NFA UPDATE — Relief from Fingerprinting Requirements

Due to concerns regarding the spread of COVID-19, NFA temporarily suspended its fingerprinting services in March. NFA understands that this action, along with the measures taken by federal, state and local governments to restrict the movement of, and contact among, individuals, makes it difficult for individuals to obtain fingerprints and comply with both CFTC and NFA fingerprinting requirements.

CFTC Provides Registration Waivers for Series 3 and Fingerprint Cards

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) today announced that, in response to the COVID-19 (coronavirus) pandemic, it has issued additional targeted no-action relief to registrants listing new principals and to applicants for registration as associated persons (APs) from the requirement to submit a fingerprint card for any such principal or AP registration applicant.

CFTC/NFA Registrant PPP Guidance

On April 23, 2020, the CFTC issued a no-action letter to futures commission merchants (FCM) and introducing brokers (IB) addressing the net capital treatment of covered loans obtained under the Paycheck Protection Program (PPP) and unpaid FINRA assessment fees. PPP is a component of the Coronavirus Aid, Relief, and Economic Security Act administered by the Small Business Association.