Paul has been involved in the IB business for more than 30 years. He has served the NIBA in all officer positions before being elected to the NFA Board of Directors. Paul has served on several committees at the NFA as well as Vice Chairman of the Board of Directors.
IB owners, office managers, and compliance personnel; 2016 will be another year of adjustments and likely more consolidation in the futures industry. Since Congress passed the Dodd-Frank bill, the CFTC has been developing regulation to meet the goals of this legislation which continues to impact our business. In recent conversations with the CFTC Chairman and other commissioners, it appears they may be willing to revisit the scope and benefit of some of post Dodd-Frank rule making.
The NFA continues to provide guidance to the Commission on the impact to the industry caused by current policy and suggests possible adjustments for the betterment of the futures industry while focusing on customer protection. As a board member of the NFA, I have been involved in discussions and suggestions with staff and other board members regarding these rules, with the specific impact on our businesses in mind. Your voice is being heard.
As an IB owner, I understand the importance of the IB and the services we provide to our clients. The issue on top of the CFTC list of concerns this year is cybersecurity. Working with the Board and NFA staff, I feel it is important to develop cybersecurity policy that is workable for all levels of registrants. We cannot have a generic cybersecurity policy that covers all NFA members, as the risk and cost of implementation for cybersecurity may be overly burdensome depending on the size of IB. At the same time it will be necessary for everyone to take precautions and make some adjustments when handling customer information.
I currently serve on two key committees at the NFA: the Compliance Risk Committee and the Finance Committee. This gives me the opportunity to share the IB’s needs and point of view during this changing regulatory environment.
It is my honor to serve the IB community and will continue to do so.
Respectfully Submitted
Paul J. Georgy
