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.

NIBA Makes Request to CFTC for No-Action Position

NIBA recently published information regarding the CARES act and how its members can navigate the process should they choose to do so.  Looking a few steps ahead the natural question became – are there compliance and regulatory considerations for firms that apply for and receive relief?