NFA Proposes Amendment Requiring View-Only Access to Customer Accounts

Katten Muchin Rosenman LLP
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[author: Kenneth M. Rosenzweig, Blake J. Brockway]

On August 21, the National Futures Association proposed a rule requiring every member futures commission merchant (FCM) to provide its designated self-regulatory organization (DSRO) with view-only Internet access to account information for each of the FCM’s customer segregated funds and secured amount accounts. To remain an acceptable depository under the proposed rule, a bank or trust company must allow the FCM to provide its DSRO with view-only Internet access to customer segregated funds or secured amount accounts held at the bank or trust company.

The proposed rule is available here.

 

 

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