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The National Futures Association ("NFA") reminded member firms that the CFTC requires any person that claims an exemption from either CPO or CTA registration under Part 4 of CFTC regulations, to annually affirm the applicable notice of exemption within 60 days of the calendar year end, which is March 1, 2017 for this affirmation cycle. The NFA also notified member firms that, effective immediately, any person or entity will be able to complete the affirmation process by accessing NFA's Exemption System through the Electronic Filings section of NFA's website.
The NFA noted that failure to affirm an active exemption from CPO or CTA registration will result in the exemption being withdrawn on March 1, 2017, and would trigger the need to register in order to continue doing business as a CPO or CTA. For registered CPOs or CTAs, withdrawal of the exemption will result in the entity being subject to Part 4 requirements regardless of whether the entity otherwise remains eligible for the exemption. For non-registrants, the withdrawal of the exemption may subject the person or entity to enforcement action by the CFTC.
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