NFA Issues Recordkeeping Compliance Relief to Members

NFA issued relief from certain recordkeeping requirements to futures commission merchants ("FCMs") / introducing brokers ("IBs"), swap dealers ("SDs") and forex dealer members ("FDMs"). The NFA action relates to similar relief granted by the CFTC in a series of no-action letters earlier this week. The NFA action is "designed to facilitate the separation of personnel in response to the COVID-19 pandemic."

NFA offered no-action relief, consistent with CFTC time period extensions, concerning:

• NFA Compliance Rule 2-10 (for FCMs and IBs) and Compliance Rule 2-49 (for SDs), which mandate certain recordkeeping requirements, including timestamping and recording oral communications; and
• NFA Compliance Rule 2-36, which requires FDMs to prepare and file a chief compliance officer annual report.