July Housekeeping, Reminders & Updates
Written by: Mark E. Ruddy, Esq. Maria Fielding National Futures Association (“NFA”) Proposes Virtual Currency Activities Disclosure Requirements NFA submitted an Interpretive Notice to the Commodity Futures Trading Commission (“CFTC”) regarding virtual currency disclosure requirements. Due to the unique nature of virtual currency activities, NFA has determined that customers may not fully understand the nature of and potential risks involved in virtual currency activities. In the notice, NFA also reminds Members of Compliance Rule 2-29, which prohibits the use of any promotional material that is misleading or deceptive; something Members should also consider when drafting virtual currency disclosure materials. Details on the specific proposed disclosure requirements can be found in the Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities Interpretive Notice. CFTC Suggests Security Futures Products (“SFPs”) Rule Update On July 24, 2018, the CFTC released an announcement proposing the update of an outdated 2001 security futures rule...
