January 26, 2021

Volume XI, Number 26


January 25, 2021

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NFA Issues Notice on Expiration of Temporary Relief from Fingerprinting Requirements

On October 6, the National Futures Association (NFA) issued Notice I-20-37 to announce changes to the no-action relief that had previously been issued relating to fingerprinting requirements for applicants for registration as an associated person (AP) and natural person principals of an applicant or registrant found at NFA Registration Rules 204(a)(2)(A) and 206(a)(1)(A). The NFA’s action follows a decision by the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediate Oversight (Division) that the Division would not extend beyond September 30, parallel no-action relief from the fingerprinting requirements set out in CFTC Regulations 3.10(a)(2) and 3.12(c)(3). (For additional information regarding this no-action relief, please refer to the July 24, 2020 edition of Corporate & Financial Weekly Digest.)

Effective October 1, therefore, all applicants for AP registration and all natural persons listed as a principal of an applicant or registrant must comply with the fingerprinting requirement. Additionally, all persons currently relying on the now-expired no-action relief, as well as APs that have been granted a temporary license, must submit a fingerprint card to the NFA by November 2.

Notice I-20-37 is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 283



About this Author

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.


Stanley V. Polit, Katten Muchin, Financial Services lawyer, Corporate Regulatory Matters Attorney

Stanley Polit concentrates his practice in transactional, corporate and regulatory aspects of financial services matters. Stan is able to provide legal services to a wide variety of clients including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, commodity trading advisers, financial institutions and general corporate clients.

Prior to joining Katten, Stan served as a council member for a national crisis management firm, where he specialized in crisis communication and merged media strategies. He has...