CFTC Approves Alternative to Fingerprinting Foreign Natural Persons

The CFTC approved a final rule that establishes an alternative to the fingerprinting requirement for a foreign person who applies for registration with the CFTC as an associated person or the principal of a registered intermediary. The alternative procedure allows the sponsoring firm to complete a criminal history background check of the foreign person and submit a certification to the NFA in lieu of fingerprints for such a person.

The CFTC explained that the final rule codifies CFTC Staff Letters 12-49 and 13-29 and also supersedes those letters. However, the CFTC also denied a request by the Commercial Energy Working Group to expand the alternative procedure to include U.S. persons.

The final rule will become effective 30 days after its publication in the Federal Register.