In its Annual Review, NFA highlighted certain initiatives and summarized enforcement activity for Fiscal Year 2019.
NFA noted progress on:
- developing the training program to implement NFA's Swaps Proficiency Requirements, which NFA intends to make available online from late January 2020, with a compliance date of January 31, 2021;
- acting as IOSCO's Affiliate Members Consultative Committee Chair;
- updating the Background Affiliation Status Information Center (or "BASIC") system, which provides registration and disciplinary information on NFA member firms and their personnel; and
- addressing regulatory issues relating to virtual currencies, cybersecurity and CPO internal controls, and updating NFA Rules to cover swaps.
Additionally, NFA reported on enforcement activity. In 2019:
- NFA distributed restitution of approximately $9 million to approximately 60 investors;
- the Business Conduct Committee (or "BCC") filed 20 Complaints against 37 respondents;
- disciplinary panels issued 18 Decisions, and ordered five expulsions and six suspensions; and
- NFA imposed almost $1.7 million in fines.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.