Apr 09, 2020 | News

Introducing Broker Financial Audits – New Deadline

Regulatory Relief for Introducing Brokers

Per CFTC Regulation 1.10, Independent Introducing Broker Members must file a certified financial report within 90 calendar days after the close of their fiscal year end.  Additionally, Independent Introducing Brokers must file a semi-annual financial report within 17 business days of the date for which the report is prepared.

Due to the current COVID – 19 pandemic, the NFA is providing regulatory relief.  All Independent Introducing Broker Members are provided with a 30 calendar day extension for filing the annual certified financial audits for IIB Members with Fiscal Years ending in December 2019 through March 2020.  For example, if December 31, 2019 is your fiscal year end, the certified annual financial submission is due on or before April 29, 2020.  Similarly, an additional 10 days is granted for the semi-annual, quarterly, or monthly reports for the reporting periods ending February through April 2020.

So far, there is no 10 day extension relief for the June 1-FR submission.

This relief is automatic and there is no need to file a request for this relief.

If you are still in need of a certified financial audit for your Introducing Broker, please call Mike Coglianese at 630-461-5841 or email Mike@cogcpa.com.