CFTC Charges Accounting Firm Tunney & Associates

The CFTC  has filed a complaint against Tunney & Associates, an accounting firm with offices in Indiana and Illinois, for failing to properly audit a registered Futures Commission Merchant. Michael Tunney, the firm’s sole owner and a certified public accountant, allegedly violated CFTC Regulations...

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...

NFA Orders External Audit

In the wake of the Peregrine Financial scandal, the National Futures Association (NFA) has ordered an external review of its operations, and may cut staff bonuses, according to several sources. The NFA, the designated self-regulatory organization (DSRO) for FCMs such as Peregrine, was widely criticized for...

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...

UK FSA confirms rules for auditors’ client assets reports

The Financial Services Authority (FSA) has today confirmed rules to improve the quality and consistency of auditors’ client assets reports. The policy statement sets out ten new requirements for firms and their external auditors. In summary, these new rules will: Confirm and clarify the standards...

FSA KEEN ON IMPROVING AUDITORS’ REPORTS

The Financial Services Authority (FSA) issues today a Consultation Paper (CP) which tackles its suggestions on how auditor reports on client assets can be improved. In identifying the possible solutions, the Paper first identifies material failings and weaknesses in most auditor reports. The so-called...

NFA proposes amendments to Financial Requirements Section 15 regarding FDM internal financial controls

Financial Requirements Section 15 currently requires firms to provide NFA with an internal control report prior to acting as an FDM. This report must be prepared by an independent public accountant registered with the Public Company Accounting Oversight Board and must include representations by the...