Compliance Workshop for Forex IBs, CTAs and CPOs in Chicago - Tweets Transcript

National Futures Association's
Compliance Workshop for Forex IBs, CPOs and CTAs
Tuesday, September 27, 2011
8:30a.m.-4:30p.m.
UBS Conference Center
One North Wacker Drive
Chicago

NFA live-tweeted during the compliance workshop for Forex IBs, CPOs and CTAs in Chicago on September 27, 2011 using the hashtag #NFAFXW. A full transcript of the Twitter conversation is below.

MarkMelin Sep 27, 7:49am via HootSuite RT @NFA_News: NFA will be tweeting during the forex compliance workshop tomorrow -- http://ht.ly/6FosQ. Follow #NFAFXW to join in the conversation.

MarkMelin Sep 27, 7:50am via Twitter for BlackBerry® @NFA_News #NFAFXW I'm heading there now. I wonder if we have similar tweets?

NFA_News Sep 27, 9:06am via HootSuite @markmelin We may! #NFAFXW

NFA_News Sep 27, 9:07am via HootSuite NFA will be tweeting during today's forex compliance workshop. Use the hashtag #NFAFXW to follow and join in on the conversation.

DCarsonCPA_NYC Sep 27, 9:07am via HootSuite RT @NFA_News: NFA will be tweeting during the forex compliance workshop tomorrow -- http://ht.ly/6FosQ. Follow #NFAFXW to join in the conversation.

DCarsonCPA Sep 27, 9:07am via HootSuite RT @NFA_News: NFA will be tweeting during the forex compliance workshop tomorrow -- http://ht.ly/6FosQ. Follow #NFAFXW to join in the conversation.

DCarsonCPA_CT Sep 27, 9:07am via HootSuite RT @NFA_News: NFA will be tweeting during the forex compliance workshop tomorrow -- http://ht.ly/6FosQ. Follow #NFAFXW to join in the conversation.

MarkMelin Sep 27, 9:10am via HootSuite RT @NFA_News: @markmelin We may! #NFAFXW

CQGInc Sep 27, 9:10am via TweetDeck RT @NFA_News: NFA will be tweeting during today's forex compliance workshop. Use hashtag #NFAFXW to follow and join in on the conversation.

NFA_News Sep 27, 9:11am via HootSuite NFA's Executive Vice President and COO Dan Driscoll is giving today's opening remarks. #NFAFXW

MarkMelin Sep 27, 9:12am via Twitter for BlackBerry® NFA COO Dan Driscoll "We prefer to educate, but will proscute when necessary." #NFAFXW

NFA_News Sep 27, 9:13am via HootSuite #NFAFXW begins with session on Registration Issues re: who has to register, be listed as a principal and be registered as an AP.

jackofsumtrades Sep 27, 9:13am via TweetDeck RT @CQGInc: RT @NFA_News: NFA will be tweeting during today's forex compliance workshop. Use hashtag #NFAFXW to follow and join in on the conversation.

NFA_News Sep 27, 9:23am via HootSuite For more information regarding the forex requirements that become effective Oct. 1 view: http://ht.ly/6G9HA #NFAFXW

NFA_News Sep 27, 9:31am via HootSuite The panel discusses the difference between the definition of a US customer and foreign customer. #NFAFXW

NFA_News Sep 27, 9:33am via HootSuite NFA Members are prohibited from engaging in retail forex transactions unless the firm has received a Forex Firm designation. #NFAFXW

NFA_News Sep 27, 9:46am via HootSuite Unlisted principals is a common audit deficiency. #NFAFXW

NFA_News Sep 27, 9:54am via HootSuite Every branch office would require a branch office manager. #NFAFXW

NFA_News Sep 27, 9:57am via HootSuite Common registration deficiences include: unlisted principals, unregistered APs, failure to terminate APs & unlisted branch offices. #NFAFXW

NFA_News Sep 27, 10:02am via HootSuite NFA's webinar: http://ht.ly/6GdjW is a great resource for more info. on registration as a principal, AP or branch office manager. #NFAFXW

NFA_News Sep 27, 10:28am via HootSuite The next session discusses promotional material and sales practices. #NFAFXW

NFA_News Sep 27, 10:31am via HootSuite Re: promo material - What message are you trying to convey to the investing public and does that comply with NFA compliance rules? #NFAFXW

NFA_News Sep 27, 10:46am via HootSuite Common promo finding: lack of support for material statements of fact including in performance claims & claims about forex industry. #NFAFXW

NFA_News Sep 27, 10:49am via HootSuite Performance based testimonials should be reflective of all customers. #NFAFXW

NFA_News Sep 27, 11:02am via HootSuite Promotional material is not just what you hand out to customers, but it is any communication to the public. #NFAFXW

NFA_News Sep 27, 11:26am via HootSuite The same promo material and sales practice rules apply in regards to social media. #NFAFXW

NFA_News Sep 27, 11:29am via HootSuite In using social media ask: Is this the appropriate medium for our firm's business operations? #NFAFXW

NFA_News Sep 27, 11:43am via HootSuite NFA offers a free and voluntary pre-review program of a firm's promotional material. For more info.: http://ht.ly/6Gmxn #NFAFXW

NFA_News Sep 27, 11:46am via HootSuite Consult "A Guide to NFA Compliance Rules 2-29 and 2-36" for more info. about proper use of promo. material. -- http://ht.ly/6GmLi #NFAFXW

NFA_News Sep 27, 11:48am via HootSuite We're at the mid-way point of the workshop. How is the workshop going for you so far? #NFAFXW

NFA_News Sep 27, 1:39pm via HootSuite The afternoon begins with a session on supervision and operations. #NFAFXW

NFA_News Sep 27, 1:43pm via HootSuite Use NFA's Self-Examination Questionnaire as a general operations checklist: http://ht.ly/6GvwT #NFAFXW

NFA_News Sep 27, 1:48pm via HootSuite Your firm's privacy policy must be distributed to your customers. #NFAFXW

NFA_News Sep 27, 1:52pm via HootSuite View NFA Interpretive Notice 9051 for more info. on ethics training requirements: http://ht.ly/6Gw5V #NFAFXW

NFA_News Sep 27, 2:05pm via HootSuite If a firm has associated persons (APs) who are involved in discretionary trading, ensure supervision over APs' activity. #NFAFXW

NFA_News Sep 27, 2:12pm via HootSuite Moving onto recordkeeping. Make sure your firm's records are maintained so that they are easily accessed. #NFAFXW

NFA_News Sep 27, 2:17pm via HootSuite "Know Your Customer" applies both to futures and forex firms. #NFAFXW

NFA_News Sep 27, 2:21pm via HootSuite 5.5 Disclosure - Helps customers understand the risks of forex trading. #NFAFXW

Lady__KAY Sep 27, 2:22pm via HootSuite RT @NFA_News: 5.5 Disclosure - Helps customers understand the risks of forex trading. #NFAFXW

Lady__KAY Sep 27, 2:22pm via HootSuite RT @NFA_News: "Know Your Customer" applies both to futures and forex firms. #NFAFXW

NFA_News Sep 27, 2:29pm via HootSuite Common AML deficiency: annual AML training and independent audits. Ensure employees involved in auditing are knowledgeable in AML. #NFAFXW

NFA_News Sep 27, 2:32pm via HootSuite Using NFA's Self-Examination Questionnaire will help your firm address deficiencies within your business operations. #NFAFXW

NFA_News Sep 27, 2:38pm via HootSuite Common supervision deficiencies: unlisted principals, failure to maintain records and failure to supervise operations. #NFAFXW

VictorZubarev Sep 27, 2:46pm via HootSuite RT @NFA_News: Common supervision deficiencies: unlisted principals, failure to maintain records and failure to supervise operations. #NFAFXW

NFA_News Sep 27, 3:03pm via HootSuite We're nearing the home stretch. Wrapping up the forex compliance workshop with CPO and CTA issues. #NFAFXW

NFA_News Sep 27, 3:05pm via HootSuite All non-exempt CPOs and CTAs must deliver a disclosure document to all potential clients and pool participants. #NFAFXW

NFA_News Sep 27, 3:14pm via HootSuite Common problem areas with disclosure documents: risk disclosure, fee descriptions and performance reporting. #NFAFXW

NFA_News Sep 27, 3:25pm via HootSuite This Notice to Members provides guidance for disclosure of business background info. by CPOs and CTAs -- http://ht.ly/6GC0F #NFAFXW

NFA_News Sep 27, 3:44pm via HootSuite Common audit deficiency: lack of supporting documentation for performance. Use sample http://ht.ly/6GDlu to help calculate returns. #NFAFXW

NFA_News Sep 27, 3:48pm via HootSuite Another comment audit deficiency: pool account statement with incomplete oath/affirmation. Check your pool account statement! #NFAFXW

NFA_News Sep 27, 4:13pm via TweetCaster for Android We hope u enjoyed the workshop. We'll post s transcript of the #NFAFXW tweets on our website in the coming days.