The NFA adopted amendments to its Compliance Rules and Interpretive Notices to cover transactions and counterparties involving swaps.
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A swap dealer agreed to pay $900,000 to settle National Futures Association ("NFA") charges relating to initial margin for uncleared swaps. The NFA alleged that the firm used insufficient methods to evaluate the risks of its uncleared swaps and failed to appropriately back test, benchmark and verify its margin model. The NFA alleged that the swap dealer (i) neglected to take the necessary steps to meet the initial margin and variation margin collection requirements, (ii) failed to adequately supervise its business activities with respect to margin and model monitoring, and (iii) submitted
On September 14, 2018, the CFTC filed and settled 12 enforcement actions against multiple firms and individuals for registration, position limits, recordkeeping, supervisory and reporting violations.
The SEC settled charges against two investment advisory firms in conjunction with compliance failures within their wrap fee programs.
The SEC approved two rulemaking proposals at its open meeting about the modernization of investment company and investment adviser reporting. The proposals pertained to the reporting and disclosure of information. Investment Adviser Act Rule Changes, Including to Form ADV The following aspects of the changes are most relevant to investment advisers: (i) The changes would require an investment adviser to provide additional general information about its business, such as the physical locations where its employees are based, how the firm's CCO is compensated, how the firm uses Web sites and