NFA Proposes New Disclosure Requirements for CPOs and CTAs Engaging in Virtual Currency Activities

NFA Proposes New Disclosure Requirements for CPOs and CTAs Engaging in Virtual Currency Activities


By: David S. Mitchell, William J. Breslin, Scott I. Golden

By letter dated July 20, 2018, the National Futures Association (“NFA”) submitted to the Commodity Futures Trading Commission (“CFTC”) a proposed interpretive notice entitled Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities (the “Interpretive Notice”). The Interpretive Notice would implement new disclosure requirements for NFA members engaging in activities involving virtual currency products, including specific disclosure requirements for any member commodity pool operator (“CPO”) or commodity trading advisor (“CTA”) with respect to a pool, whether or not exempt, or a managed account. Unless the CFTC notifies NFA that it has determined to review the proposed Interpretive Notice for approval, NFA is expected to make the Interpretive Notice effective sometime during the second half of September.

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