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Alternative Market Briefing

NFA submits cybersecurity guidance proposal to CFTC

Thursday, September 10, 2015

Komfie Manalo, Opalesque Asia:

The National Futures Association (NFA) submitted to the Commodity Futures Trading Commission (CFTC) on August 28, 2015 a proposed Interpretive Notice (Proposed Guidance) for CFTC’s approval. The document provides guidance to NFA member firms on actions they should take to address cybersecurity concerns, reports international law firm K&L Gates.

The proposed guidance is expected to have a wide ranging effect on futures market intermediaries, including commodity pool operators (CPOs), commodity trading advisors (CTAs), futures commission merchants, introducing brokers (IBs), and retail foreign exchange dealers, as well as swap dealers and major swap participants.

The report said that the proposed guidance sets a detailed series of cybersecurity recommendations for NFA member firms. It requires firms to undertake substantial cybersecurity program reviews, including risk assessments, reviewing compliance policies and procedures and incident-response protocols, and reviewing technical systems and safeguards and vendor relationships to ensure NFA member firms’ prac......................

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