Housekeeping, Reminders & Updates – September 2017


National Futures Association (“NFA”) Updates Financial Statement Filings

The NFA is adding additional questions to independent introducing brokers’ (“IBs’”) financial statement filings beginning with the September 30, 2017 filings. The additional questions do not concern new information being collected by the NFA, but rather information that had previously been collected by way of a follow up from the NFA to an IB after financial statements were submitted. The hope is that the financial statement filing process will be streamlined by asking these questions at the time of submission filings instead of the NFA having to call up the IBs after submission.

The NFA issued Notice to Members I-17-18, which provides further information on the modification of the IB financial statement filings.

Financial Crimes Enforcement Network (“FinCEN”) Updates Jurisdictions List

On September 15, 2017, FinCEN released Advisory FIN-2017-A005, which highlights the June 23, 2017 update from the Financial Action Task Force (“FATF”) regarding its list of jurisdictions with strategic anti-money laundering and combatting the financing of terrorism (“AML/CFT”) deficiencies.

Of note, in response to a lack of progress regarding strategic AML/CFT deficiencies, the update calls for countermeasures concerning the Democratic People’s Republic of Korea  and enhanced due diligence with regards to Iran.

Additionally, Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Uganda, Vanuatu, and Yemen were found to have strategic AML/CFT deficiencies. Afghanistan and Lao People’s Democratic Republic, conversely, have been removed from the FATF list due to progress and improvements with AML/CFT issues.

FinCEN Advisory FIN-2017-A005 provides further information and details on the updated FATF jurisdictions list and recommendations.


Commodity Futures Trading Commission (“CFTC”) Extends Relief

The CFTC announced September 25, 2017, in Press Release pr7617-17, the issuance of a no-action letter, CFTC Staff Letter 17-45, which extends and expands the current relief from reporting obligations required by the 2013 ownership and control reports final rule (“OCR Final Rule”). The relief extends certain provisions from April 8, 2016 CFTC Letter No. 16-32, as well as provides additional relief concerning specific questions and forms associated with OCR Final Rule. Elements concerning Forms 102A, 102B, 102S, 40, and 40S are affected by the relief.

The relief is set to remain until September 28, 2020, providing that no further rules or orders are issued which modify the end date or the relief details issued in CFTC Letter No. 17-45.

Full details of the extended and additional relief provided can be found within the CFTC Press Release pr7617-17 and the CFTC Letter No. 17-45.

For further information about any of the topics covered, please feel free to contact Ruddy Gregory, PLLC ( or 202-797-0762.

Written by:

Mark E. Ruddy, Esq.

Maria Fielding