NFA News (JD Supra)

NFA Clarifies Affiliate Lending Rules for Commodity Pool Operators

The National Futures Association (NFA) has adopted amendments to Rule 2-45, effective March 16, 2026, to clarify affiliate lending arrangements for commodity pool operators (CPOs). These changes expand circumstances under which CPOs may lend pool assets to affiliates, introducing new compliance and recordkeeping obligations, particularly for large, regulated investment managers.

NFA Amends Rule 2-45 Regarding Loans by Commodity Pools

The National Futures Association (NFA) has amended Compliance Rule 2-45 and its Related Interpretive Notice 9062. The amendments introduce a broader exception for "large CPOs" to make loans or advances of pool funds to affiliated entities, subject to specific asset management and filing requirements.

CFTC Announces First Leveraged Spot Crypto on Regulated Exchange

The CFTC announced the upcoming launch of the first leveraged spot cryptocurrency product on the CFTC-regulated Bitnomial Exchange. This initiative is part of the CFTC's 'Crypto Sprint' to foster innovation in digital assets and aligns with a joint CFTC-SEC statement on trading spot digital asset products.

NFA Reminder: Annual Affirmation for CFTC Exemptions Due March 2

The National Futures Association (NFA) has reminded commodity pool operators and commodity trading advisors relying on certain CFTC exemptions that their annual affirmation is due by March 2, 2026. Failure to affirm will result in automatic withdrawal of the exemption.

CLARITY Act: Digital Commodity Pool Regulation Expansion

The House of Representatives passed the Digital Asset Market Clarity Act of 2025, which would expand the CFTC's regulatory authority over digital commodities. This expansion could extend commodity pool regulations to spot digital asset activities, impacting digital asset treasury companies and advisors.

Floor Trader Exemption Use in Event Contract Markets

This advisory discusses the potential use of the Commodity Futures Trading Commission's (CFTC) floor trader exemption as an alternative to swap dealer registration for market makers in event contract markets. It examines the definition of a swap dealer and the implications for entities providing liquidity in nascent prediction markets.

CFTC Leadership Outlook and Roadmap Under Acting Chairman Pham

The CFTC has elected Commissioner Caroline D. Pham as acting chairman, signaling potential reforms in rulemaking, enforcement, and administrative procedures. Her tenure is expected to focus on addressing concerns regarding due process, APA compliance, and the agency's approach to digital assets.