Jun 15, 2016 | News

NFA Enforces Deadlines for CTA and CPO Late Filings

NFA Compliance Rule 2–46 requires CPOs and CTAs to file NFA Form PQR and NFA Form PR, respectively, with NFA on a quarterly basis.  The information within these quarterly forms helps NFA determine it’s examination schedule in search of firms that require additional monitoring. However, NFA has experienced a continuing problem with a limited number of firms filing Form PQR and/or Form PR after their respective due dates.  Even though NFA staff has increased it’s follow-up on late filings, there continues to be a number of firms that routinely file late.

NFA has proposed an amendment to Compliance Rule 2-46.  NFA will now impose a late filing fee for all CTAs and CPOs who file their Quarterly PRs and PQRs after their due dates.

On May 31, 2016 the NFA submitted a proposed amendment that imposes a $200.00 per business day late filing fee on CPOs and CTAs.  This fine will become effective September 30, 2016.

To read the amendment in its entirety, click here.

If you need assistance compiling the necessary information for the quarterly filings, please contact us at 630-351-8942 or email Mike@cogcpa.com.