Does NFA Compliance Rule 2/5 apply to all members?
RULE 2-5. Each Member and Associate shall cooperate promptly and fully with NFA in any NFA investigation, inquiry, audit, examination or proceeding regarding compliance with NFA requirements or any NFA disciplinary or arbitration proceeding.
Can NFA take enforcement action against all individuals?
NFA may take disciplinary action against any Member which fails to properly list all of its offices.
Can NFA deny registration?
NFA may refuse to register or register conditionally any person registered or applying for registration as an FCM, RFED, IB, CPO, CTA, LTM, as an AP of any of the foregoing, as an SD or MSP, as an FTF or as a floor broker or floor trader, or suspend or revoke the registration of any registrant in those categories.
Can the NFA take enforcement action?
Enforcement & Registration Actions NFA has the authority to take disciplinary actions against any Member or Associate that violates its rules. If an NFA Member or Associate engages in conduct that puts customers, the futures markets, or other Members at risk, immediate action will be taken accordingly.
Can NFA discipline non members?
NFA Bylaw 1101 prohibits an NFA member from doing business with a non-member (other than a floor broker) where the non- member (1) is required to register with the Commission as an FCM, IB, CPO, CTA , (2) is acting with respect to an account, order or transaction for any other person, and (3) is not a member of another …
Are SEF required to be NFA members?
Market Regulation: Designated Contract Markets and Swap Execution Facilities. NFA has provided regulatory services to designated contract markets (DCM) for more than 15 years. In order to provide these services, NFA requires that each DCM or SEF enter into a standardized RSA with NFA.
Who are NFA members?
NFA Members
- Commodity Pool Operator (CPO)
- Commodity Trading Advisor (CTA)
- Futures Commission Merchant (FCM)
- Forex Dealer Member (FDM)
- Introducing Broker (IB)
- Swap Dealer (SD)
Who owns the NFA?
National Futures Association
| Founded | 1982 |
|---|---|
| Key people | Thomas W. Sexton, President, CEO Maureen C. Downs, Chairman |
| Products | Registration Screening, Rulemaking, Rule Compliance, Rules Enforcement, Member Education, Market Regulation, Investor Protection, Investor Resources, Investor Outreach, Dispute Resolution, Arbitration |
What is an NFA Associate Member?
An associated person (AP) is an individual who solicits orders, customers or customer funds (or who supervises persons so engaged) on behalf of a futures commission merchant (FCM), retail foreign exchange dealer (RFED), introducing broker (IB), commodity trading advisor (CTA) or commodity pool operator (CPO).
Can the CFTC bring enforcement action against non registrants?
Within the last five years, the CFTC has brought 15 enforcement actions against unregistered commodity participants acting as Futures Commission Merchants (“FCMs”) and Commodity Trading Advisors (“CTAs”), including four enforcement actions specifically in the energy context.
Do introducing brokers need to be registered as an associated person?
It shall be unlawful for any person to be associated with a futures commission merchant, retail foreign exchange dealer, introducing broker, commodity trading advisor, commodity pool operator or leverage transaction merchant as an associated person unless that person shall have registered under the Act as an associated …
What are the compliance rules for the NFA?
Each Member and Associate shall comply with any order issued by the Executive Committee, the Membership Committee, the Business Conduct Committee, the Appeals Committee or any NFA hearing or arbitration panel. RULE 2-6. EXPELLED OR SUSPENDED MEMBER OR ASSOCIATE.
Who is an associated person under the NFA?
(d) “Associate” — means a person who is associated with a Member within the meaning of the term “associated person” as used in the Act and Commission Rules and who is required to be registered as an “associated person” with the Commission (e) “Business Conduct Committee” — means the Business Conduct Committee established under NFA Bylaw 704.
Who is an associated person under NFA bylaw 702?
(c) “Appeals Committee” — means the Appeals Committee established under NFA Bylaw 702. (d) “Associate” — means a person who is associated with a Member within the meaning of the term “associated person” as used in the Act and Commission Rules and who is required to be registered as an “associated person” with the Commission
What does nominal account mean in CFTC regulation?
(x) “Nominal Account Size” — means the account size agreed to by the client that establishes the level of trading in the particular trading program. (y) “Partially-Funded Account” — has the same meaning as in CFTC Regulation 4.10 (m).