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March 26, 2020
Coronavirus (COVID-19) Update—Regulatory Relief for IBs
NFA Financial Requirements Section 5 and CFTC Regulation 1.10 require each independent introducing broker (IB) Member to file a certified financial report as of the close of its fiscal year end within 90 days after the close of its fiscal year, or within 60 days for IB Members that are also registered with the SEC as securities brokers or dealers. IB Members are also required to file financial reports either semi-annually, quarterly or monthly, within 17 business days of the date for which the report is prepared. Independent IB Members generally meet their CFTC requirements by complying with NFA's requirements.
Due to Coronavirus (COVID-19), a number of independent IB Members have inquired whether NFA would extend the due date for upcoming filings. NFA understands that the current situation may make it difficult for independent IB Members to file their required financial filings within the specified time periods. Therefore, NFA is providing all independent IB Members with a 30 calendar day extension for filing certified financial reports for fiscal years ending in December 2019 through March 2020. NFA is also providing all independent IB Members with a 10 business day extension for filing the semi-annual, quarterly or monthly reports for reporting periods ending February through April 2020. This relief is automatic. Independent IB Members should NOT file a request for this relief and are NOT required to notify NFA if they intend to avail themselves of the relief.
If you have any questions on this Notice, please contact Christine Roche (firstname.lastname@example.org).
NFA continues to closely monitor the latest developments related to COVID-19 and its significant impacts on NFA Members and the derivatives industry. Timely information and guidance for Members and the investing public continues to be posted to NFA's dedicated COVID-19 webpage as it becomes available.