Since issuing its first award in 2014, the CFTC has awarded approximately $300 million to whistleblowers. The following individuals must satisfy NFA's Swaps Proficiency Requirements prior to engaging in swaps activity: Any individual registered or seeking registration as an associated person (AP) of a futures commission merchant (FCM), introducing broker (IB), commodity pool operator (CPO) or commodity trading advisor (CTA) who intends to engage in swaps activity subject to the CFTC's jurisdiction. He may work in different capacities or may supervise such associated persons. An Associated Person works for a broker or dealer. Registration of commodity dealers and associated persons; regulation of registered entities. January 03, 2013. 78o-5(b), 78q(h)); an associated person of a registered broker or dealer concerning the financial or securities activities of which the registered person makes and keeps records under section 15C(b) or 17(h) of the Securities Exchange Act of 1934 (15 U.S.C. Associated Persons | CFTC 20-20 Title: 20-20 File Link /csl/20-20/download Description Time Extension for No-Action Relief previously granted in response to the COVID-19 pandemic for persons required to submit fingerprints in connection with applying for registration as an associated person or to be listed as a principal of a registrant. 1. In an effort to reduce the risk posed to investors that could arise when a person subject to a statutory disqualification operates a commodity pool pursuant to an exemption from registration, the Commodity Futures Trading Commission (CFTC) has issued a final rule to address what it views as a regulatory gap between standards applicable to . more • The CFTC seeks comments on all aspects of the interim rule, including whether the exclusion should be limited to swaps hedging risks related to physical positions or extended to encompass swaps hedging financial risks or other types of risks. Agricultural Commodity " means any "agricultural commodity," as defined in CFTC Regulation 1.3(zz). A commodity market is a physical or virtual marketplace for buying, selling, and trading commodities. This term means any natural person who is associated in any of the following capacities with: (1) A futures commission merchant as a partner, officer, or employee (or any natural person occupying a similar status or performing similar functions), in any capacity which involves If problems arise, customers can seek help through the CFTC Reparations Program or NFA arbitration process . Associated Person (AP) Registration person that is a natural person who is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on its behalf, without making an application pursuant to the rule, where the Commission, the Commodity Futures Trading Commission ("CFTC"), a - The CFTC on June 4, 2020 unanimously approved an important final amendment to Regulation 4.13 under the Commodity Exchange Act (CEA). But a person working just in a clerical capacity is not an associated person. The proposed rules also would recognize the regulatory efforts of the CFTC, National Futures Association, and self-regulatory organizations (as defined in Exchange Act Section 3(a)(26)) with respect to any associated person that is within their jurisdiction. Floor Traders (FTs) are also required to register You can access registration information through the National Futures Association's BASIC (Background Affiliation Status Information Center) system Termination of Associated Persons and Principals of Futures Commission Merchants, Introducing Brokers, Commodity Trading Advisors, Commodity Pool Operators and Leverage Transaction Merchants. commodity pools organized and operated outside the United States, but only if U.S. persons are not solicited to invest in the pool, no person affiliated with the pool conducts any marketing activity from within the United States and U.S. persons who are not "qualified eligible persons" (as defined in CFTC Rule 4.7) own no more than 10% of the pool. The CFTC approved a proposed rule that would redefine certain key cross-border swap terms, including "US Person," and provide clarification on other important Dodd-Frank cross-border swaps rules, such as counting cross-border swaps toward swap dealer thresholds and application of CFTC swaps rules to swaps arranged, negotiated, or executed (ANE) in the US. Printer-Friendly Version. CFTC AND SEC ADOPT DEFINITION OF "SWAP" AND "SECURITY-BASED SWAP" . The information provided will assist the Commodity Future Trading Commission ("CFTC" or "Commission") with determining whether any person has violated, is violating, or is about to violate the Commodity Exchange Act (the "Act") or the regulations promulgated thereunder (the "Regulations"). (A)In generalThe term "associated person of a swap dealer or major swap participant" means aperson who is associated with aswap dealer ormajor swap participant as a partner, officer, employee, or agent (or anyperson occupying a similar status or performing similar functions), in any capacity that involves— (i) (a) Registration required. 1 This amendment adds a new requirement that any person filing . In 2019, in an effort to harmonize SEC and CFTC rules, the SEC adopted Rule 194(c), generally excluding associated person entities from the prohibition in 15F(b)(6).21 The SEC also adopted an . Associated persons have passed required tests and meet other proficiency requirements. Introduction. An associated person is any owner, partner, officer, director, branch manager, or non-clerical or administrative employee of a broker or dealer. In short, the associated person is the salesperson for a commodity pool or a supervisor of . a person could be permitted to direct futures-related activities or solicit futures-related business with members of the retail public - e.g., as, respectively, a principal or associated person of [a futures commission merchant or commodity pool operator] - but that same person would be barred from soliciting, accepting, or otherwise more. Associated Person (AP) An associated person (AP) is an individual who solicits orders, customers or customer funds (or who supervises persons so engaged) on behalf of a futures commission merchant (FCM), retail non-U.S. exchange dealer (RFED), introducing broker (IB), commodity trading advisor (CTA) or commodity pool operator (CPO). CFTC Adopts Tape-Recording and Recordkeeping Rules. Discover how investors profit from the commodity market. For those that are required to register with the CFTC and become members of the National Futures Association ("NFA"), one of the most cumbersome elements of registration involves taking the Series 3 by the firm's principals and associated persons. a person that is located outside of the United States and listed on the Commodity Trading Advisor (CTA): A person who, for pay, regularly engages in the business of advising others as to the value of commodity futures or options or the advisability of trading in commodity futures or options, or issues analyses or reports concerning commodity futures or options. to register futures commission merchants, associated persons of futures commission merchants, introducing brokers, associated persons of introducing brokers, commodity trading advisors, associated persons of commodity trading advisors, commodity pool operators, associated persons of commodity pool operators, floor brokers, and floor traders upon application in accordance with rules and . Intermediaries are generally required to register with the CFTC Associated Persons (APs) also must register and their principals must be listed. The proposed amendments include cleared swap transactions in the guidelines for the disclosure by FCMs and IBs of costs associated with futures transactions. The Commodity Exchange Act (the "CEA"), as modified by Title VII of the Dodd-Frank Act and interpreted by the Commodity Futures Trading Commission ("CFTC"), restricts the types of market . IMPORTANT DISCLOSURE from Private Bank and J.P. Morgan Securities Swap Dealer Associated Persons. On May 30, 2017, the Commodity Futures Trading Commission (CFTC or Commission) published final rule changes that substantially revise Rule 1.31 (Revised Rule) 1 to modernize record-keeping obligations for any person required by the Commodity Exchange Act or CFTC rules to keep records (a records entity). Similarly, Commission Regulation 3.12(c)(3) requires that each Form 8-R filed by an applicant for registration as an associated person must be accompanied by the fingerprints of the associated person On March 25, 2019, the National Futures Association ("NFA") adopted rule amendments and a related interpretive notice that will, for the first time, impose a swaps proficiency exam requirement on Associated Persons ("APs") of registered Commodity Pool Operators ("CPOs") and Commodity Trading Advisors ("CTAs") that trade Commodity Futures Trading . Issue(s) SEC Rule(s) CFTC Rule(s) Recommendation(s) • A dealer cannot permit an Final SEC Rule associated person (" AP ") to effect or be involved in effecting transactions on its behalf if the dealer knows, or in the exercise of reasonable care should have known, that the AP is subject to statutory (4) In the case of a Material Associated Person that is subject to the supervision of the Commodity Futures Trading Commission, the broker or dealer maintains in accordance with the provisions of this section copies of the reports filed on Forms 1 FR-FCM or 1 FR-IB by such Material Associated Person with the Commodity Futures Trading Commission. COMMODITY FUTURES TRADING COMMISSION. Enforcement actions associated with those awards have resulted in monetary relief totaling more than $3 billion. APs are involved in the solicitation or facilitation of transacting client futures orders, the maintenance of discretionary accounts, and participation in the futures markets. APs are natural persons who are associated with an SD, MSP or other CFTC registrant as a partner, officer, employee or agent (or any natural person with a similar status or function) in a capacity that involves either: The solicitation or acceptance of swaps (other than in a clerical or ministerial capacity). 78o-5 (b), 78q (h)); On November 14, the Division of Swap Dealer and Intermediary Oversight (the "DSIO") of the Commodity Futures Trading Commission (the "CFTC") created confusion and consternation in the derivatives world by issuing an advisory [1] indicating that certain requirements will apply to swaps entered into between a registered non-U.S. swap dealer and a non-U.S. person if the swap is handled by . person who is a principal of the applicant, along with the fingerprints of the natural person on a fingerprint card provided by NFA. Associated Person: The name given to participants within the futures market that are involved in the solicitation or facilitation of transacting customer orders, the maintenance of discretionary . 17 CFR Part 3. The Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974, that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.. Therefore, SDs are responsible for ensuring that any individual acting as an AP as defined in subsection 6 of the Associated Person definition under CFTC Regulation 1.3 has satisfied NFA's Swaps Proficiency Requirements prior to engaging in the defined activities on behalf of the SD. On April 24, at the request of the National Futures Association (NFA), the staff of the Commodity Futures Trading Commission (CFTC) issued a no-action letter providing regulatory relief to principals of registrants and applicants for associated person (AP) registration with respect to submission of fingerprint cards. § 1 et seq., prohibits fraudulent conduct in the trading of futures, swaps, and other derivatives. Issue(s) SEC Rule(s) CFTC Rule(s) Recommendation(s) • A dealer cannot permit an Final SEC Rule associated person (" AP ") to effect or be involved in effecting transactions on its behalf if the dealer knows, or in the exercise of reasonable care should have known, that the AP is subject to statutory approved swap associated persons. [12] CFTC Customer Advisory on Commodity ETPs and Funds All matters around Associated Person Definition Cftc will be solved with comprehensive information and solutions. RIN 3038-AC45. An associated person is an employee who solicits orders and seeks new investors for the commodity pool. Effective December 24, 2015, the Commodity Futures Trading Commission (the "CFTC") revised its Rule 1.35(a) to provide relief from certain recordkeeping requirements for commodity pool operators ("CPOs") and commodity trading advisors ("CTAs"), whether registered with the CFTC or not, that are members of a designated contract market or have trading . Associated person. On April 24, at the request of the National Futures Association (NFA), the staff of the Commodity Futures Trading Commission (CFTC) issued a no-action letter providing regulatory relief to principals of registrants and applicants for associated person (AP) registration with respect to submission of fingerprint cards. Associated Person (AP): An individual who solicits or . CFTC Customer Advisories. AGENCY: Commodity Futures Trading Commission. Where this refers to "we", "us" or "JPMorgan" it refers to the relevant JPMorgan entity with which you are transacting in products regulated as swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act and its implementing regulations, i.e., JPMorgan Chase Bank, N.A . person enters into a swap is to hedge a physical position. (II) an associated person of a registered broker or dealer concerning the financial or securities activities of which the registered person makes and keeps records under section 15C(b) or 17(h) of the Securities Exchange Act of 1934 (15 U.S.C. Reserva The Merchant, Salem An associated person (AP) is an individual who solicits orders, customers or customer funds (or who supervises persons so engaged) on behalf of a futures commission merchant (FCM), retail foreign exchange dealer (RFED), introducing broker (IB), commodity trading advisor (CTA . *An application fee is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant. Associated persons (AP) of an SD do not need to register with the CFTC. A non-refundable Principal Application Fee of $85.00 An application fee for principals is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant. APs are natural persons who are associated with an SD, MSP or other CFTC registrant as a partner, officer, employee or agent (or any natural person with a similar status or function) in a capacity that involves either: The solicitation or acceptance of swaps (other than in a clerical or ministerial capacity). Futures Association (NFA), including commodity trading advisors or pool operators, exempt non-US firms, futures commission merchants, introducing brokers, notice registered broker dealers, retail foreign exchange dealers, swap dealers, associated persons, floor brokers, floor traders, or futures principals. Applicable queries are also thoroughly responded to. By a Notice to Members dated March 25, 2019, the National Futures Association ("NFA"), the self-regulatory organization for the U.S. derivatives industry, announced that it had amended rules and adopted an interpretive notice that will require associated persons of swap firms ("Swap APs") to complete new mandatory swaps training and testing (the "Proficiency . associated persons ("APs") of CFTC Registrants or who are responsible for, or direct, the entry of orders from an FB's or FT's own account (such CFTC 1 CFTC Staff Letter No. It shall be unlawful for any person to be associated with a commodity pool operator as a partner, officer, employee, consultant, or agent (or any person occupying a similar status or performing similar functions), in any capacity that involves (i) the solicitation of funds, securities, or property for a participation in a commodity pool or (ii) the supervision of any person or persons so . The Commodity Exchange Act (CEA), 7 U.S.C. an associated person who is a natural person who (i) is not a U.S. person and (ii) does not effect and is not involved in effecting security-based swap transactions with or for counterparties that are U.S. persons , other than a security-based swap transaction conducted through a foreign branch of a counterparty that is a U.S. person . Training: Broker-dealers must train their associated persons about the terms, features, and risks of oil-linked ETPs, as well as any factors that would make such products either suitable or unsuitable for retail investors. The firm or person must adhere to disclosure requirements and conduct standards. An associated person (AP) is an individual who solicits orders, customers or customer funds (or who supervises persons so engaged) on behalf of a futures commission merchant (FCM), retail foreign exchange dealer (RFED), introducing broker (IB), commodity trading advisor (CTA) or commodity pool operator (CPO). Due to the ongoing COVID-19 pandemic, the National Futures Association has suspended its applicant fingerprinting service for its registrants and their principals and associated persons. Futures commission merchant associated person The Merchant, Sale ¡Mejor Precio Garantizado! The Commission is authorized-(1) to register futures commission merchants, associated persons of futures commission merchants, introducing brokers, associated persons of introducing brokers, commodity trading advisors, associated persons of commodity trading advisors, commodity pool operators . (a) Except as may be otherwise provided in the Act or in any rule, regulation, or order of the Commission, each futures commission merchant, retail foreign exchange dealer, swap dealer, major swap participant, floor broker, floor trader, associated person (other than an associated person of a swap dealer or major swap participant), commodity . The social distancing requirements have made it difficult to comply with the requirements set forth in CFTC Regulation 3.10 and 3.12. 12-49 (Dec. 11, 2012), available at : A futures commission merchant (FCM) or related futures company employs an associated person (AP) to execute customers' orders. (c)(1) After the filing of a Form 8-R or a Form 3-R by or on behalf of any person for the purpose of permitting that person to be an associated person of a futures commission merchant, commodity trading advisor, commodity pool operator, introducing broker, or a leverage transaction merchant, that futures commission merchant, commodity trading . It shall be unlawful for any person to be associated with a futures commission merchant, retail foreign exchange dealer, introducing broker, commodity trading advisor, commodity pool operator or leverage transaction merchant as an associated person unless that person shall have registered under the Act as an associated person of that sponsoring futures commission . April 28, Chicago—NFA has ordered Jeremy Ruth, a former associated person of Postrock Brokerage LLC (Postrock), never to reapply for NFA membership status in any capacity or act as a principal of an NFA Member. In addition, only one application fee is required if filing as an application as both an Associated Person and Principal. 23 They also prohibit FCM, IB, CPO, CTA members, FDMs, and associates from maintaining an affiliation with or permitting any suspended person (or person subjected to a similar sanction . Printer-Friendly Version. (i) the name of the futures commission merchant, retail foreign exchange dealer, swap dealer, major swap participant, introducing broker, commodity trading advisor, commodity pool operator, floor trader that is a non-natural person, leverage transaction merchant, or applicant for registration in any of these capacities of which the person is an … ACTION: Final rule. Specifically, if an associated person recommends a security futures transaction, Rule 2865 (b)(19) imposes the additional requirement that the associated person have a reasonable basis for believing "that the customer has such knowledge and experience in financial matters that the customer may reasonably be expected to be capable of evaluating . Commodity Futures Trading Commission (CFTC) contingency associated with a potential financial, economic or commercial consequence." . CFTC Customer Advisory: Be on Alert for Frauds Seeking to Profit from Market Volatility Related to . For general information, see " Associated Person" means, with respect to a Swap Dealer, any person acting for or on behalf of such Swap Dealer, including an associated person as defined in Section 1a(4) of the Commodity Exchange Act. On December 21, 2012, the Commodity . On March 25, 2019, the NFA published a notice to its members regarding the 2 The Revised Rule becomes effective on August 28, 2017. Final rules require tape recording by futures commission merchants, introducing brokers, retail foreign exchange dealers, and commodity trading advisors; affected CFTC registrants must implement systems to comply by December 21, 2013. Postrock is a former NFA Member introducing broker located in Chicago, Illinois. (i) it is the intention of the sponsor to hire or otherwise employ the applicant as an associated person and that it will do so within thirty days after the receipt of the notification provided in accordance with paragraph (c) (4) of this section and that the applicant will not be permitted to engage in any activity requiring registration as an … 20-16 Futures Knowledge Explains Associated Person. Associated Person: The name given to participants within the futures market that are involved in the solicitation or facilitation of transacting customer orders, the maintenance of discretionary . (1) this term means any person who, for compensation or profit, engages in the business of advising others, either directly or through publications, writings or electronic media, as to the value of or the advisability of trading in any contract of sale of a commodity for future delivery, security futures product, or swap; any agreement, contract … He solicits or accepts orders from customers or performs similar functions in the futures market. The National Futures Association (NFA) has adopted an interpretive notice and amended its bylaws and compliance rules (Swap Proficiency Rules) requiring swap proficiency examinations for swap associated persons (Swap APs). An SBS Entity would not be able to avail itself of the exclusion provided in Rule of Practice 194(c)(2) if the associated person of that SBS Entity is currently subject to an order—i.e., an affirmative determination by the Commission, the CFTC, a self-regulatory organization (such as the Financial Industry Regulatory Authority), a registered . As such, with respect to an SBS Entity whose associated persons are also associated with an affiliated broker-dealer, CFTC-registered entity, or bank, there may be circumstances where the SBS Entity and its CCO are able to rely on current background checks of dual employees performed by an affiliated, regulated entity, as long as those checks . The Commodity Futures Trading Commission filed a lawsuit against EOX Holdings LLC, a Commission-registered introducing broker, and one of its associated persons, Andrew Gizienski, for illegally . 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