Retail Foreign Exchange Dealer (RFED) Reporting Requirements
Note: This is not an all-inclusive list of reporting requirements. Please review NFA's rules and the CFTC's regulations for additional reporting requirements.
Forex Daily Report
When
Daily, due by noon on the next business day
Daily, due by noon on the next business day
Information Required
Customer funds on deposit and where they are held, customer open positions, amount due to customers, names of counterparties. Qualifying institutions holding assets used to cover the firm's liabilities owed to its retail forex customers must report the balances in the firm's account(s) held at the qualifying institution to NFA on a daily basis. See NFA Financial Requirement Section 13 for specific reports required.
Customer funds on deposit and where they are held, customer open positions, amount due to customers, names of counterparties. Qualifying institutions holding assets used to cover the firm's liabilities owed to its retail forex customers must report the balances in the firm's account(s) held at the qualifying institution to NFA on a daily basis. See NFA Financial Requirement Section 13 for specific reports required.
How to file
EasyFile (Forex Filers)
EasyFile (Forex Filers)
Forex Monthly Report
When
Monthly, due within 17 business days of month end
Monthly, due within 17 business days of month end
Information Required
Operational information, specifically number of retail and ECP forex customers, as well as how many customers are active, US domiciled or foreign domiciled. See NFA Financial Requirement Section 13 for specific reports required.
Operational information, specifically number of retail and ECP forex customers, as well as how many customers are active, US domiciled or foreign domiciled. See NFA Financial Requirement Section 13 for specific reports required.
How to file
EasyFile (Forex Filers)
EasyFile (Forex Filers)
Forex Quarterly Report
When
Quarterly, due within 17 business days of quarter end (based off the calendar year, not the firm's fiscal year)
Quarterly, due within 17 business days of quarter end (based off the calendar year, not the firm's fiscal year)
Information Required
Performance disclosures required by CFTC Regulation 5.5(e)(1)(i)-(iii). Including the total number of non-discretionary retail forex customer accounts maintained by the RFED for the prior quarter, indicating the percentage that were profitable vs. non-profitable. See NFA Financial Requirement Section 13 for specific reports required.
Performance disclosures required by CFTC Regulation 5.5(e)(1)(i)-(iii). Including the total number of non-discretionary retail forex customer accounts maintained by the RFED for the prior quarter, indicating the percentage that were profitable vs. non-profitable. See NFA Financial Requirement Section 13 for specific reports required.
Daily Trade Data Reports ("FORTRESS")
When
Daily, due by 11:59 p.m. the same day
Daily, due by 11:59 p.m. the same day
Information Required
Each Member must file a daily electronic report of trade data containing the data and be in the format prescribed by NFA. The information must be prepared as of 5:00 p.m. and filed with NFA by 11:59 p.m. the same day. See NFA Compliance Rule 2-48 for specific reports required.
Each Member must file a daily electronic report of trade data containing the data and be in the format prescribed by NFA. The information must be prepared as of 5:00 p.m. and filed with NFA by 11:59 p.m. the same day. See NFA Compliance Rule 2-48 for specific reports required.
How to file
Forex Transaction Reporting Execution Surveillance System (FORTRESS)
Forex Transaction Reporting Execution Surveillance System (FORTRESS)
Financial Reports - Unaudited
When
Monthly, due within 17 business days of month end
Monthly, due within 17 business days of month end
Information Required
See CFTC Regulation 1.10(d)(1) and CFTC Regulation 5.12 for the specific reports required.
See CFTC Regulation 1.10(d)(1) and CFTC Regulation 5.12 for the specific reports required.
How to file
WinJammerTM
WinJammerTM
Certified Financial Reports - Audited
When
Annually, Form 1 FR-FCM due 90 days after fiscal year end; Form FOCUS due 60 days after fiscal year end
Annually, Form 1 FR-FCM due 90 days after fiscal year end; Form FOCUS due 60 days after fiscal year end
Information Required
See CFTC Regulation 1.10(d)(2) and CFTC Regulation 5.12 for the specific reports required.
See CFTC Regulation 1.10(d)(2) and CFTC Regulation 5.12 for the specific reports required.
How to file
WinJammerTM
WinJammerTM
Notice of undercapitalization
When
Annually, Form 1 FR-FCM due 90 days after fiscal year end; Form FOCUS due 60 days after fiscal year end
Annually, Form 1 FR-FCM due 90 days after fiscal year end; Form FOCUS due 60 days after fiscal year end
Information Required
Immediate notification when capital falls below level set in NFA Financial Requirements Section 12. A 1-FR- FCM/FOCUS must follow within 24 hours as required by CFTC Regulation 5.6(a).
Immediate notification when capital falls below level set in NFA Financial Requirements Section 12. A 1-FR- FCM/FOCUS must follow within 24 hours as required by CFTC Regulation 5.6(a).
How
WinJammerTM(1)
WinJammerTM(1)
Non-current books and records
When
If applicable
If applicable
Information Required
Same day notification. Written report stating corrective action due within 48 hours as required by CFTC Regulation 5.6(c).
Same day notification. Written report stating corrective action due within 48 hours as required by CFTC Regulation 5.6(c).
How
WinJammerTM(1)(2)
WinJammerTM(1)(2)
Reduction in net capital of 20% or more
When
If applicable
If applicable
Information Required
Within 2 business days of the reduction in accordance with CFTC Regulation 5.6(f)(1) or (f)(2).
Within 2 business days of the reduction in accordance with CFTC Regulation 5.6(f)(1) or (f)(2).
Forex liabilities owed to customers exceeds forex assets
When
If applicable
If applicable
Information Required
Immediate notification required in accordance with CFTC Regulation 5.6(g).
Immediate notification required in accordance with CFTC Regulation 5.6(g).
Adjusted net capital falls below the early warning requirement/eligibility to guarantee IBs requirement
When
If applicable
If applicable
Information Required
Notification within 24 hours in accordance with CFTC Regulation 5.6(b).
Notification within 24 hours in accordance with CFTC Regulation 5.6(b).
Cybersecurity Incident
When
If applicable
If applicable
Information Required
Prompt notification is required for certain cybersecurity incidents. See NFA Interpretive Notice 9070 for further information.
Prompt notification is required for certain cybersecurity incidents. See NFA Interpretive Notice 9070 for further information.
Risk Management Program(3)
When
As applicable (submitted upon registration and thereafter upon request)
As applicable (submitted upon registration and thereafter upon request)
Information Required
Policies and procedures designed to monitor and manage the risks associated with the activities of the FDM. See NFA Compliance Rule 2-36 and Interpretive Notice 9069 for further information.
Policies and procedures designed to monitor and manage the risks associated with the activities of the FDM. See NFA Compliance Rule 2-36 and Interpretive Notice 9069 for further information.
How
WinJammerTM
WinJammerTM
Risk Exposure Reports(3)
When
Quarterly and whenever a material change occurs
Quarterly and whenever a material change occurs
Information Required
Report must be filed within five business days of providing to the FDM's senior management. See NFA Compliance Rule 2-36 and Interpretive Notice 9069 for further information.
Report must be filed within five business days of providing to the FDM's senior management. See NFA Compliance Rule 2-36 and Interpretive Notice 9069 for further information.
How
WinJammerTM
WinJammerTM
Chief Compliance Officer Report(3)
When
Annually
Annually
Information Required
Report must be filed within 90 days after the FDM's fiscal year end. See NFA Compliance Rule 2-36 for further information.
Report must be filed within 90 days after the FDM's fiscal year end. See NFA Compliance Rule 2-36 for further information.
How
WinJammerTM
WinJammerTM
Material inadequacies noted by CPA in audited financials
When
If applicable
If applicable
Information Required
Notification within 24 hours. Written report stating corrective action due within 48 hours in accordance with CFTC Regulation 5.6(d).
Notification within 24 hours. Written report stating corrective action due within 48 hours in accordance with CFTC Regulation 5.6(d).
How
WinJammerTM(1)(2)
WinJammerTM(1)(2)
Request to change fiscal year end, or Request extension of time to file financial reports
When
If applicable
If applicable
Information Required
File a copy of request and NFA’s response with regional CFTC. If firm is also registered as a B/D, must file request and DEA response with NFA and regional CFTC in accordance with CFTC Regulation 5.12(f) and (g)
File a copy of request and NFA’s response with regional CFTC. If firm is also registered as a B/D, must file request and DEA response with NFA and regional CFTC in accordance with CFTC Regulation 5.12(f) and (g)
How
WinJammerTM
WinJammerTM
Change in security deposit amounts established by the FDM
When
If applicable
If applicable
Information Required
The FDM is required to immediately notify NFA if the FDM changes the security deposit amount established for a particular currency pair being offered to retail forex customers. See NFA Financial Requirement Section 12(f) for further information.
The FDM is required to immediately notify NFA if the FDM changes the security deposit amount established for a particular currency pair being offered to retail forex customers. See NFA Financial Requirement Section 12(f) for further information.
How
WinJammerTM
WinJammerTM
Bulk Transfers
When
If applicable
If applicable
Information Required
At least five business days in advance of a transfer, the RFED must provide notice under certain conditions. See CFTC Regulation 5.23 for further information.
At least five business days in advance of a transfer, the RFED must provide notice under certain conditions. See CFTC Regulation 5.23 for further information.
How
WinJammerTM
WinJammerTM
Subordinated loan agreements
Standard forms are available from NFA
When
If applicable
If applicable
Information Required
Standard froms are available from NFA. The loand and all changes and amendments must be approved before the effective date. For firms also registered as a broker/dealer, any approval from the firm's DEA should also be filed. See CFTC Regulation 1.17(h) for further information.
Standard froms are available from NFA. The loand and all changes and amendments must be approved before the effective date. For firms also registered as a broker/dealer, any approval from the firm's DEA should also be filed. See CFTC Regulation 1.17(h) for further information.
NFA Questionnaire
When
Annually, to coincide with annual dues
Annually, to coincide with annual dues
Information Required
NFA sends a yearly questionnaire.
NFA sends a yearly questionnaire.
For further information, see NFA Financial Requirement Sections 1, 2, 11,12, 13, 14, 15, NFA Compliance Rule 2-11, 2-36 and 2-48, NFA Interpretive Notice 9070, or CFTC Regulations 1.10, 5.23, 5.6 – 5.9. See http://www.cftc.gov/ucm/groups/public/@iointermediaries/documents/file/1fr-fcminstructions.pdf for 1-FR-FCM instructions.
1 An RFED must also make a similar filing with its regional CFTC office and the CFTC main office.
2 An RFED must also make a similar filing with its designated self-regulatory organization and the SEC, if applicable.
3 An RFED must comply with this requirement beginning January 4, 2016.