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Notice I-21-45

December 21, 2021

Effective date for amendment to NFA Financial Requirements Section 18

NFA Financial Requirements Section 18 requires each swap dealer (SD) Member that is also a broker-dealer or security-based SD (SBSD) to file financial reports with NFA using the SEC's FOCUS report. NFA recently learned that certain SDs intend to comply with the CFTC's capital, margin, segregation, recordkeeping and reporting requirements in lieu of the equivalent SEC regulations, pursuant to SEC Rule 18a-10, and will not file the FOCUS report with the SEC. Therefore, NFA amended Financial Requirements Section 18 to require SBSDs that do not file the FOCUS report with the SEC to use one of the other two forms developed by NFA: Form FR-CSE-NLA or FR-CSE-BHC.

This amendment was unanimously approved by NFA's Board of Directors and is effective immediately.

NFA's November 22, 2021 submission letter to the CFTC contains more detailed information regarding this amendment. If you have any questions about this amendment, please contact Dale Spoljaric, Managing Director, Exams, OTC Derivatives (dspoljaric@nfa.futures.org or 312-781-7415).

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