NFA Publishes New Disclosure Requirements for Virtual Currency and Virtual Currency Derivatives Trading

August 21, 2018

The National Futures Association (NFA), the U.S. self-regulatory organization of the futures and swaps trading industry, has published a new Interpretive Notice entitled “Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities” (Interpretive Notice). The Interpretative Notice sets forth new disclosure requirements applicable to NFA Member commodity pool operators (CPOs) and commodity trading advisors (CTAs) that trade underlying or spot virtual currencies and/or derivatives on virtual currencies in pools and client accounts. The new disclosure requirements apply to CPO and CTA promotional materials (advertising), disclosure documents and offering documents. In addition to publishing the Interpretive Notice, on August 9, 2018, the NFA provided advance instructions to the market regarding compliance with the Interpretive Notice.

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