On May 16, NFA held their Board of Directors Meeting and Annual Reception in Washington DC. I was asked to represent the NIBA.
At the board meeting, the NFA reviewed its budget and goals for the year. Maybe more importantly to NIBA members, the board approved the amendments to the NFA interpretative notice addressing Rule 2-9 Supervision of Branch Offices and GIBs. In early March, NFA staff met with NIBA board member Steve Petillo and myself to discuss the updating of this policy, and to learn the opinions of our members.The final notice reflects that conversation resulting in a more flexible approach for FCMs and IBs who have GIBs and branch offices. The unique character of each branch or GIB, such as what type customer is served, how long the office has been doing business and prior disciplinary history can, and should be taken into consideration when developing and implementing supervision policies.
Check with your compliance officer or the NFA if you have any questions about the amendments which take effect in September 30, 2019. Mike Burke, [email protected] is the IIB representative to the NFA board. Scott Stewart, [email protected] is the GIB representative to the NFA board.
