Jeffry Henderson

When Can Futures Commission Merchants and Broker-Dealers Be Deemed Banks?

By Douglas E. Arend, Jeffry M. Henderson & Robert B. Christie on April 10, 2019

Posted in banking, Banks, Brokers, Client Alert, Financial Services Litigation, GT Alert, investment advisor, Litigation

On March 21, 2019, in Whitaker v. Wedbush Securities, an Illinois appellate court for the first time addressed the liability of a futures commission merchant (FCM) or broker-dealer (BD) under Section 4A-105 of the Uniform Commercial Code (UCC).

By way of background, a customer of an FCM dually registered as a BD ostensibly requested…

CFTC and NFA Commodities Regulatory Update

By Douglas E. Arend & Jeffry M. Henderson on March 12, 2019

Posted in CFTC, Client Alert, Commodities, Financial Regulation, GT Alert, Regulatory Compliance

Departing from its historical practice but following the approach taken by the SEC and FINRA, the Commodity Futures Trading Commission (CFTC) on Feb. 12, 2019, announced its first release of examination priorities for each of its regulatory divisions. In making the announcement, CFTC Chairman J. Christopher Giancarlo indicated the release is part of CFTC’s “initiative…

Details on the CFTC’s New Self-Reporting Policy

By Jeffry M. Henderson & William Mack on September 29, 2017

Posted in CFTC, Client Alert, Corporate Governance

On Sept. 25, 2017, the Program on Corporate Compliance and Enforcement and the Institute for Corporate Governance and Finance at New York University School of Law hosted a policy speech by James McDonald, Director of the Division of Enforcement, United States Commodity Futures Trading Commission (CFTC). Mr. McDonald presented the CFTC’s new self-reporting and cooperation

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