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Housekeeping

February 22, 2018

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Housekeeping, Reminders & Updates - Feb 2018

Written by: Mark E. Ruddy, Esq. Maria Fielding The National Futures Association (“NFA”) Adds Additional Questions on the Annual Financial Statement The NFA announced that as of October 31, 2017, there will be two additional yes/no questions added to the Annual Financial Statement. Both questions are related to virtual currency activities. The NFA announced the additional questions in Notice to Members I-18-03. Financial Crimes Enforcement Network (“FinCEN”) Updates Jurisdictions with Deficiencies On February 9, 2018, FinCEN released an advisory updating their list of strategic anti-money laundering (“AML”) and combatting the financing of terrorism (“CFT”) deficiencies. Notably, Sri Lanka, Trinidad and Tobago, and Tunisia were added to the “Improving Global AML/CFT Compliance: On-Going Process” list while Uganda was removed. Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Vanuatu, and Yemen are all currently remaining on the list. No changes occurred regarding Democratic People’s Republic of Korea and Iran, which are currently recommended that...

Housekeeping, Reminders & Updates - November 2017

Written by: Mark E. Ruddy, Esq. Maria Fielding The National Futures Association (“NFA”) Requests Nominations for the NFA’s Board of Directors (“Board”) The NFA is reaching out to both NFA members and non-members for nominations to fill impending vacancies of Public Representatives serving on its Board. There are currently five Public Representatives whose terms will expire at the Board’s Annual Meeting in February of 2018. Nominees for the position must have no material relationship with the NFA, as the position is designed to bring a needed impartial, non-member perspective to issues. A Public Representative nominee should, however, be knowledgeable of both the markets and who is regulated by the NFA. The position consists of a two-year term and individuals are elected by a Board majority vote. The NFA asks that all nominations be submitted by January 10, 2018 via mail, email, or fax. The NFA issued Notice to Members I-17-23,...

Housekeeping, Reminders and Updates - April 2017

Written by: Mark E. Ruddy, Esq. Jessica I. Brown, CAMS FINANCIAL CRIMES ENFORCEMENT NETWORK Update to FATF List of Jurisdictions with AML/CFT Deficiencies On April 5, 2017, the Financial Crimes Enforcement Network (“FinCEN”) issued an advisory announcing that the Financial Action Task Force (“FATF”) updated its lists of identified jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation. The purposes of FATF’s lists are to track and monitor compliance with the international anti-money laundering and countering the financing of terrorism (“AML/CFT”) standards. The changes to FATF’s list may affect US financial institutions’ obligation and risk-based approaches with respect to relevant jurisdictions. As per FATF’s February 2017 Public Statement, the list of jurisdictions have been updated to include the following: Jurisdiction subject to effective counter-measures Democratic People’s Republic of Korea Jurisdiction subject to enhanced due diligence Iran Jurisdiction identified as having AML/CFT...

Housekeeping, Reminders & Updates February 2017

NATIONAL FUTURES ASSOCIATION December 31, 2016 NFA Form PQR The National Futures Association (“NFA”) emailed a reminder to commodity pool operators (“CPOs”) regarding quarterly reports and possible late fees. The 2016 fourth quarter CPO quarterly report (“Form PQR”) is due in March. CPOs that have more than $1.5 billion in assets under management (“AUM”) are required to file Form PQR no later than Wednesday, March 1, 2017. The due date for CPOs with less than $1.5 billion in AUM is March 31, 2017. In order to avoid a later fee, CPOs must file the 2016 fourth quarter Form PQR by the applicable due date based on AUM. CPOs with less than $1.5 billion in AUM must update Box 0155 on the Form PQR cover page and save the filing. This action will amend the due date from March 1st to March 31st. Failure to file Form PQR or update Box...

Housekeeping, Reminders & Updates - January 2017

Financial Crimes Enforcement Network Advisory on FATF List of Jurisdiction with AML/CFT Deficiencies On January 19, 2017, the Financial Crimes Enforcement Network (“FinCEN”) issued an advisory announcing that the Financial Action Task Force (“FATF”) updated its lists of identified jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation. The purposes of FATF’s lists are to track and monitor compliance with the international Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) standards. The changes to FATF’s lists may affect US financial institutions’ obligation and risk-based approaches with respect to relevant jurisdictions. Updates to the FATF lists are outlined in FinCEN Advisory FIN-2017-A001. New Due Date for FBARs FinCEN has changed the due date for filing Reports of Foreign Bank and Financial Accounts (“FBAR”) to coincide with the federal income tax due dates. The new annual due date for filing an FBAR...

December 2016 Housekeeping, Reminders and Updates

COMMODITY FUTURES TRADING COMMISSION Inter-Affiliate Swaps Transactions No-Action Extension The Commodity Futures Trading Commission (“CFTC”) announced the extension of relief outlined in Letter 15-62 and Letter 16-81 until December 31, 2017. Non-U.S. jurisdictions are still constructing mandatory clearing regimes. The no-action relief extension allows for market participants to more easily satisfy clearing and trade execution requirements while foreign jurisdictions implement these regimes. Additional details regarding the no-action relief extension are available on the Ruddy Gregory, PLLC (“Ruddy Gregory”) website. Risk Disclosure Requirements No-Action Relief Granted In a no-action letter dated November 30, 2016, the CFTC granted the request by futures commission merchants and introducing brokers to combine risk disclosure statements for non-intuitional customers into a single document. The consolidation of the two separate but similar forms formerly required is expected to reduce customer confusion and provide a more efficient process for industry firms. Additional details regarding Regulation 4 rules amendments...

Housekeeping, Reminders and Updates--November 2016

COMMODITY FUTURES TRADING COMMISSION Filing Period for CCO Annual Reports Extension The Commodity Futures Trading Commission (“CFTC”) announced the unanimous approval to modify CFTC Regulation 3.3. Until now, Regulation 3.3 mandated electronic filings to be completed no more than sixty (60) days after the registrant’s fiscal year-end. The modification changes registrants’ (futures commission merchants, swap dealers and major swap participants) deadline to file their chief compliance officer (“CCO”) annual reports with the CFTC to ninety (90) days after the registrant’s fiscal year-end. Additionally, the modification allows for the Director of the Division of Swap Dealer and Intermediary Oversight to grant extensions to the deadline. Additional details regarding the modification to Regulation 3.3 are available on the Ruddy Gregory, PLLC (“Ruddy Gregory”) website. The final rule has been published in the Federal Register.   Regulation 4 Amendments to CPO Financial Reporting As a result of a unanimous vote, the CFTC approved...

Housekeeping, Reminders and Updates October 2016

  COMMODITY FUTURES TRADING COMMISSION Swap Dealer Registration De Minimis Exception In a press release issued October 13, 2016 (Release: PR7471-16) the Commodity Futures Trading Commission (“CFTC”) announced the approval of an order establishing de minimis threshold phase-in termination date pursuant to CFTC Regulation 1.3(ggg)(4)(ii)(C)(1), (the “Order”). The Order delays the de minimis threshold phase-in termination date by one year. The Order formalized December 31, 2018 as the new swap dealer registration de minimis threshold phase-in termination date. With the approval of the Order, the de minimis threshold will remain at $8 billion until December 31, 2018 instead of decreasing to $3 billion on December 31, 2017, as originally intended. The purpose of the Order is to provide the CFTC with additional time to consider this critical issue and to provide certainty to market participants. As per this Order, and absent further action by the CFTC, the phase-in period would...

Housekeeping, Reminders and Updates -- September 2016

Financial Crimes Enforcement Network Advisory on FATF List of Jurisdiction with AML/CFT Deficiencies On September 7, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued an advisory announcing that the Financial Action Task Force (“FATF”) updated its lists of identified jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation. The purpose of FATF’s lists are to track and monitor compliance with the international Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) standards. The changes to FATF’s lists may affect US financial institutions’ obligation and risk-based approaches with respect to relevant jurisdictions. Updates to the FATF lists are outlined in FinCEN Advisory FIN-2016-A004. National Futures Association Changes to Form PQR and Compliance Reminders to CPOs and CTAs The National Futures Association (“NFA”) announced a minor change to the quarterly report (Form PQR) for commodity pool operators (“CPOs”). The change to the PQR...

Housekeeping, Reminders, and Updates

Mark E. Ruddy, Esq. and Elizabeth A. Cannon August 24, 2016 NATIONAL FUTURES ASSOCIATION   NFA Updates Self-Examination Questionnaire for FCMs, FDMs, IBs, CPOs and CTAs   On August 15, 2016, the National Futures Association (“NFA”) announced updates to its Self-Examination Questionnaire. On an annual basis, NFA member futures commission merchants (“FCMs”), forex dealer members (“FDMs”), introducing brokers (“IBs”), commodity pool operators (“CPOs”), and commodity trading advisors (“CTAs”) have an obligation to review their operations using this questionnaire. The NFA’s Self-Examination Questionnaire is a helpful tool for members to use in order to satisfy the NFA’s obligations and continuing supervisory responsibilities under NFA Compliance Rules 2-9, 2-36, and 2-39.   Additionally, the NFA has included a Forex Electronic Trading Systems section in its Supplemental Questionnaire for IBs, and has included technical clarifications within the financial section of the Supplemental Questionnaire for CPOs. For a description of all recent updates, see...

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