NFA Relief from the On-Site Annual Inspection of Branch Offices and Guaranteed IBs

October 6th | 2020

Due to COVID-19, NFA is granting relief from the requirement to conduct an annual on-site inspection of each branch office and guaranteed IB. Members must still conduct the required annual inspection of each branch office and guaranteed IB by December 31, 2020, but firms may conduct these inspections remotely.

For the next calendar year, Members that conduct a remote inspection this calendar year based on this relief will not be required to conduct an on-site inspection to comply with the every-other-year restriction on remote inspections (NFA's Interpretive Notice 9019 and Interpretive Notice 9053 – Forex Transactions ). Specifically, a Member will be permitted to conduct a remote inspection again next year if its risk assessment1 (which factors in that the Member did not conduct an on-site inspection this year) indicates that it is appropriate to do so.

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