NIBA Briefings
Chairman Letter for February 2013
Dear Members - If you think endless snow storms and wind chills below zero have gotten you pretty far down, don't even look at the new and proposed regulation discussed below. Over at the NFA, fines are now in place for registrants, including IBs, who are late filing various reports. Fines are in the amount of $1,000 per day! No doubt there are some bad apples who file late regularly, but currently there are no exemption or waiver procedures in place for an IB who is late once during the term of membership. Also at the NFA, a proposal to have CPOs/CTAs meet minimum financial standards has been suggested, along with a rule that requires an independent third party to...