SEC and CFTC have been vocal about need for greater cyber-security controls
Experts have warned the National Futures
Associations’ impending cybersecurity guidance may
discriminate against smaller trading firms when it comes into
effect at the beginning of March.
"Looking at this from a purely practical
point of view, this guidance is likely to hit smaller firms
harder than the big market players, not least because the
latter have larger, corporate - and often global - structures
to fall back on," said special counsel at law firm Katten
Muchin Roseman, Gary DeWaal,
The NFA will on March 1 introduce the
'Cybersecurity Interpretive Notice,’ a
principles-based risk approach which will allow member firms
some degree of flexibility in determining what constitutes
"diligent supervision" in cybersecurity, which will supplement
existing NFA compliance rules.
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