HOUSEKEEPING, REMINDERS AND UPDATES JULY 2015

Commodity Futures Trading Commission Commodity Trading Advisors On July 23, 2015 the Commodity Futures Trading Commission’s (“CFTC”) Division of Swap Dealer and Intermediary Oversight (“DSIO”) issued press release PR7202-15 announcing the issuance of a letter that exempts certain registered commodity trading advisors (“CTAs”) will be exempted from filing Form CTA-PR. Specifically, the letter exempts CTAs that are registered but do…...

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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…...

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FinCEN issues an advisory on the FATF-identified jurisdictions with AML/CFT deficiencies

Notice to Members I-15-18 On July 20, 2015, the Financial Crimes Enforcement Network (FinCEN) issued an advisory announcing that the Financial Action Task Force (FATF) had updated its list of jurisdictions with strategic AML/CFT deficiencies. NFA Member FCMs and IBs should review this advisory to ensure that their AML programs have the most current information on FATF-identified jurisdictions with AML/CFT…...

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Secrets from Inside the NFA

Until recently I was working as a field auditor with the National Futures Association (“NFA”). During my time at NFA, the self-regulator was enduring a great deal of criticism. After the failures of MF Global and PFG calls for the heads of NFA’s leadership were coming in at a frenetic pace.  While this period was no doubt painful for NFA…...

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Get to Know the Regulator: CFTC Division of Swap Dealer and Intermediary Oversight

Who is in charge of the Division of Swap Dealer and Intermediary Oversight: DSIO is run by a Director, who is assisted by the DSIO Deputy Directors and Chief Counsel. Tom Smith is the Acting Director, and the Deputies and their respective branches are as follows:  Mr. Smith, who also serves as Deputy Director of Capital, Margin and Segregation; Erik…...

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Housekeeping, Reminders & Updates

Securities and Exchange Commission SEC Proposed Modernizing and Enhancing Information Disclosed and Reported by RICs and RIAs The Commissioners of the Securities and Exchange Commission (“SEC”) unanimously approved two (2) rules which would require enhanced disclosures and increased reporting by registered investment companies (“RICs”) and registered investment advisers (“RIAs”), as well as RIAs’ maintenance of additional performance-related records. RIAs are…...

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Trading at Settlement (TAS) for Agricultural Futures

First Trade Date Monday, June 8, 2015 Trading at Settlement (TAS) is an order type that allows a market participant to buy or sell futures contracts during the trading day equal to the yet-to-be determined settlement price, or at a price up to four ticks above or below that price. Why TAS Reduce uncertainty related to pricing around settlement Grain…...

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Housekeeping, Reminders and Updates

Foreign Account Tax Compliance Act Cayman Islands Update The Cayman Islands Department of International Tax Cooperation (“DITC”) has further extended the due dates for submitting Foreign Account Tax Compliance Act (“FATCA”) notifications and reports to the Cayman Islands Tax Information Exchange Authority (“TIA”). As per the latest news and updates issued by the DITC, notifications are due by Thursday, May…...

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Recent CFTC Enforcement Matter Serves as Warning to Exempt CTAs

Earlier this year, the CFTC ordered Summit Energy Services, Inc. (“Summit Energy”) to pay a $140,000 civil penalty to resolve allegations that it violated Section 4m(1) of the Commodity Exchange Act by failing to register as a CTA. The CFTC held that Summit Energy engaged in the business of advising 15 or more clients as to the trading of natural…...

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Trading at Settlement (TAS) for Agricultural Futures

First Trade Date Monday, June 8, 2015 Trading at Settlement (TAS) is an order type that allows a market participant to buy or sell futures contracts during the trading day equal to the yet-to-be determined settlement price, or at a price up to four ticks above or below that price. Why TAS Reduce uncertainty related to pricing around settlement Grain…...

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