The National Futures Association ("NFA") provided guidance on the annual affirmation requirement for entities that are currently exempt from commodity pool operator ("CPO") and commodity trading advisor ("CTA") registration.

In a Notice, the NFA stated that, in accordance with CFTC requirements, any individual that claims an: (i) exemption from CPO registration, (ii) exclusion from CPO registration or (iii) exemption from CTA registration must "annually affirm the applicable notice of exemption within 60 days of the calendar year end, which is March 1, 2019, for this affirmation cycle." The NFA noted that it will rescind exemptions if individuals fail to affirm an active exemption from CPO or CTA registration on March 4, 2019. The NFA further advised that beginning December 3, 2018, any person or entity claiming an exemption will be able to complete the affirmation process through the NFA Exemption System at the NFA Electronic Filings Section on the website.

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