This periodic newsletter brings you recent activity by the US Securities and Exchange Commission and Commodity Futures Trading Commission as well as compliance calendar reminders. The below is not intended to be an exhaustive list, but is rather designed to assist you in setting compliance priorities for 2017.

Chairman Clayton Lays Out Guiding Principles for His Tenure as SEC Chair
Prioritizing the evolution of regulation with markets, Jay Clayton announces the principals that will guide his tenure as SEC chair during a speech at the Economic Club of New York. You can view a transcript of the speech here.

US Securities Commission Warns DAO Tokens Can be Securities
The SEC issued an investigative report concluding that offers and sales of digital assets by virtual organizations are subject to the requirements of the federal securities laws. A summary of the findings can be viewed here.

The Consumer Financial Protection Bureau Issues Final Rule to Regulate Arbitration Agreements
The CFPB's new rule prohibits covered providers of certain consumer financial products and services (which includes, for example, transmitting or exchanging funds, assistance with debt management and extending consumer credit) from using an agreement with the customer to bar the customer from filing or participating in a class action suit and requires covered providers involved in an arbitration to submit specific records to the BFPB. The rule can be reviewed here.

Department of Labor Seeks to Delay Portions of Its Fiduciary Rule
In a brief filed in a Minnesota lawsuit, the DOL has indicated that it is seeking to delay the remaining parts of its fiduciary rule until 1 July 2019. The notice can be viewed here.

CFTC Grants Relief to Market Participants from Certain Position Aggregation Requirements
The recent no-action relief provided in CFTC Staff Letter No. 17-37, extends prior no-action relief granted in CFTC Staff Letter No. 17-06 until 12 August 2019, and also modifies the requirements for the no-action relief from CFTC Rule 150.4 regarding position aggregation requirements. A copy of CFTC Staff Letter No. 17-37 may be found here.

CFTC Orders Aruba-based Trading Firm to Pay USD 300,000 Fine based on Wash Trades on US Market
The CFTC Order found that between April 2013 and September 2014, the Aruba-based Trading Firm had entered into wash trades in sugar futures on ICE for separate accounts that were owned by the firm. Additional information regarding the matter may be found here.

29 August 2017

  • Quarterly update to Form PF due for all "large hedge fund advisers" for second quarter 2017.
  • CFTC CPO-PQR Form: Large Commodity Pool Operator Form COP-PQR (Second quarter) required to be filed with the NFA for commodity pool operators. Small and mid sized CPOs are also required to file. CPOs are now required to provide financial information on the Form PQR regarding the CPO, itself.

4 September 2017
US National Holiday, Labor Day - EDGAR and SEC Closed.

30 September 2017
Form 13H Filing due promptly after this date.

1 October 2017
Compliance date for new Form ADV amendments. Firms with a 31 December fiscal year end that do not otherwise need to file a Form ADV amendment on or after 1 October, may comply with their annual update prior to March 2018.

15 October 2017
Form PF for large Liquidity Fund Advisers due on the IARD system within 15 days of each fiscal year end.

30 October 2017
Quarterly transactions due (for third quarter 2017).

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