From the category archives:

Commodities and Futures

San Francisco Futures Professionals March Meeting | March 16, 2010

March 12, 2010

NFA Regulations and Capital Raising on Agenda
The San Francisco Futures Professionals Group (LinkedIn Group) will be meeting next week to discuss the most recent NFA Regulatory Seminar.  Bart Mallon of Mallon P.C. will be providing an overview of the major regulatory items discussed at the seminar including the new NFA rule on social media, issues [...]

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CFTC Regulation 4.8 for Commodity Pool Operators

March 11, 2010

CFTC Regulation 4.8 (“Rule 4.8”) is a little known regulation which allows CPOs to distribute disclosure documents and accept investor money prior to the NFA’s approval of the CPO’s disclosure document.  In order to take advantage of Rule 4.8, the CPO must make sure that pool interests are only offered or sold to accredited investors, [...]

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CPO Annual Financial Report Filing

February 16, 2010

Information on Filing Annual Report with NFA
Commodity Pool Operators (”CPOs”) are required to distribute an Annual Report, certified by an independent public accountant, to each participant in each pool it operates (i.e. the investors in the commodity/futures hedge fund) within 90 days after the pool’s fiscal year-end (normally December 31).  CPOs are also required under the [...]

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Recent Issues with NFA Annual Questionnaire

February 12, 2010

As we discussed in an earlier post on NFA Annual Questionnaire, NFA Member Firms are required to complete the questionnaire on an annual basis.  The information helps the NFA in a variety of ways and the NFA encourages members to update their questionnaire on a regular basis, although firms are only required to complete it, at [...]

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NFA Self-Examination Checklist 2010 | FCMs, IBs, CPOs and CTAs

February 8, 2010

Easy Step by Step Guide for NFA Member Firms
NFA Member Firms are all required to complete a yearly self-examination checklist to ensure that the Member Firm is complying with all the NFA Rules (as well as the CFTC Regulations and other applicable laws).  The NFA has provided some resources on their website.  We believe that [...]

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FLOORED Film Peeks Inside Chicago Trading World

February 1, 2010

Audience Reacts Positively to James Allen Smith’s Documentary on Chicago Floor Trading
On Thursday evening at the Roxie Theatre in San Francisco, the professional women’s organization 100 Women in Hedge Funds sponsored the showing of Floored, a documentary by ex-floor trader James Allen Smith that offers a peek inside the lives, successes, and struggles of former traders [...]

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CFTC Provides Annual Guidance to CPOs

January 28, 2010

Annual Report Guidance for Commodity Pool Operators
In a recent release, which we have reprinted in full below, the CFTC reminds CPOs of their annual reporting requirements under Regulation 4.22.  The release includes a link to the 2010 CPO Annual Guidance Letter.  In general the letter provides another reminder to CPOs to file their annual reports [...]

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CTA and CPO Foreign Language Disclosure Documents

January 20, 2010

Translating a Disclosure Document to Another Language is Fine
NFA Member Firms are required to have their disclosure documents reviewed by the NFA generally before such firms can distribute the documents to potential investors.  One issue which sometimes arises is when the firm (generally either a CTA or CPO) has potential clients/investors who are non-U.S. citizens [...]

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Eligible Contract Participant (ECP) Definition

January 15, 2010

The term “eligible contract participant” is important with regard to managers who provide advice on futures and commodities investments (including off-exchange spot foreign currency or “forex”).  In general there are exemptions from various CTA, CPO and IB registration provisions for those managers who only provide advisory services to those clients who fall within the definition [...]

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NFA Provides Social Networking Compliance Guidance

January 12, 2010

Member Firms Subject to Increased Oversight & Compliance Responsibilities
In early December the National Futures Association (“NFA”) submitted two proposed amendments proposed amendments to the Commodity Futures Trading Commission (“CFTC”) regarding NFA Member Firms and their use of the internet and social media networks.  The amendments focus on communications by firms over the internet in various [...]

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