The Compliance and Regulatory Consulting practice highlights regulatory information relating to the NFA from the third quarter of 2020.
CFTC Encourages Standardized Approaches to Assessing Cyber Security Preparedness, Including the FSSCC Cybersecurity Profile
The Commodity Futures Trading Commission (CFTC) published a statement on July 16, 2020 encouraging private sector financial institutions regulated by the CFTC to adopt a standardized approach to assessing and improving cyber security preparedness. The CFTC outlines that when a standardized approach is implemented, it allows firms to better track their progress and share information and best practices with peers and the CFTC.
CFTC believes best practices for cyber security preparedness are provided by the National Institute of Standards and Technology (NIST), the International Organization for Standardization (ISO), the Information Systems Audit and Control Association (ISACA) and the Information Technology Infrastructure Library (ITIL). Additionally, the CFTC welcomes the use of tools such as the Financial Services Sector Coordinating Council (FSSCC).
Read more here.
NFA Proposed Amendments to NFA Interpretive Notice 9053 (Forex Transactions)
The NFA has proposed amendments to the supervision obligations in the Forex Notice to eliminate the annual onsite requirement for annual inspections by Forex Dealer Members (FDMs) and instead refers FDMs to the supervision notice. The NFA’s board unanimously approved the proposed amendments on August 20, 2020.
Read more here.
Compliance and Regulatory Consulting
Local and global compliance expertise for the financial services industry.
Comprehensive support for asset managers registering in the U.S.
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SEC and CFTC registration and ongoing compliance support.
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Comprehensive assistance in preparing for and managing an SEC exam
Broker-dealer registration, ongoing support services, and mock exams.
Comprehensive CFTC registration and ongoing support.
Comprehensive SEC registration support.