Ask NFA – April 2017

As your industry advocate, the NIBA provides many services which help your business stay in compliance with NFA regulations. “Ask the NFA,” is the way you can ask questions about those regulations and compliance requirements without having to call NFA directly.  Just email us at [email protected] and we will get the answers for you. Please keep in mind the purpose of this contact is to keep the lines of communication between the NFA and NIBA members. This month’s questions were selected from those submitted by NIBA members. The answers were supplied by NFA staff. What are the guidelines for commission…...

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A Broker’s Expanding Obligations

­By Matthew Kluchenek and Michael Sefton It’s no secret that disruptive trading practices are a key concern of market regulators.  Spoofing and other disruptive trading practices have garnered attention in recent years and traders and advisers have had to learn quickly the ropes on permissible trading practices.  Now, it appears that FCMs (and possibly IBs) may have additional obligations as a result of the intense regulatory focus on disruptive trading practices. Recently, an FCM agreed to pay a $190,000 fine in settling a disciplinary matter at CME for violations of CME Rules 575.D and 576.  See CME 15-0185-BC – Saxo…...

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Ask NFA – March 2017

As your industry advocate, the NIBA provides many services which help your business stay in compliance with NFA regulations. “Ask the NFA,” is the way you can ask questions about those regulations and compliance requirements without having to call NFA directly.  Just email us at [email protected] and we will get the answers for you. Please keep in mind the purpose of this contact is to keep the lines of communication between the NFA and NIBA members. This month’s questions were selected from those submitted by NIBA members. The answers were supplied by NFA staff. I am an AP of an…...

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Housekeeping, Reminders and Updates – March 2017

Written by: Mark E. Ruddy, Esq. & Jessica I. Brown, CAMS NATIONAL FUTURES ASSOCIATION Financial Reporting Requirements of Commodity Pool Operators The Commodity Futures Trading Commission (“CFTC”) amended certain items of Part 4 regulations applicable to commodity pool operators (“CPOs”) and their financial reporting requirements. As per the amendments, CFTC regulations now permit the following: The use, in certain circumstances, of specified additional alternative generally accepted accounting principles, standards or practices; A CPO to provide unaudited Annual Report for a pool’s first fiscal year, is specific criteria are met; and A CPO to provide an unaudited Annual Report, if, during any…...

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Ask NFA–February 2017

As your industry advocate, the NIBA provides many services which help your business stay in compliance with NFA regulations. “Ask the NFA,” is the way you can ask questions about those regulations and compliance requirements without having to call NFA directly.  Just email us at [email protected] and we will get the answers for you. Please keep in mind the purpose of this contact is to keep the lines of communication between the NFA and NIBA members. This month’s questions were selected from those submitted by NIBA members. The answers were supplied by NFA staff. Are there any scenarios when a…...

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CFTC Names J. Christopher Giancarlo Acting Chairman

Washington, DC — Commissioner J. Christopher Giancarlo was designated per seriatim as Acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC) on January 20, 2017. Mr. Giancarlo joined the CFTC on June 16, 2014 after being unanimously confirmed by the U.S. Senate on June 3, 2014, to serve as a Commissioner of the CFTC, the federal agency that oversees the commodity futures, options and swaps industry. Commissioner Giancarlo succeeded Timothy Massad who has served as Chairman since June 5, 2014. Last Updated: January 20, 2017...

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Top 10 Issues for CFTC/NFA Compliance in 2017

Happy New Year! We hope the NIBA membership had a successful 2016.  The beginning of a new year is typically a time when firms are focused on plans for growing their book of business.  While the launch of new marketing or trading campaigns is certainly important, attention to operational and regulatory issues is just as critical for a successful firm.  Compliance matters, in particular, are often overlooked when evaluating firm activities and planning for improvements going into a new year.  The start of 2017 is the perfect time for registered firms to take an inventory of their regulatory obligations and…...

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Ask NFA – January 2017

As your industry advocate, the NIBA provides many services which help your business stay in compliance with NFA regulations. “Ask the NFA,” is the way you can ask questions about those regulations and compliance requirements without having to call NFA directly.  Just email us at [email protected] and we will get the answers for you. Please keep in mind the purpose of this contact is to keep the lines of communication between the NFA and NIBA members. This month’s questions were selected from those submitted by NIBA members. The answers were supplied by NFA staff. Is a 3rd Party audit of…...

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Top 5 Ways AI in Compliance Will Affect You in 2017

Artificial Intelligence (AI) is the hottest topic in service industries these days, and compliance is no exception. AI can be roughly divided into two categories: General, which we see in movies and read about in science fiction novels, and Specific, which is what will have the greatest impact in 2017. The new year is upon us, bringing promises of a variety of breakout technologies to help companies more easily comply with their regulatory requirements. Much in the way that manufacturing was forever altered by machine automation, service industries will be increasingly disrupted, resulting in significant cost savings and efficiency gains…...

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Benjamin Franklin on Cybersecurity (sort of)

When Benjamin Franklin coined the phrase “an ounce of prevention is worth a pound of cure,” he had fire safety in mind.  Cybersecurity wasn’t on anyone’s radar.  In fact, radar wasn’t on anyone radar. Nonetheless, that adage perfectly captures the importance of training staff members on cyber risks today.  Employee cyber awareness is based on common-sense principles that are generally easy to implement and can save a firm from massive headaches. While the technical challenges of cyber protection fall largely to the IT staff, a firm’s rank-and-file computer users stand as the front line of cyber defense.  A single employee…...

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