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FIA updates FCM Risk Disclosure Booklet

FIA updates FCM Risk Disclosure Booklet

24 May 2017 5:15pm EDT

The FIA Law and Compliance Division has issued an updated version of the FIA Uniform Futures and Options on Futures Risk Disclosures.  The disclosures – which are commonly referred to as the "FIA Risk Disclosure Booklet" – are provided as a resource for U.S. Futures Commission Merchants (“FCMs”) that are required to deliver certain disclosures to their futures and options on futures customers under U.S. Commodity Futures Trading Commission (“CFTC”) and U.S. exchange rules.  The FIA Risk Disclosure Booklet was last published in 2007.

The updated Risk Disclosure Booklet contains the following disclosures:

  • FIA Combined Disclosure Statement
  • Cross Trade Consent
  • Electronic Trading and Order Routing Systems Disclosure Statement
  • Disclosure of Futures Commission Merchant Material Conflicts of Interest
  • Direct Order Transmittal Client Disclosure Statement
  • Foreign Trader Disclosure Statement
  • Notice to Customers: Exchange For Related Positions

FCMs doing business on non-U.S. exchanges may be required to give additional disclosures that are not included in the Booklet.  The Booklet also does not contain disclosures that may be required for swaps business.

The updated FIA Uniform Futures and Options on Futures Risk Disclosures is available for download here: (PDF/Word).

As an additional resource, FIA makes available disclosures that may be furnished on a voluntary basis or that may be required by a governing regulator or exchange depending on the nature of an FCM’s business and the location of its customers.  These additional disclosures may be used, in an FCM’s discretion, to supplement the mandatory disclosures contained in the Booklet for U.S. futures and options on futures business.

***Important: The FIA Disclosure Booklet and the other disclosures are provided as a resource for firms to use as appropriate in their sole discretion.  Use of the Booklet as a means to deliver certain disclosures required for U.S. futures and options on futures business is voluntary.  Neither the Booklet nor any of the other disclosures is intended to constitute legal or regulatory advice.  FIA specifically disclaims any legal responsibility for any errors or omissions and disclaims any liability for any losses or damages incurred through the use of the Booklet or the other disclosures.  FIA undertakes no obligations to update the Booklet or other disclosures following the date of publication.

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