Below is an article I wrote about how the managed futures industry is likely to react after the MF Global bankruptcy. I originally began drafting the article at the end of 2011 and finished it in the first week of January 2012.  As we have already seen, the industry is [...]

Trading Program Performance Presentation FAQs Managers registered with the CFTC as either CTAs or CPOs are required to file a disclosure document with the NFA for review by the NFA prior to using the documents to solicit clients/investors.  The disclosure documents are required to conform with certain NFA rules.  The [...]

Three days ago, reports came out that the CFTC could be putting to a private vote the requirement that managed futures mutual funds be subject to marketing and registration rules when they use derivatives tied to commodities, which include commodity futures, options and swaps.  According to individuals who spoke on [...]

The National Introducing Brokers Association (NIBA) has started a petition asking the judge in the MF Global bankruptcy proceeding to release customer segregated funds.  Below we have provided the full text of the petition which members of the community can sign by going here.  It is unclear how this would work [...]

Quarterly CPO Filing Due by November 14 For those commodity pool operators who are registered with the NFA, there is a quarterly reporting requirement under Rule 2-46.  This filing must be submitted to the NFA by November 14 through the NFA’s EasyFile system.  Today the NFA sent the following reminder [...]

Friends: Cole-Frieman & Mallon LLP is pleased to announce the addition of an alternative mutual funds practice led by new partner Aisha Hunt.  Below is our press release announcing Aisha’s affiliation as well as the new practice area.  We all look forward to continuing to provide top-tier legal services to the [...]

NFA Interpretive Notice 9021 CPOs and CTAs generally must be members of the National Futures Association (“NFA”) and all NFA Member firms have certain compliance obligations.  An important compliance obligation of any firm is to know whether it will be subject to enhanced supervisory requirements.  In general, if a certain percentage [...]

Managers Must File CFTC Form 40 for Reportable Futures Positions Managers who maintain large positions in certain futures instruments will need to be aware of the speculative position limits with respect to the instruments.  In the event a position reaches a certain level, the CFTC will request more information about the [...]

CFTC Form 40 Reporting Levels  Managers who trade in the futures and commodities markets should be aware of the amount of contracts they are trading.  For certain products, once a manager reaches a reporting level, the CFTC may request that the manager complete and submit a Form 40 to the CFTC.  CFTC [...]

Overview of Series 31 Exam for Managed Futures Industry In general persons who are selling futures related products are going to be required to have a Series 3 exam license.  However, some broker-dealer representatives may be able to take the Series 31 exam instead of the Series 3 exam if [...]