Index of Interpretive Notices

Below is a categorized list of NFA's Interpretive Notices by topic.  

AML (Anti-Money Laundering)

9045 - NFA Compliance Rule 2-9:  FCM and IB Anti-Money Laundering Program

Arbitration

9011 - NFA Bylaws 515, 708 and 802:  NFA Requirements which Constitute Disciplinary Offenses

9014 - NFA Compliance Rule 2-4:  Confidentiality Language in Release Agreements

9031 - Standard List of Documents to be Exchanged Under Section 8 of NFA's Code of Arbitration

9032 - Standard List of Documents to be Exchanged Under Section 7 of NFA's Member Arbitration Rules

Assessment Fees

9016 - NFA Bylaw 1301:  NFA Assessment Fee Questions and Answers for FCMs

9017 - Bylaw 1301:  Forms and Procedures for Assessment Fee Computation

9053 - Forex Transactions

Branch Offices

9002 - Registration Requirements:  Branch Offices

9019 - Compliance Rule 2-9:  Supervision of Branch Offices and Guaranteed IBs

9042 - NFA Compliance Rule 2-9:  Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(B)(11) of the Securities Exchange Act of 1934

Business Continuity

9046 - NFA Compliance Rule 2-9:  Supervision of the Use of Automated Order-Routing Systems

9052 - NFA Compliance Rule 2-38:  Business Continuity and Disaster Recovery Plan

9058 - NFA Compliance Rule 2-40:  Procedures for the Bulk Assignment or Liquidation of Forex Positions; Cessation of Customer Business

9060 - Compliance Rule 2-36(e):  Supervision of the Use of Electronic Trading Systems

Bylaw 306

9053 - Forex Transactions

Bylaw 515

9011 - NFA Bylaws 515, 708 and 802:  NFA Requirements which Constitute Disciplinary Offenses

Bylaw 708

9011 - NFA Bylaws 515, 708 and 802:  NFA Requirements which Constitute Disciplinary Offenses

Bylaw 802

9011 - NFA Bylaws 515, 708 and 802:  NFA Requirements which Constitute Disciplinary Offenses

Bylaw 1101

9007 - Compliance with NFA Bylaw 1101

9055 - NFA Bylaw 1101, Compliance Rules 2-9 and 2-29:  Guidelines Relating to the Registration of Third-Party Trading System Developers and the Responsibility of NFA Members for Promotional Material that Promotes Third-Party Trading System Developers and Their Trading Systems

Bylaw 1301

9016 - NFA Bylaw 1301:  NFA Assessment Fee Questions and Answers for FCMs

9017 - Bylaw 1301:  Forms and Procedures for Assessment Fee Computation

9053 - Forex Transactions

9067 - NFA Bylaw 1301(b): NFA's Assessment Fee - Diminutive Notional Value Contracts and Security Futures Products

Bylaw 1507

9053 - Forex Transactions

Code of Arbitration Section 8

9031 - Standard List of Documents to be Exchanged Under Section 8 of NFA's Code of Arbitration

Commissions

9047 - NFA Compliance Rule 2-37: Fair Commissions

9057 - Commissions, Fees and Other Charges

Commodity Pool Operators

9006 - NFA Compliance Rule 2-13:  Guideline for the Disclosure by CPOs and CTAs of "Up Front" Fees and Organizational and Offering Expenses

9018 - Registration Rule 402:  CPOs of Pools Trading Primarily in Securities

9023 - Compliance Rule 2-13:  Break-Even Analysis

9025 - Compliance Rule 2-29:  Use of Promotional Material Containing Hypothetical Performance Results

9035 - NFA Compliance Rule 2-35:  CPO/CTA Disclosure Documents

9062 - NFA Compliance Rule 2-45: Prohibition of Loans by Commodity Pools to CPOs and Related Entities

Commodity Trading Advisors

9006 - NFA Compliance Rule 2-13:  Guideline for the Disclosure by CPOs and CTAs of "Up Front" Fees and Organizational and Offering Expenses

9022 - Registration Rule 402:  CTAs Trading Primarily in Securities

9025 - Compliance Rule 2-29:  Use of Promotional Material Containing Hypothetical Performance Results

9029 - NFA Compliance Rule 2-10:  The Allocation of Bunched Orders for Multiple Accounts

9035 - NFA Compliance Rule 2-35:  CPO/CTA Disclosure Documents

9054 - NFA Compliance Rule 2-34:  Performance Reporting and Disclosures

9065 - NFA Compliance Rule 2-10: The Allocation of Bunched Retail Forex Orders for Multiple Accounts

Compliance Rule 2-4

9005 - NFA Compliance Rule 2-4:  Guidelines for the Disclosure by FCMs and IBs of Costs Associated with Futures Transactions

9014 -  NFA Compliance Rule 2-4:  Confidentiality Language in Release Agreements

9041 - Obligations to Customers and Other Market Participants

9042 - NFA Compliance Rule 2-9:  Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(b)(11) of the Securities Exchange Act of 1934

9044 - NFA Compliance Rule 2-4:  Broker-Dealer Registration Requirements for Security Futures Products

9048 - NFA Compliance Rule 2-4:  The Best Execution Obligation of NFA Members Registered as Broker-Dealers Under Section 15(b)(11) of the Securities Exchange Act of 1934

9057 - Commissions, Fees and Other Charges

9059 - NFA Compliance Rule 2-4:  Disclosure Guidelines for FCMs Offering Sweep Accounts

9061 - NFA Compliance Rule 2-4:  Misuse of Trade Secrets and Proprietary Information

Compliance Rule 2-6

9056 - NFA Compliance Rule 2-6:  Conducting Commodity Futures Business With an Expelled or Suspended Member or Associate

Compliance Rule 2-7

9049 - NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401:  Proficiency Requirements for Security Futures Products

Compliance Rule 2-8

9019 - Compliance Rule 2-9:  Supervision of Branch Offices and Guaranteed IBs

9042 - NFA Compliance Rule 2-9:  Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(B)(11) of the Securities Exchange Act of 1934

Compliance Rule 2-9

9010 - Information Available from NFA Regarding Background of Prospective Employees

9019 - Compliance Rule 2-9:  Supervision of Branch Offices and Guaranteed IBs

9020 - Compliance Rule 2-9:  Self-Audit Questionnaires

9021 - Compliance Rule 2-9:  Enhanced Supervisory Requirements

9037 - NFA Compliance Rule 2-9:  Supervisory Procedures for E-Mail and the Use of Web Sites

9039 - NFA Compliance Rules 2-29 and 2-9:  NFA's Review and Approval of Certain Radio and Television Advertisements

9042 - NFA Compliance Rule 2-9:  Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(B)(11) of the Securities Exchange Act of 1934

9045 - NFA Compliance Rule 2-9:  FCM and IB Anti-Money Laundering Program

9046 - NFA Compliance Rule 2-9:  Supervision of the Use of Automated Order-Routing Systems

9051- NFA Compliance Rule 2-9:  Ethics Training Requirements

9055 -  NFA Bylaw 1101, Compliance Rules 2-9 and 2-29:  Guidelines Relating to the Registration of Third-Party Trading System Developers and the Responsibility of NFA Members for Promotional Material that Promotes Third-Party Trading System Developers and Their Trading Systems

Compliance Rule 2-10

9029 - NFA Compliance Rule 2-10:  The Allocation of Bunched Orders for Multiple Accounts

9065 - NFA Compliance Rule 2-10: The Allocation of Bunched Retail Forex Orders for Multiple Accounts

Compliance Rule 2-13

9006 - NFA Compliance Rule 2-13:  Guideline for the Disclosure by CPOs and CTAs of "Up Front" Fees and Organizational and Offering Expenses

9023 - Compliance Rule 2-13:  Break-Even Analysis

Compliance Rule 2-24

9049 -  NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401:  Proficiency Requirements for Security Futures Products

Compliance Rule 2-29

9003 -  NFA Compliance Rule 2-29:  Communications with the Public and Promotional Material

9009 - NFA Compliance Rule 2-29:  Review of Promotional Material Prior to Its First Use

9025 - Compliance Rule 2-29:  Use of Promotional Material Containing Hypothetical Performance Results

9033 - NFA Compliance Rule 2-29:  Deceptive Advertising

9034 - NFA Compliance Rule 2-29:  Deceptive Advertising

9038 - NFA Compliance Rule 2-29:  High Pressure Sales Tactics

9039 - NFA Compliance Rules 2-29 and 2-9:  NFA's Review and Approval of Certain Radio and Television Advertisements

9041 - Obligations to Customers and Other Market Participants

9043 - NFA Compliance Rule 2-29:  Use of Past or Projected Performance; Disclosing Conflicts of Interest for Security Futures Products

9055 - NFA Bylaw 1101, Compliance Rules 2-9 and 2-29:  Guidelines Relating to the Registration of Third-Party Trading System Developers and the Responsibility of NFA Members for Promotional Material that Promotes Third-Party Trading System Developers and Their Trading Systems

Compliance Rule 2-30

9004 - NFA Compliance Rule 2-30:  Customer Information and Risk Disclosure

9013 - NFA Compliance Rule 2-30:  Customer Information and Risk Disclosure

9019 - Compliance Rule 2-9:  Supervision of Branch Offices and Guaranteed IBs

9042 - NFA Compliance Rule 2-9:  Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(B)(11) of the Securities Exchange Act of 1934

9050 - NFA Compliance Rule 2-30(b):  Risk Disclosure Statement for Security Futures Contracts

Compliance Rule 2-34

9054 - NFA Compliance Rule 2-34:  Performance Reporting and Disclosures

Compliance Rule 2-35

9035 - NFA Compliance Rule 2-35:  CPO/CTA Disclosure Documents

Compliance Rule 2-36

9053 - Forex Transactions

9057 - Commissions, Fees and Other Charges

9060 - Compliance Rule 2-36(e):  Supervision of the Use of Electronic Trading Systems

9064 - NFA Compliance Rule 2-36: Requirements for Forex Transactions

Compliance Rule 2-37

9042 - NFA Compliance Rule 2-9:  Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(B)(11) of the Securities Exchange Act of 1934

9047 - NFA Compliance Rule 2-37:  Fair Commissions

Compliance Rule 2-38

9052 - NFA Compliance Rule 2-38:  Business Continuity and Disaster Recovery Plan

Compliance Rule 2-39

9053 - Forex Transactions

Compliance Rule 2-40

9058 - NFA Compliance Rule 2-40:  Procedures for the Bulk Assignment or Liquidation of Forex Positions; Cessation of Customer Business

Compliance Rule 2-45

9062 - NFA Compliance Rule 2-45: Prohibition of Loans by Commodity Pools to CPOs and Related Entities

Disaster Recovery

9046 - NFA Compliance Rule 2-9:  Supervision of the Use of Automated Order-Routing Systems

9052 - NFA Compliance Rule 2-38:  Business Continuity and Disaster Recovery Plan

9060 - Compliance Rule 2-36(e):  Supervision of the Use of Electronic Trading Systems

Disclosure

9004 - NFA Compliance Rule 2-30:  Customer Information and Risk Disclosure

9005 - NFA Compliance Rule 2-4:  Guidelines for the Disclosure by FCMs and IBs of Costs Associated with Futures Transactions

9006 - NFA Compliance Rule 2-13:  Guideline for the Disclosure by CPOs and CTAs of "Up Front" Fees and Organizational and Offering Expenses

9013 - NFA Compliance Rule 2-30:  Customer Information and Risk Disclosure

9023 - Compliance Rule 2-13:  Break-Even Analysis

9025 - Compliance Rule 2-29:  Use of Promotional Material Containing Hypothetical Performance Results

9035 - NFA Compliance Rule 2-35:  CPO/CTA Disclosure Documents

9043 - NFA Compliance Rule 2-29:  Use of Past or Projected Performance; Disclosing Conflicts of Interest for Security Futures Products

9050 -  NFA Compliance Rule 2-30(b):  Risk Disclosure Statement for Security Futures Contracts

9054 - NFA Compliance Rule 2-34:  Performance Reporting and Disclosures

9057 - Commissions, Fees and Other Charges

9059 - NFA Compliance Rule 2-4:  Disclosure Guidelines for FCMs Offering Sweep Accounts

Electronic Processes

9028 - NFA Financial Requirements for the Electronic Filing of Financial Reports

9037 - NFA Compliance Rule 2-9:  Supervisory Procedures for E-Mail and the Use of Web Sites

9046 - NFA Compliance Rule 2-9:  Supervision of the Use of Automated Order-Routing Systems

9060 - Compliance Rule 2-36(e):  Supervision of the Use of Electronic Trading Systems

Ethics Training

9051 - NFA Compliance Rule 2-9:  Ethics Training Requirements

Financial Requirements Section 1

9028 - NFA Financial Requirements for the Electronic Filing of Financial Reports

Financial Requirements Section 5

9028 - NFA Financial Requirements for the Electronic Filing of Financial Reports

Financial Requirements Section 11

9053 - Forex Transactions

Financial Requirements Section 12

9053 - Forex Transactions

Financial Requirements Section 16

9066 - NFA Financial Requirements Section 16: FCM Financial Practices and Excess Segregated Funds/Secured Amount Disbursements

Forex

9053 - Forex Transactions

9057 - Commissions, Fees and Other Charges

9058 - NFA Compliance Rule 2-40:  Procedures for the Bulk Assignment or Liquidation of Forex Positions; Cessation of Customer Business

9060 - Compliance Rule 2-36(e):  Supervision of the Use of Electronic Trading Systems

9064 - NFA Compliance Rule 2-36: Requirements for Forex Transactions

9065 - NFA Compliance Rule 2-10: The Allocation of Bunched Retail Forex Orders for Multiple Accounts

Member Arbitration Rule 7

9032 - Standard List of Documents to be Exchanged Under Section 7 of NFA's Member Arbitration Rules

Proficiency Requirements

9018 - Registration Rule 402:  CPOs of Pools Trading Primarily in Securities

9022 - Registration Rule 402:  CTAs Trading Primarily in Securities

9049 - NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401:  Proficiency Requirements for Security Futures Products

Promotional Material

9003 - NFA Compliance Rule 2-29:  Communications with the Public and Promotional Material

9009 - NFA Compliance Rule 2-29:  Review of Promotional Material Prior to Its First Use

9023 - Compliance Rule 2-13:  Break-Even Analysis

9025 - Compliance Rule 2-29:  Use of Promotional Material Containing Hypothetical Performance Results

9033 - NFA Compliance Rule 2-29:  Deceptive Advertising

9034 - NFA Compliance Rule 2-29:  Deceptive Advertising

9035 - NFA Compliance Rule 2-35:  CPO/CTA Disclosure Documents

9037 - NFA Compliance Rule 2-9:  Supervisory Procedures for E-Mail and the Use of Web Sites

9039 - NFA Compliance Rules 2-29 and 2-9:  NFA's Review and Approval of Certain Radio and Television Advertisements

9043 - NFA Compliance Rule 2-29:  Use of Past or Projected Performance; Disclosing Conflicts of Interest for Security Futures Products

9053 - Forex Transactions

9054 - NFA Compliance Rule 2-34:  Performance Reporting and Disclosures

9055 - NFA Bylaw 1101, Compliance Rules 2-9 and 2-29:  Guidelines Relating to the Registration of Third-Party Trading System Developers and the Responsibility of NFA Members for Promotional Material that Promotes Third-Party Trading System Developers and Their Trading Systems

9063 - Use of On-Line Social Networking Groups to Communicate with the Public

9064 - NFA Compliance Rule 2-36: Requirements for Forex Transactions 

Registration

9002 - Registration Requirements:  Branch Offices

9007 - Compliance with NFA Bylaw 1101

9010 - Information Available from NFA Regarding Background of Prospective Employees

9018 - Registration Rule 402:  CPOs of Pools Trading Primarily in Securities

9022 - Registration Rule 402:  CTAs Trading Primarily in Securities

9042 - NFA Compliance Rule 2-9:  Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(B)(11) of the Securities Exchange Act of 1934

9044 - NFA Compliance Rule 2-4:  Broker-Dealer Registration Requirements for Security Futures Products

9055 - NFA Bylaw 1101, Compliance Rules 2-9 and 2-29:  Guidelines Relating to the Registration of Third-Party Trading System Developers and the Responsibility of NFA Members for Promotional Material that Promotes Third-Party Trading System Developers and Their Trading Systems

Registration Rule 401

9049 - NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401:  Proficiency Requirements for Security Futures Products

Registration Rule 402

9018 - Registration Rule 402:  CPOs of Pools Trading Primarily in Securities

9022 - Registration Rule 402:  CTAs Trading Primarily in Securities

Sales Practices

9003 - NFA Compliance Rule 2-29:  Communications with the Public and Promotional Material

9004 -  NFA Compliance Rule 2-30:  Customer Information and Risk Disclosure

9013 - NFA Compliance Rule 2-30:  Customer Information and Risk Disclosure

9033 - NFA Compliance Rule 2-29:  Deceptive Advertising

9034 - NFA Compliance Rule 2-29:  Deceptive Advertising

9038 - NFA Compliance Rule 2-29:  High Pressure Sales Tactics

9039 - NFA Compliance Rules 2-29 and 2-9:  NFA's Review and Approval of Certain Radio and Television Advertisements

9041 - Obligations to Customers and Other Market Participants

9042 - NFA Compliance Rule 2-9:  Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(B)(11) of the Securities Exchange Act of 1934

9043 - NFA Compliance Rule 2-29:  Use of Past or Projected Performance; Disclosing Conflicts of Interest for Security Futures Products

9047 - NFA Compliance Rule 2-37:  Fair Commissions

9053 - Forex Transactions

9055 - NFA Bylaw 1101, Compliance Rules 2-9 and 2-29:  Guidelines Relating to the Registration of Third-Party Trading System Developers and the Responsibility of NFA Members for Promotional Material that Promotes Third-Party Trading System Developers and Their Trading Systems

9057 - Commissions, Fees and Other Charges

Security Futures

9041 - Obligations to Customers and Other Market Participants

9042 - NFA Compliance Rule 2-9:  Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(B)(11) of the Securities Exchange Act of 1934

9043 - NFA Compliance Rule 2-29:  Use of Past or Projected Performance; Disclosing Conflicts of Interest for Security Futures Products

9044  - NFA Compliance Rule 2-4:  Broker-Dealer Registration Requirements for Security Futures Products

9047 - NFA Compliance Rule 2-37:  Fair Commissions

9048 - NFA Compliance Rule 2-4:  The Best Execution Obligation of NFA Members Registered as Broker-Dealers Under Section 15(b)(11) of the Securities Exchange Act of 1934

9049 - NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401:  Proficiency Requirements for Security Futures Products

9050 - NFA Compliance Rule 2-30(b):  Risk Disclosure Statement for Security Futures Contracts

Supervision

9003 -  NFA Compliance Rule 2-29:  Communications with the Public and Promotional Material

9004 - NFA Compliance Rule 2-30:  Customer Information and Risk Disclosure

9010 - Information Available from NFA Regarding Background of Prospective Employees

9013 - NFA Compliance Rule 2-30:  Customer Information and Risk Disclosure

9019 - Compliance Rule 2-9:  Supervision of Branch Offices and Guaranteed IBs

9020 - Compliance Rule 2-9:  Self-Audit Questionnaires

9021 - Compliance Rule 2-9:  Enhanced Supervisory Requirements

9037 - NFA Compliance Rule 2-9:  Supervisory Procedures for E-Mail and the Use of Web Sites

9039 - NFA Compliance Rules 2-29 and 2-9:  NFA's Review and Approval of Certain Radio and Television Advertisements

9042 - NFA Compliance Rule 2-9:  Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(B)(11) of the Securities Exchange Act of 1934

9045 - NFA Compliance Rule 2-9:  FCM and IB Anti-Money Laundering Program

9046 - NFA Compliance Rule 2-9:  Supervision of the Use of Automated Order-Routing Systems

9051 - NFA Compliance Rule 2-9:  Ethics Training Requirements

9053 - Forex Transactions

9055 -  NFA Bylaw 1101, Compliance Rules 2-9 and 2-29:  Guidelines Relating to the Registration of Third-Party Trading System Developers and the Responsibility of NFA Members for Promotional Material that Promotes Third-Party Trading System Developers and Their Trading Systems

9060 - Compliance Rule 2-36(e):  Supervision of the Use of Electronic Trading Systems