In its annual Risk Monitoring and Examination Priorities letter, FINRA identified areas of focus for 2020.
News & Insights
A CFTC Order authorizing the members of an Indian Exchange to use U.S. customer funds in certain transactions without having to register with the CFTC was published in the Federal Register.
The CFTC Division of Clearing and Risk granted exemptive relief to CME Clearing from certain written acknowledgements required for the purpose of accessing its liquidity facility.
The CFTC Division of Swap Dealer and Intermediary Oversight issued an extension of previously issued time-limited, no-action relief to the Futures Industry Association, its member futures commission merchants ("FCMs"), and similarly situated FCMs regarding the simultaneous recording of book entry credits upon the receipt of customer funds via a wire transfer by an FCM. The relief extends previously issued no-action relief in Letter 14-88 pertaining to CFTC Rules 1.20 ("Futures Customer Funds to be Segregated and Separately Accounted For"), 22.2 ("Futures Commission Merchants: Treatment of
The CFTC announced that it entered an order against Friedberg Mercantile Group, Inc. ("Friedberg"), a registered futures commission merchant ("FCM"), for a secured amount deficiency, the commingling of customer funds with its proprietary funds and the failure to timely notify the CFTC of the secured amount deficiency. According to the CFTC order, Friedberg's handling of a customer request to transfer $300,000 in segregated funds to secured funds caused Friedberg to fall below its secured amount requirement by approximately $240,000 on February 5, 2013. Additionally, Friedberg's subsequent