In its 2020 Annual Review, NFA highlighted several regulatory actions and provided statistics on investigations and enforcement.

Among other things, NFA described its:

  • responses to COVID-19, including providing temporary relief from certain administrative and reporting requirements applicable to CPOs, CTAs, introducing brokers, futures commission merchants, swap dealers, forex dealer members, and registrants (see previous coverage 12345);
  • collaboration with the CFTC, citing the unanimous approval of an amendment to CFTC Rule 4.13 ("Exemption from registration as a commodity pool operator") that prevents bad actors from seeking exemptions from registration as CPOs (see previous coverage). NFA stated that it worked closely with the CFTC to finalize the amendment;
  • launch of the Swaps Proficiency Requirements in January 2020 (nearly 50,000 individuals have enrolled); and
  • increased cybersecurity efforts, including additional strategic technology measures such as enhanced penetration and vulnerability testing.

Primary Sources

  1. NFA Report: 2020 Annual Review

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