Housekeeping, Reminders & Updates – Feb 2018

Written by: Mark E. Ruddy, Esq. Maria Fielding The National Futures Association (“NFA”) Adds Additional Questions on the Annual Financial Statement The NFA announced that as of October 31, 2017, there will be two additional yes/no questions added to the Annual Financial Statement. Both questions are related to virtual currency activities. The NFA announced the additional questions in Notice to Members I-18-03. Financial Crimes Enforcement Network (“FinCEN”) Updates Jurisdictions with Deficiencies On February 9, 2018, FinCEN released an advisory updating their list of strategic anti-money laundering (“AML”) and combatting the financing of terrorism (“CFT”) deficiencies. Notably, Sri Lanka, Trinidad and…...

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Housekeeping, Reminders & Updates – November 2017

Written by: Mark E. Ruddy, Esq. Maria Fielding The National Futures Association (“NFA”) Requests Nominations for the NFA’s Board of Directors (“Board”) The NFA is reaching out to both NFA members and non-members for nominations to fill impending vacancies of Public Representatives serving on its Board. There are currently five Public Representatives whose terms will expire at the Board’s Annual Meeting in February of 2018. Nominees for the position must have no material relationship with the NFA, as the position is designed to bring a needed impartial, non-member perspective to issues. A Public Representative nominee should, however, be knowledgeable of…...

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Housekeeping, Reminders and Updates – April 2017

 Written by:    Mark E. Ruddy, Esq. Jessica I. Brown, CAMS FINANCIAL CRIMES ENFORCEMENT NETWORK Update to FATF List of Jurisdictions with AML/CFT Deficiencies On April 5, 2017, the Financial Crimes Enforcement Network (“FinCEN”) issued an advisory announcing that the Financial Action Task Force (“FATF”) updated its lists of identified jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation.  The purposes of FATF’s lists are to track and monitor compliance with the international anti-money laundering and countering the financing of terrorism (“AML/CFT”) standards. The changes to FATF’s list may affect US financial…...

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Housekeeping, Reminders & Updates February 2017

NATIONAL FUTURES ASSOCIATION December 31, 2016 NFA Form PQR The National Futures Association (“NFA”) emailed a reminder to commodity pool operators (“CPOs”) regarding quarterly reports and possible late fees. The 2016 fourth quarter CPO quarterly report (“Form PQR”) is due in March. CPOs that have more than $1.5 billion in assets under management (“AUM”) are required to file Form PQR no later than Wednesday, March 1, 2017. The due date for CPOs with less than $1.5 billion in AUM is March 31, 2017. In order to avoid a later fee, CPOs must file the 2016 fourth quarter Form PQR by…...

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Housekeeping, Reminders & Updates – January 2017

Financial Crimes Enforcement Network Advisory on FATF List of Jurisdiction with AML/CFT Deficiencies On January 19, 2017, the Financial Crimes Enforcement Network (“FinCEN”) issued an advisory announcing that the Financial Action Task Force (“FATF”) updated its lists of identified jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation.  The purposes of FATF’s lists are to track and monitor compliance with the international Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) standards. The changes to FATF’s lists may affect US financial institutions’ obligation and risk-based approaches with respect to relevant jurisdictions. …...

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December 2016 Housekeeping, Reminders and Updates

COMMODITY FUTURES TRADING COMMISSION Inter-Affiliate Swaps Transactions No-Action Extension The Commodity Futures Trading Commission (“CFTC”) announced the extension of relief outlined in Letter 15-62 and Letter 16-81 until December 31, 2017. Non-U.S. jurisdictions are still constructing mandatory clearing regimes. The no-action relief extension allows for market participants to more easily satisfy clearing and trade execution requirements while foreign jurisdictions implement these regimes. Additional details regarding the no-action relief extension are available on the Ruddy Gregory, PLLC (“Ruddy Gregory”) website. Risk Disclosure Requirements No-Action Relief Granted In a no-action letter dated November 30, 2016, the CFTC granted the request by futures…...

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Housekeeping, Reminders and Updates–November 2016

COMMODITY FUTURES TRADING COMMISSION Filing Period for CCO Annual Reports Extension The Commodity Futures Trading Commission (“CFTC”) announced the unanimous approval to modify CFTC Regulation 3.3. Until now, Regulation 3.3 mandated electronic filings to be completed no more than sixty (60) days after the registrant’s fiscal year-end. The modification changes registrants’ (futures commission merchants, swap dealers and major swap participants) deadline to file their chief compliance officer (“CCO”) annual reports with the CFTC to ninety (90) days after the registrant’s fiscal year-end. Additionally, the modification allows for the Director of the Division of Swap Dealer and Intermediary Oversight to grant…...

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Housekeeping, Reminders and Updates October 2016

  COMMODITY FUTURES TRADING COMMISSION Swap Dealer Registration De Minimis Exception In a press release issued October 13, 2016 (Release: PR7471-16) the Commodity Futures Trading Commission (“CFTC”) announced the approval of an order establishing de minimis threshold phase-in termination date pursuant to CFTC Regulation 1.3(ggg)(4)(ii)(C)(1), (the “Order”). The Order delays the de minimis threshold phase-in termination date by one year.  The Order formalized December 31, 2018 as the new swap dealer registration de minimis threshold phase-in termination date. With the approval of the Order, the de minimis threshold will remain at $8 billion until December 31, 2018 instead of decreasing…...

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Housekeeping, Reminders and Updates — September 2016

Financial Crimes Enforcement Network Advisory on FATF List of Jurisdiction with AML/CFT Deficiencies On September 7, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued an advisory announcing that the Financial Action Task Force (“FATF”) updated its lists of identified jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation. The purpose of FATF’s lists are to track and monitor compliance with the international Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) standards. The changes to FATF’s lists may affect US financial institutions’ obligation and risk-based approaches with respect to relevant jurisdictions.…...

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Housekeeping, Reminders, and Updates

Mark E. Ruddy, Esq. and Elizabeth A. Cannon August 24, 2016 NATIONAL FUTURES ASSOCIATION   NFA Updates Self-Examination Questionnaire for FCMs, FDMs, IBs, CPOs and CTAs   On August 15, 2016, the National Futures Association (“NFA”) announced updates to its Self-Examination Questionnaire. On an annual basis, NFA member futures commission merchants (“FCMs”), forex dealer members (“FDMs”), introducing brokers (“IBs”), commodity pool operators (“CPOs”), and commodity trading advisors (“CTAs”) have an obligation to review their operations using this questionnaire. The NFA’s Self-Examination Questionnaire is a helpful tool for members to use in order to satisfy the NFA’s obligations and continuing supervisory…...

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