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July 19, 2021
Extension of relief from the on-site annual inspection of branch offices and guaranteed IBs
Due to COVID-19, NFA allowed Members to conduct all calendar year 2020 annual inspections of branch offices and guaranteed introducing brokers (IB) remotely (see Notice to Members I-20-35). NFA understands that Members may find it difficult to complete on-site annual inspections for calendar year 2021 since their staff may be in various stages of transitioning back to the office or still working remotely. Therefore, NFA is extending the relief provided in Notice I-20-35 through the end of 2021. Although Members must conduct the required annual inspection of each branch office and guaranteed IB by December 31, 2021, firms may conduct these inspections remotely. A Member that conducts a remote examination in 2021 based on this relief may still conduct a remote examination in 2022 if its risk assessment indicates it is appropriate to do so. This risk assessment should take into account that the firm conducted the exam remotely the prior two years.
If you have any questions on this relief, please contact Valerie O'Malley, Director, Futures Compliance (312-781-1290 or email@example.com).