NFA Responds to Peregrine Financial Group Audits

The National Futures Association (NFA) announced its intention to implement 21 changes and recommendations to how it manages futures industry firms. The news comes after the Berkeley Research Group (BRG), as part of its independent analysis of NFA’s audits of the Peregrine Financial Group, uncovered...

Ex-Peregrine CEO Pleads Not Guilty

Former Peregrine Financial Group CEO Russell Wasendorf Sr. pleaded not guilty to 31 counts of making false statements to regulators on Friday, one month after confessing to a decades-long fraud scheme. Mr. Wasendorf claimed to have embezzled over $100 million, but the ensuing investigations revealed that at...

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...

NFA to CPOs: Don’t forget assessment fees

The NFA issued a notice today reminding member Commodity Pool Operators, or CPOs, that they are still responsible for paying NFA assessment fees. In the course of routine examinations, NFA staff found that exchange-member CPOs were failing to properly remit these fees. Though initially only for non-exchange...

New amendments to NFA arbitration proceedings

The Commodity and Futures Trading Commission (CFTC) recently approved certain amendments to Interpretive Notice 9031 (“Standard List of Documents to be Exchanged Under Section 8 of NFA’s Code of Arbitration”). This section involves a party’s obligations to automatically exchange...

Forex Dealer Member Financial Requirements

Pursuant to Section 17(j) of the Commodity Exchange Act, as amended, NFA hereby submits to the CFTC proposed amendments to Financial Requirements Sections 11(b) and (c) regarding Forex Dealer Member financial requirements and the Interpretive Notice regarding Forex Transactions. NFA’s Board of Directors...

Minimum Net Capital Requirements for Futures Commission Merchants and Introducing Brokers

Minimum Net Capital Requirements for Futures Commission Merchants and Introducing Brokers Pursuant to Section 17(j) of the Commodity Exchange Act, as amended, the NFA hereby submitted to the CFTC proposed amendments to Financial Requirements Section 1 regarding minimum net capital requirements for futures...

NFA may make effective proposed amendments regarding the use of internet and on-line social networking groups

NFA has received notice from the Commodity Futures Trading Commission (“CFTC”) that NFA may make effective certain proposed amendments regarding the use of internet and on-line social networking groups when communicating with the public. The Interpretive Notice entitled “Use of On-Line...

NFA guidelines on the use of social networking groups

On-line Social Networking Groups – Proposed Amendments to NFA’s Compliance Rule 2-29(h) and Adoption of Interpretive Notice On-line social networking groups have changed the way people make trading decisions. A number of NFA Members sponsor blogs, chat rooms, and forums (also called message or...

NFA proposes amendments to the Interpretive Notice regarding Forex Transactions

NFA Bylaw 1301(e) requires Forex Dealer Members to pay annual dues that are graduated according to the firm’s gross annual revenue from customers (e.g., commissions, mark-ups, mark-downs) for its forex activities. Profits and losses from proprietary trades are not to be included. To calculate dues: •...
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