October 28, 2020

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October 26, 2020

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NFA Adopts Clarifying Changes to Rules and Interpretive Notices

The National Futures Association (NFA) has filed amendments to its rules and interpretive notices. The purpose of the amendments are primarily (1) to clarify the applicability of various requirements to futures commission merchants, introducing brokers, commodity pool operators and commodity trading advisors (and, in some instances, forex dealers), (2) to expand the scope of certain rules to include all commodity interest activities (not just futures-related activities), (3) to better reflect current technology and business practices, and (4) to implement consistent requirements for the use of hypothetical performance in promotional materials directed exclusively to qualified eligible persons.

Absent additional review by the Commodity Futures Trading Commission, the NFA may establish an effective date for the amendments as early as 10 days after receipt of the submission by the CFTC.

The amendments submission is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume IX, Number 249
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About this Author

James M. Brady, Katten Muchin Law Firm, Finance Attorney
Associate

James Brady concentrates his practice in financial services matters.

While in law school, James was an editor of the Michigan Journal of International Law. He also served as a judicial intern to the Honorable Stephen J. Markman of the Michigan Supreme Court. http://www.kattenlaw.com/James-Brady

312-902-5362
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.

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.

312-902-5372
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