September 17, 2021

Volume XI, Number 260

Advertisement

September 16, 2021

Subscribe to Latest Legal News and Analysis

September 15, 2021

Subscribe to Latest Legal News and Analysis

September 14, 2021

Subscribe to Latest Legal News and Analysis

Effective Date for NFA Member Swap Dealer and Major Swap Participant Dues Increases

On May 24, the National Futures Association (NFA) issued Notice to Members 1-21-16, announcing the effective date for NFA Member swap dealer and major swap participant dues increases.

NFA Bylaw 1301 imposes annual dues on NFA Member swap dealers (SD) and major swap participants (MSP). The current annual dues amounts have remained unchanged, except for a reduction in MSP annual dues, since NFA established its swap regulatory program in 2013. Given the expansion of NFA’s swaps regulatory program over the past eight years and to fund its operations and maintain adequate reserves, NFA’s Board of Directors, on May 20, unanimously approved the following increases to these annual dues amounts:

  • annual dues for large financial institution (LFI) SD Members will increase from $1,000,000 to $1,300,000;

  • annual dues for non-LFI SD Members will increase from $250,000 to $325,000;

  • annual dues for SD Members that are affiliates of SD Members paying dues in one of the above categories will increase from $150,000 to $200,000; and

  • annual dues for MSP Members will increase from $150,000 to $200,000.

Notice I-21-16

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume XI, Number 148
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

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.

...

312-902-5372
Elise Michael, Katten Law Firm, New York, Finance Law Attorney
Associate

Elise Michael represents clients in the financial services industry. Prior to joining Katten, Elise was at J.P. Morgan Chase, where she supported the Private Bank’s advisory and alternatives businesses.

While in law school, Elise was a corporate scholar in the Samuel & Ronnie Heyman Center on Corporate Governance and the managing editor of the Cardozo Arts & Entertainment Law Journal. She also served as an intern with the US Commodity Futures Trading Commission (CFTC).

212-940-6610
Advertisement
Advertisement
Advertisement