FINRA Updates Security Futures Risk Disclosure Statement

FINRA proposed amendments to the Security Futures Risk Disclosure Statement ("Statement"). The statement has been "jointly developed" by the NFA, FINRA, and a number of securities and futures exchanges. According to a FINRA Notice, the implementation date of the revised statement is September 14, 2020.

The changes to the statement reflect, among other things, (i) higher position limits for security futures contracts and changes to the large trader reporting timeframe, as approved by the CFTC, (ii) updated market-wide circuit breaker benchmark and thresholds, as approved by the SEC, and (iii) that exchanges may now list security futures on certain debt instruments.