CFTC Issues No-Action Relief for Banks, Brokers, Advisors…

The U.S. Commodity Futures Trading Commission issued a range of no-action letters today. The letters provide temporary relief for certain introducing brokers (IBs) commodity trading advisors, and banks owned by non-U.S. swaps dealers. CFTC No-Action for IBs and CTAs From the CFTC’s statement: The Division...

NFA forex dues to increase by February

The CFTC has approved amendments to NFA bylaws 1301 and 1302, as well as the related interpretive notice “Forex Transactions”. These changes modify the existing annual membership fee structure in order to more effectively account for increased auditing costs. The amendments were initially...

NFA finalizes forex amendments

The NFA has finalized several proposed amendments to rules governing forex dealer members (“FDM”). These amendments were first proposed September in rule submission letters to the CFTC. One set of changes will come into effect next month, while the second will not be in place until January. The...

IB IFINIX Futures target of NFA emergency action

The NFA has taken emergency enforcement action against IFINIX Futures, Inc, a registered Introducing Broker (“IB”) and Forex Firm Member. According to the NFA, IFINIX’s principal Benhope Munroe fabricated bank statements to hide the firm’s deficient capitalization from NFA auditors....

NFA comments on CFTC swap incorporation rule-making

The NFA has released a comment letter to the CFTC offering its opinion on two provisions found in the CFTC proposed rule to incorporate swaps into existing agency regulations. The Association’s comments apply to expanded record-keeping requirements found in the proposed rule. The first comment applies...

CFTC charges unregistered IB and CPO with misrepresentation, misappropriation

The CFTC has charged unregistered introducing broker (“IB”) CIS Commodities LLC (CIS) and its founder Allen Nicholas Ward, with misappropriation and misrepresentation, and unregistered commodity pool operator (“CPO”) TransGlobal Investments LLC (TransGlobal) and its president Chales...

NFA orders California Introducing Broker barred from registration permanently

The NFA announced today that is has issued a Business Conduct Committee, or BCC, action permanently barring Roslex Corporation, an introducing broker, or IB, from ever registering with the Association again. Additionally, one of the firm’s principles, Gabriel A. Robles, is barred from membership for...

NFA fines Vision Financial Markets half-million

The NFA announced today that it has levied a $500,000 against Vision Financial Markets LLC (Vision). Vision, a futures commission merchant (FCM) and introducing broker (IB) registered with the NFA, was not adequately supervising five of its Guaranteed Introducing Brokers (GIBs): 20/20 Trading Company,...

NFA issues $25k fine to Direct Futures LLC

On September 8, 2010, the  National Futures Association (NFA) commenced a business conduct committee (BCC) action charging Direct Futures LLC and associated persons with failure to supervise and using deceptive sales practices. On March 3, 2011, the NFA issued a decision accepting a settlement against...

NFA permanently bars Georgia IB, Clash Financial

The National Futures Association (NFA) has permanently barred from NFA membership Clash Financial LLC (Clash Financial), an Introducing Broker located in Lawrenceville, Georgia. Phil A. Owens, sole principal and associated person of Clash Financial, is also barred from NFA membership and principal status for...
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