Annual Update Information for CPOs, CTAs, IBs, and FCMs
We are a little behind getting this update out this year. Please contact us if you have any questions or would like help with any updates.
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NFA members (including commodity pool operators, commodity trading advisers, introducing brokers, futures commission merchants, and retail foreign exchange dealers) are reminded that every year, in order to maintain their registration and/or NFA membership, they must do the following by the anniversary date of their registration:
- complete the electronic Annual Registration Update;
- pay the annual registration records maintenance fee of $100 for each category of registration;
- complete the electronic Annual Questionnaire, which includes firm and disaster recovery information as well as a questionnaire for each category of registration; and
- pay annual membership dues. Information about dues is available here.
The NFA will send an email to the member, along with a letter detailing the annual filing requirements along with an invoice for fees due. If all of the annual filing requirements are not completed within 30 days following the annual due date, the NFA will treat it as a request to withdraw from registration and/or NFA membership. That status will be reflected on the NFA’s Online Registration System (ORS).
Annual Registration Update
To complete the Annual Registration Update, the firm should log into ORS and select the Update/Withdraw Registration Information tab. At the bottom of the screen, below the Annual Filings heading, the firm should click on the Annual Registration Update link to access the Annual Registration Update filing.
Annual Questionnaire
As indicated above, once a year, members must complete an Annual Questionnaire. The questionnaire provides the NFA with information about the firm and allows the NFA to better understand the composition of its membership as a whole. Additionally, the information provided allows the NFA to tailor its regulatory programs to better serve its members. Members are encouraged to update their questionnaire data on a regular basis, but must, at a minimum, complete the Annual Questionnaire on the anniversary of their NFA membership date.
To complete the Annual Questionnaire, the firm should log into ORS and select the Update/Withdraw Registration Information tab. At the bottom of the screen, below the Annual Filings heading, the firm should click on the Annual Questionnaire link to access the Annual Questionnaire.
Other Regulatory Reminders
Once a year, members should also be sure to complete the following items to remain in compliance with CFTC and NFA rules and regulations:
- Complete the NFA’s Self-Examination Checklist.
- Send the firm’s privacy policy to every client, customer, or investor in a pool.
- Test the firm’s disaster recovery plan and address any issues in the plan.
- Provide ethics training as outlined in the firm’s compliance materials.
- Supervise the operations of any branch offices, including conducting an annual onsite inspection.
- Commodity pool operators and commodity trading advisors soliciting new investors or clients should update and file their disclosure documents with the NFA. A disclosure document used to solicit investors or clients cannot be more than 9 months old.
- Commodity pool operators must file their Annual Reports within 90 days after the end of the pool’s fiscal year. The Annual Reports must also be distributed to pool investors. Commodity pool operators also must submit their quarterly report within 45 days of the end of the quarter.
There are additional requirements specific to commodity pool operators, commodity trading advisers, introducing brokers, futures commission merchants, and retail foreign exchange dealers. More information about these requirements is available on the NFA website here.
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Cole-Frieman & Mallon LLP provides managed futures legal services and other support to hedge fund managers. Bart can be reached directly at [email protected] or 415-868-5345.