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Notice I-11-17

October 31, 2011

Effective Date of Amendments to NFA Financial Requirements Section 13 and the Interpretive Notice entitled Forex Transactions

Amendments to NFA Financial Requirements Section 13 and the related Interpretive Notice entitled Forex Transactions will become effective on January 2, 2012. The amendments to Financial Requirements Section 13 requires an FDM to file daily electronic reports with NFA that show the firm's liabilities to customers and any other financial or operational information required by NFA. The amendments to NFA's Interpretive Notice entitled Forex Transactions specify the other financial and operational information currently required by NFA. Specifically, the Interpretive Notice requires FDMs to provide the following:

  • Daily report of the net aggregate notional value for all open futures and options Forex positions;
  • Monthly operational reports that provide specific information on the firm's customer base and the firm's risk management of its market exposure; and
  • Quarterly reports containing the most updated performance disclosures required by CFTC Regulation 5.5(e)(1)(i)(iii).

The first monthly operational report and first quarterly updated performance disclosure report will be due on January 17, 2012.

More information on these amendments can be found in NFA's September 22, 2011 Submission Letter to the Commodity Futures Trading Commission. Questions concerning these changes should be directed to Lauren Brinati, Director, Compliance at lbrinati@nfa.futures.org or Sharon Pendleton, Director, Compliance at spendleton@nfa.futures.org.

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.
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