Agricultural Advisory Committee meeting. The Commodity Futures Trading Commission (CFTC) announced that its Agricultural Advisory Committee will hold a public meeting on September 22, 2015. (9/14/2015) CFTC press release.
Registered introducing brokers, commodity pool operators and commodity trading advisors must have RFA membership. The CFTC issued a final rule requiring all registered introducing brokers and commodity pool operators, as well as certain commodity trading advisors, to become and remain members in a registered futures association (RFA). The new rule will become effective November 13, 2015. (9/10/2015) CFTC press release.
LedgerX LLC gains temporary approval as swap execution facility. The CFTC approved LedgerX LLC’s application for temporary registration as a swap execution facility (SEF), and will review the application to determine whether it fully complies with the requirements of the Commodity Exchange Act and other CFTC regulations. (9/10/2015) CFTC press release.
CFTC proposes list identifying unregistered foreign entities. The CFTC announced a new tool called the Registration Deficient (RED) list, which identifies unregistered foreign entities the CFTC suspects of illegally soliciting US customers to trade in foreign currency or binary options. Comments on the proposed RED list are due by October 14, 2015. (9/9/15) CFTC public alert.
Forex Capital Markets LLC settles charges of supervisory lapses. The CFTC instituted settled proceedings against Forex Capital Markets LLC (FXCM) for supervisory failures stemming from the operation of a fraudulent foreign exchange pool with accounts held at FXCM. The CFTC alleged that FXCM employees failed to follow compliance procedures for identifying and reporting suspicious activity, despite warning signs that the relevant accounts were engaged in fraudulent activity. Without admitting or denying the allegations, FXCM agreed to pay a civil penalty of US$700,000, disgorge US$143,922.50 in commissions and fees it received from fraudulent activity in the accounts, and enlist the services of an independent compliance consultant. (9/8/2015) CFTC press release.