Aug 29, 2013 | Uncategorized

Introducing Brokers and Forex Dealer Members Face Significant Increase In Fines for Late Reporting

The NFA has submitted a proposal to the Commodity Futures Trading Commission regarding an increase to fees for late financial and regulatory filings.  NFA’s Board of Directors approved the proposal on August 15, 2013.

The increase for late filings is proposed to be $1,000.00 per day, up from the previous $200.00 per day.  NFA felt late fees should be consistent with the late fees assessed to FCMs.

NFA also indicated that payment and acceptance of the fee does not preclude filing a disciplinary action for failure to comply with the deadlines imposed by this new rule.

We will keep you informed of when the CFTC approves this and when the late filing fee increase becomes effective.