May 24, 2019 | News

NFA Approves Surcharge for Certain Swaps

Pending approval by the CFTC , NFAs Board of Directors has approved an annual dues surcharge of $1,750.00 on Certain NFA Members including FCMs for which NFA is the DSRO, IBs, CPOs, and CTAs that are approved as swap firms.

NFA determined imposing this surcharge on these firms since NFA doesn’t currently assess any fees related to the oversight of swap activities.

If the CFTC approves, the surcharge will become effective on January 1, 2020 and will be included in all invoices of swap-approved or swap-pending Member firms for membership dues payable after that date.  New NFA memberships will be invoiced the following year, 45 days before the firm’s renewal date.

NFA encourages firms to file a Form 7-W using the NFAs ORS system to add or withdraw swaps status.  This should be done prior to January 1, 2020 to potentially avoid all surcharges.

To check your member status, visit the NFAs BASIC System by clicking here.