CFTC Provides Audit Relief to FCM

The CFTC Division of Swap Dealer and Intermediary Oversight (the "Division") exempted a futures commission merchant ("FCM") from certain audited financial reports requirements. Pursuant to the letter, the FCM's certified financial statements for the year ending in December 31, 2018 do not need to be audited in accordance with Public Company Accounting Oversight Board audit independence standards where the auditor provided non-financial services to an affiliate of the FCM that were immaterial to the auditor's business.