In its 2020 Annual Review, NFA highlighted several regulatory actions and provided statistics on investigations and enforcement.
Among other things, NFA described its:
- responses to COVID-19, including providing temporary relief from certain administrative and reporting requirements applicable to CPOs, CTAs, introducing brokers, futures commission merchants, swap dealers, forex dealer members, and registrants (see previous coverage 1, 2, 3, 4, 5);
- collaboration with the CFTC, citing the unanimous approval of an amendment to CFTC Rule 4.13 ("Exemption from registration as a commodity pool operator") that prevents bad actors from seeking exemptions from registration as CPOs (see previous coverage). NFA stated that it worked closely with the CFTC to finalize the amendment;
- launch of the Swaps Proficiency Requirements in January 2020 (nearly 50,000 individuals have enrolled); and
- increased cybersecurity efforts, including additional strategic technology measures such as enhanced penetration and vulnerability testing.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
