Rigorous registration screening. NFA thoroughly screens all firms and individuals wishing to register with the CFTC and become Members of NFA. Applicants must meet stringent fitness requirements and must provide fingerprint cards for FBI background checks. In addition, individual registrants must pass comprehensive proficiency testing requirements. NFA has the authority to deny, revoke, suspend, restrict or condition any firm's or individual's registration.
Comprehensive compliance rules. NFA has adopted a comprehensive set of rules covering the business conduct of its Members, including sales practices, recordkeeping, reporting, risk disclosure, discretionary trading, disclosure of fees and minimum capital requirements. Just as importantly, NFA performs regular examinations of its Members to monitor compliance with those rules. NFA has developed a sophisticated risk assessment system to identify high-risk firms quickly and take immediate action. NFA also conducts financial surveillance to enforce compliance with NFA's financial requirements, including daily electronic confirmation of customer segregated funds held at banks and other depositories.
Strong enforcement authority. NFA has the authority to take disciplinary actions against any firm or individual that violates its rules. These actions range from Warning Letters for minor rule infractions to formal Complaints in cases where rule violations warrant prosecution. Penalties resulting from Complaints include expulsion, suspension for a fixed period, prohibition from future association with any NFA Member, censure, reprimand and a fine of up to $250,000 per violation. NFA often collaborates with the CFTC, the FBI and other law enforcement agencies to ensure full, comprehensive prosecutions.
Trade practice and market surveillance. NFA provides a variety of regulatory services and programs to electronic trading platforms to ensure the fair treatment of customers and to maintain orderly markets.
You can file a complaint online. Be sure to include as much information as you can.
You can check the registration status and disciplinary history of any derivatives firm or individual.
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