February 18, 2019

February 15, 2019

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CFTC and NASAA Sign Agreement & Foreign Board Trade Applications

CFTC and NASAA Sign Information Sharing Agreement

On May 21, the Commodity Futures Trading Commission announced that it had signed a mutual cooperation agreement with the North American Securities Administrators Association (NASAA) to promote information sharing between the CFTC and state securities regulators. The agreement is designed to assist in the enforcement of the Commodity Exchange Act, which state securities regulators and state attorneys are statutorily authorized to do alongside the CFTC. Information shared under the agreement also could generate enforcement actions under state securities laws, commodity codes or other areas of law.

The CFTC’s announcement is available here.

CFTC Grants Foreign Board of Trade Application to ASX24

On May 15, the Commodity Futures Trading Commission issued an order granting Australian Securities Exchange Limited (ASX24) registration as a foreign board of trade (FBOT). As a registered FBOT, ASX24 is authorized to permit members and other exchange participants to trade directly on its platform without having to trade through an intermediary. With this order, the CFTC has registered 19 foreign boards of trade from 12 countries. ASX24 previously offered direct access to US participants in accordance with no-action relief issued to its predecessor, the Sydney Futures Exchange Limited.

The CFTC’s announcement is available here.

©2019 Katten Muchin Rosenman LLP


About this Author

Sarah Adams, New York Financial Services Attorney, Katten Law Firm

Sarah R. Adams concentrates her practice in financial services matters.

While in law school, Sarah was on the staff of the Georgetown Immigration Law Journal. She received her JD from the Georgetown University Law Center and her BA from Johns Hopkins University, with honors. Sarah is admitted to the bar in New York.

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

Kevin has served as counsel to the Futures Industry Association (FIA) for more than 20 years. In 2012 he was recognized for his exemplary efforts on behalf of the association and the industry, in particular for his guidance in navigating the challenges confronting FIA member firms in complying with the Dodd-Frank Wall Street Reform and Consumer Protection Act.