NFA advises members of updates to AML/CFT deficient jurisdictions. The National Futures Association advised future commission merchant and introducing broker members to review their anti-money laundering programs in light of an updated list of jurisdictions with strategic AML and combating the financing of terrorism deficiencies, which the Financial Crimes Enforcement Network discussed in a recent advisory. (1/20/2017) NFA Notice I-17-04.
Changes to MSRB’s customer complaint rules coming in October. The Municipal Securities Rulemaking Board announced that the SEC has approved its proposal to apply its rules governing customer complaints to municipal advisors and to make changes to modernize the rules, related interpretive guidance, and MSRB recordkeeping rules, which currently apply to municipal securities dealers. The updated rules will become effective on October 13, 2017. (1/18/2017) MSRB regulatory notice.
NFA notifies members of amendments affecting the timing of CCO annual report filing. The NFA reminded members that futures commission merchants and swap dealers have up to 90 days after their fiscal year-end to file their chief compliance officer annual report. (1/18/2017) NFA Notice I-17-03.
FINRA publishes report on potential implications of blockchain. The Financial Industry Regulatory Authority requested comments on its report on distributed ledger technology, which offers an overview of the technology, emphasizes its key applications, and examines implementation and regulatory considerations for broker-dealers. Comments are due on or before March 31, 2017. (1/18/2017) FINRA report.
NFA notifies members of affirmation requirements for exempt CPOs and CTAs. The NFA notified members that they will not be in violation of NFA by-laws if they transact customer business between January 1 and March 31, 2017, with a person previously exempt from commodity pool operator or commodity trading advisor registration who fails to comply with the affirmation requirement or to register with the NFA, as long as they take reasonable steps to determine the registration and membership status of previously exempt persons. (1/11/2017) NFA Notice I-17-02.