New NFA Rules Relating to Custody and Financial Requirements
Section 4 (Financial Requirements and Treatment of Customer Property): This Notice includes the following: (1) Any Member FCM, RFED, or IB who violates any of CFTC Reg. 1.10, 1.12, 1.16, 1.17, 1.20 through 1.30, 5.6, 5.7 or 30.7 (as applicable) shall be deemed to have violated an NFA Requirement; and (2) any Member FCM that receives money, securities and/or other property from, for or on behalf of a customer to margin, guarantee or secure the customer's positions in cleared OTC derivatives (as defined in CFTC Regulation 190.01(oo)) must comply with the CFTC's requirements and the requirements established by the applicable contract market and/or derivatives clearing organization for such activity.
Effective Date: September 1, 2012.
Section 16 (FCM Financial Practices and Excess Segregated Funds/Secured Amount Disbursements): This Notice imposes new requirements on FCMs with respect to customer segregated funds and secured amount funds accounts and requires the reporting of specific information regarding financial and operational information on a monthly or semi-monthly basis. Specifically, it addresses: (1) written policies/procedures; (2) approval and notification of certain disbursements; (3) FCM Reporting Obligations - Financial and Operational Information; and (4) Additional Requirements.
Effective Date: September 1, 2012.
See also: Interpretive Notice - NFA Financial Requirements Section 16.
Interpretive Notice NFA Bylaw 1301(b): NFA's Assessment Fee - DMV Contracts and Security Futures Products: This Notice implements a reduced assessment fee rate for contracts designated by NFA's Executive Committee as a Diminutive Notional Value Contracts (DNVCs) and for the security futures products (SFPs).
Effective Date: September 1, 2012.