NIBA’s First-Ever Compliance Debate – September 14th

Do you occasionally feel like there is a huge “gray area” surrounding a regulation?  Did you ever think there must be a second or even a third way to approach compliance with a particular rule? Inspired by this year’s Presidential Debates, the NIBA is hosting our first-ever compliance debate! On September 14, during this year’s 25th Anniversary Conference, regulators, attorneys, compliance consultants and industry representatives will take the stage to debate the Pros and Cons of issues where multiple rules could apply, or there just might be more than one way to comply with regulation. We have an all-star line…...

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CFTC & SEC Registration Considerations for Private Fund Managers

Nicole M. Kuchera and Joseph M. Mannon, Vedder Price August 23, 2016              This article provides a simple three step guide to registration considerations for managers of various types of private fund vehicles, such as for hedge funds, fund of funds, private equity funds, venture capital funds, real estate funds and commodity pools.  Registration considerations under both the Commodity Exchange Act of 1936, as amended (the “CEA”), and the Investment Advisers Act of 1940, as amended (the “Advisers Act”), are outlined below.  Registration considerations for non-U.S. jurisdictions are not addressed in this summary.  The following discussion is provided as a…...

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The CFTC Proposes Significant Relief For Non-U.S. Market Participants

The U.S. Commodity Futures Trading Commission (“CFTC“), which regulates commodity interest transactions such as swaps and futures contracts, has requested comments from industry market participants on its proposed amendments to CFTC Rule 3.10. CFTC Rule 3.10 sets forth the exemptions that may apply to non-U.S. market participants, and the rule impacts brokers, advisers and fund operators. The CFTC’s stated goal, subject to receiving comments, is to expand the exemptions from registration for non-U.S. firms engaged in commodity interest transactions in the U.S. on behalf of customers located outside of the U.S. The proposal also seeks to simplify the exemptions’ requirements.…...

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Just Following Orders

There can be no doubt about the vast, if not monumental, effect that modern technology has brought to the futures broker industry. Processes that were once the purview of man-made machinations, are now fully automated by the gently humming, and beguilingly autonomous computer processors and omnipotent trading platforms. Calculations are being made, trades entered and exited at a speed that would make Doc Brown giddy. Yet for all of this precocious computing power, there are still some elements of our trade that we may, from time to time, ply by hand. Order tickets, and time stamps more specifically, remain one…...

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Notice to Members I-16-16

Effective date of amendment to Compliance Rule 2-46: Late fee for NFA Forms PQR and PR filings NFA recently amended NFA Compliance Rule 2-46 to impose a $200 late fee on commodity pool operator (CPO) and commodity trading advisor (CTA) Members for each business day the Member files its quarterly NFA Form PQR or PR after the due date. The late fee is effective for all NFA Forms PQR and PR required under NFA Compliance Rule 2-46 beginning with reports dated September 30, 2016 and later. For Form PQR, the late fee will apply to the CPO entity and will not be…...

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Ask the NFA

NIBA: Ask NFA June 2016 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. The answers were supplies by NFA staff. This month’s questions were selected from those submitted by NIBA members. The…...

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Ask the NFA

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 NFA and NIBA members open, not to fix any specific individual concerns. This month’s questions were selected from those submitted by NIBA members. The answers were supplied by NFA…...

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Housekeeping, Reminders and Updates May 2016

FINANCIAL CRIMES ENFORCEMENT NETWORK Customer Due Diligence Requirements for Financial Institutions Finalized On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued its final rules under the Bank Secrecy Act (“BSA”) to strengthen and clarify the customer due diligence (“CDD”) requirements for covered financial institutions such as: bank; brokers or dealers in securities; mutual funds; and futures commission merchants (“FCMs”) and introducing brokers in commodities. Such financial institutions, under the final CDD rules (“CDD Rules”), will now be required to verify and identify the beneficial owners of all legal entity customers during the account opening process. Further, the CDD…...

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CME Group Regulatory Outreach Program

CME Group’s Regulatory Outreach Program provides market participants with the information and resources necessary to meet their compliance needs. Our goal is to work with market participants proactively to ensure they understand our regulatory requirements and thereby avoid potential problems in the future. The program aims to: Effectively communicate rule modifications, rule advisories and other rules-based information to market participants Promote a uniform understanding of Exchange rules and regulations Serve as a resource for trade practice and surveillance based questions Build constructive, ongoing relationships with industry participants Proactive compliance and more informed customers make better markets. Outreach is available for…...

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NYC Conference Follow Up: NFA Cybyersecurity Interpretive Notice

In light of the almost daily news about cybersecurity breaches, including at financial institutions, and the significant threat and damage these breaches could cause to NFA’s Member firms, customers, and the U.S. derivatives industry, NFA developed guidance requiring Members to adopt and enforce procedures to secure both customer data and access to their electronic systems. With ongoing technological advancements, it is important to ensure Members have supervisory practices in place that are designed to identify cybersecurity risks, implement appropriate safeguards, and respond accordingly should an attack occur. Cybersecurity Interpretive Notice The Cybersecurity Interpretive Notice became effective on March 1, 2016.…...

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