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Chairman's Letter - August 2018

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Written by

NIBA

Published

August 16, 2018

Reading time

2 min

In 8 BC, the eighth month of the year was named for Augustus Caesar, emperor of Rome, in honor of his several great battle triumphs, including the conquest of Egypt. August is “Happiness Happens Month,” in the U.S., a month-long celebration of sharing happy news. For a good start to NIBA members’ “happy month,” CFTC has notified NIBA it has issued a no-action letter in response to our request submitted in March with regard to the changing FASB rules. Those rules would have had substantial effect on IIBs and FCMs. NIBA requested relief in behalf of its IB members, and met personally with the CFTC division of swaps and intermediaries to discuss our request in full. On August 12, we were notified of CFTC’s grant of no-action. CFTC’s full letter is posted on NIBA’s website, and will post on CFTC’s in the next week or two. Pls contact your accountant if you have specific questions about your financial reporting requirements. CFTC Commissioner Quintenz attended Farmfest in Morgan Minnesota on August 9. This annual event provides 3 days of education, political forums, and networking for the midwest agricultural community. The CFTC has posted information about this event on its website. NFA held a webinar on August 14 focused on its new Promotional Material Filing System. All promotional material submitted to the NFA after August 14 must be submitted using the new filing system. If you missed the webinar, an archived version and transcript will be available on NFA’s website in late August. Are you feeling happy yet -- share your happiness by signing up to work on the NIBA fall meeting, scheduled for September 13 at the CME Group Building. To volunteer, contact me, melinda@futuresrep.com or Ryan Griffeth, NIBA Event Chairman, ryan.griffeth@postrockbrokerage.com. Best, Melinda Melinda Schramm, Founder & Chairman melinda@futuresrep.com

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