Kevin M. Foley

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On October 11, the National Futures Association (NFA) issued a notice to its members that amendments to NFA Bylaw 1303 take effect on October 31. NFA Bylaw 1303 allows the NFA to deem an NFA member’s failure to pay certain fees as a request for withdrawal from NFA membership. Bylaw 1303 will be deemed amended, effective as of October 31, to specify that failure to pay fees related to NFA Financial Requirements Section 10 (Late…
On October 1, Commodity Futures Trading Commission Chairman J. Christopher Giancarlo released a white paper addressing the regulation of cross-border swaps. The white paper, titled “Cross-Border Swaps Regulation Version 2.0: A Risk-Based Approach with Deference to Comparable Non-U.S. Regulation,” sets forth various proposed changes to the CFTC’s current cross-border approach.…
The Commodity Futures Trading Commission and the Australian Securities and Investments Commission (ASIC) have entered into a cooperation arrangement on financial technology innovation. The arrangement is intended to facilitate cooperation and the sharing of information between the CFTC and ASIC relating to financial technology and the use of technology for purposes of regulation and oversight of financial markets and participants. More information is available here.  …
National Futures Association (NFA) has issued a notice to commodity pool operator (CPO) and commodity trading advisor (CTA) members clarifying the method by which CPOs and CTAs should calculate the Current Asset/Current Liability (CA/CL) ratios and the Total Revenue/Total Expenses (TR/TE) ratios for purposes of NFA Forms PQR and PR.…
The Financial Crimes Enforcement Network (FinCEN) issued an advisory to announce that the Financial Action Task Force (FATF) updated its list of jurisdictions with strategic anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies. In the advisory, FATF has removed Iraq and Vanuatu from the list and added Pakistan to the list. The advisory also includes FATF’s public statements on the Democratic People’s Republic of Korea and Iran. The FinCEN advisory is available here
National Futures Association (NFA), Futures Industry Association (FIA) and other industry professionals have collaborated to launch an FIA training course on safeguarding customer funds. The course, which is designed to assist futures commission merchants in meeting their training requirements under Commodity Futures Trading Commission Rule 1.11, covers the basics of segregation, residual interest, investment of customer funds and recordkeeping, reporting and notification requirements. More information on the training course is available here. The FIA…
The Commodity Futures Trading Commission (CFTC) has announced that its Technology Advisory Committee (TAC) will hold a meeting on Friday, October 5. The meeting will be held in the Conference Center at the CFTC’s Washington, DC headquarters from 10:00 am – 3:30 pm ET. Representatives of several TAC subcommittees, including the Automated and Modern Trading Markets; Distributed Ledger Technology and Market Infrastructure; Virtual Currencies; and Cyber Security subcommittees, are expected to make presentations. The committee…
On September 12, the National Futures Association issued Notice I-18-15, announcing that the amendments to NFA’s Interpretive Notice entitled NFA Compliance Rule 2-30(b): Risk Disclosure Statement for Security Futures Contracts (Interpretive Notice) will become effective on October 12.…
On September 13, the Commodity Futures Trading Commission issued Release 7784-18, announcing that the CFTC and the Monetary Authority of Singapore signed the Cooperation Arrangement on Financial Technology Innovation (FinTech Arrangement) on September 13. The FinTech Arrangement supports both authorities’ efforts to facilitate FinTech development and innovation in their respective markets by focusing on information sharing on FinTech market trends and developments. This includes sharing insights derived from each authority’s relevant FinTech sandbox, proofs of…
On September 4, the Commodity Futures Trading Commission, in conjunction with the Office of the Comptroller of the Currency, Treasury, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and Securities and Exchange Commission, extended the comment period on the proposed amendments to the regulations implementing Section 13 of the Bank Holding Company Act. Section 13, commonly known as the Volcker Rule, restricts the ability of a banking entity and…