Tax Tips and Updates

Looking to get tax preparation completed early?  it is possible to get your 1099s earlier than you think.  Rather than waiting for them to come via mail on February 15th, your Broker/FCM may be able to provide it to you electronically if you request it.  The sooner your tax preparer has the 1099s, the sooner … Read More

NIBA – What is it? Who is it? by Melinda Schramm, Founder & Chairman

NIBA is the membership association for derivatives professionals. Founded in 1991, membership is primarily made up of Introducing Brokers and Commodity Trading Advisors. Members also include 11 Futures Commission Merchants and 23 service providers. The mission of NIBA is education — education for registered futures, options, swaps and forex professionals which keeps them in compliance, … Read More

Important Tax Deadlines for 2017

For the 2016 tax filing season, there has been changes in tax filing due dates with respect to different types of returns. Partnership Form 1065  Due:  March 15, 2017 (was April 17 in 2016) Extension Due Date:  September 15, 2017 *Under the new law, for fiscal year partnerships, returns will be due on the 15th … Read More

Important Regulatory Deadlines

NFA Certified Audit Deadlines   Introducing Brokers must file their annual certified audit no less than 90 days after fiscal year end.  Therefore, if year end is 12.31.16 the certified audit is due to NFA no later than 3.31.17.  The fine for late submission is $1000.00/business day.   NFA Pools must also file their annual certified … Read More

Amendment to NFA Compliance Rule 2-36: requirements for forex transactions

The CFTC recently approved NFA’s amendment to NFA Compliance Rule 2-36, which requires forex dealer members to provide customers, upon request, with certain transaction execution data.  This amendment will become effective on March 31, 2017. The amendment provides customers with a framework for obtaining execution information to review the quality of the execution a customer … Read More

Remember to re-up your CTA and CPO Registration Exemption!

Any CTA and/or CPO claiming an exemption from registration must reaffirm the exemption annually via the NFA’s website under Electronic Filings.  These registration exemptions MUST be reaffirmed by March 1, 2017. Failure to affirm an active exemption will result in it being withdrawn on March 1, 2017.  For registered CPOs or CTAs, losing the exemption will … Read More

CFTC Approves Final Rule Amendments For CPO Annual Audits

The CFTC unanimously approved certain amendments to its Part 4 regulations that relates to Commodity Pool Operators and their reporting obligation. Previously, the CFTC had granted relief by way of no-action letters and other exemptions. The amendments affect CPO reporting in three general areas: A CPO now may employ certain alternative generally accepted accounting principles, practices, … Read More

NFA Updates Self-Exam Questionnaire for IBs and CPOs

Every year, the NFA requires members to update their operations information to satisfy their continuing supervisory responsibilities under NFA Compliance Rules 2-9, 2-36, and 2-39. Due to new relevant rules, the questionnaire has been amended to include a Forex Electronic Trading Systems section to the Supplemental Questionnaire for IBs and technical clarifications within the Financial … Read More