Hedge Funds Partner Discusses the Relationship Between CFTC and NFA in HFMCompliance

In The News
April 28, 2014
Deborah A. Monson

Hedge funds partner Deborah Monson (Chicago) is quoted in an April 28 article HFMCompliance titled “Divide and Conquer: The CFTC/ NFA Relationship,” which explores how the CFTC and NFA work together with the hedge fund industry as controversial issues arise. Ms. Monson notes the NFA rulemaking process is frustrating when compared with the CFTC’s process, which is very transparent. Ms. Monson explains, “The problem with the NFA is that they are taking comments, but those comments are not publicly available; comments are due in April and then NFA staff will sift through them and make a presentation to the board in July or August and then whatever the board decides, they take that to the CFTC for approval.”

Ms. Monson also comments on the PR (NFA) and PQR (CFTC) information forms that firms have to provide at the end of each quarter, noting that “There has been a lot of frustration with CFTC reporting requirements” for hedge funds because of the absence of guidance from the NFA on the CFTC’s portions of Form PQR.

Ms. Monson’s comments were republished in a May 22 CTA Intelligence article titled “Divide and conquer.” Click here to view the full article. 


Deborah A. Monson
Deborah A. Monson
Retired Partner