Disclosure Documents

If soliciting new CTA clients, then an NFA accepted Disclosure Document that is no more than 12 months old must be distributed. 

In order to provide customers with the information needed to make informed investment decisions, CTAs must supply prospective clients with a Disclosure Document. NFA has published a guide, Disclosure Documents: A Guide for CPOs and CTAs, to help Members understand the requirements for these documents. CTAs must file all Disclosure Documents, including privately and publicly offered commodity pool Documents, with NFA for review and acceptance prior to their use. CTAs must also submit copies of all subsequent amendments or updated Documents to NFA prior to use. 

Documents must be filed using NFA's Electronic Disclosure Document Filing System. CTAs will receive automatic confirmation of their filing. For more information on how to file a Document, you can review the User's Guide to NFA's Electronic Disclosure Document System.

We accept Disclosure Documents in the following formats: Microsoft Word, pdf, and rich text format.  In order to expedite the process further, your electronic filing should include a cover letter, from a principal or firm contact, which may be used to direct NFA to give comments to an individual other than the principal or firm contact. Typically, NFA will correspond with you electronically, unless otherwise requested.

NFA's goal is to complete its initial review of a Document within 14 days of receipt. Once NFA completes its review, it will communicate either its acceptance of the Disclosure Document or any deficiencies. The CTA is required to correct the deficiencies and re-submit the Disclosure Document to NFA for review before the Disclosure Document will be accepted. NFA's review is designed to ensure that Disclosure Documents submitted contain all of the required information and that such information is consistent with information on record with NFA. NFA's review process does not attempt to verify the accuracy of the information contained in the Disclosure Document. It is the responsibility of the CTA to ensure it does not use a Disclosure Document that it knows to be materially inaccurate or incomplete.

During the course of an NFA examination, a CTA's Disclosure Document may be reviewed again, with the objective of ensuring consistency between the firm's business operations and the information included in the Disclosure Document. As a result, the receipt of an acceptance letter upon filing a Disclosure Document with NFA may not prevent NFA or the CFTC from raising issues with regard to the Disclosure Document in the future.

Additionally, once a Member has filed a Document with NFA that has been accepted, subsequent Documents may be eligible for instant filing, which will result in an expedited review process of three business days. NFA will either send the Member a written acceptance letter or communicate any deficiencies that need to be corrected before an acceptance letter may be issued.

Members of NFA's Disclosure Document Review Team are available to answer any questions concerning the preparation and filing of Documents and other issues relating to CTAs. Contact Mary McHenry or Susan Koprowski.

 
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