME Advisory Notice

CME Group MRAN 536: Documentation of Customer Orders and Submission of Suspense Accounts on CME Globex Effective on October 1, 2018, and pending all relevant CFTC regulatory review periods, this Market Regulation Advisory Notice will supersede CME Group Market Regulation Advisory Notice RA1605-5R from August 19, 2016. This Advisory Notice sets forth the circumstances under which a suspense account may be submitted on orders entered into CME Globex (“Globex”) and the requirements attendant to proper documentation of such orders. For purposes of this Advisory Notice, a suspense account means a temporary holding account that is submitted at the time of order…...

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