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General Compliance Issues

NFA Members must maintain and have available for inspection books and records that support and explain all aspects of the Member's commodity futures business. These records must be maintained in an orderly fashion at the Member's main business. All required books and records must be kept for five years and readily accessible for the most recent two years. Additionally, NFA Rules place a continuing responsibility on each Member to have the necessary policies and procedures in place to diligently supervise its employees and agents. 

Members should review the NFA Manual for all NFA rules and interpretations, as well as, CFTC regulations for a complete description of the Member's requirements.   

NFA recognizes that, given the differences in the size and complexity of the operations of NFA Members, there must be some degree of flexibility in determining what constitutes "diligent supervision" for each firm. NFA leaves the exact form of supervision to the Member and provides the Member with flexibility to design procedures that are tailored to the Member's own situation. Members should regularly review the adequacy of their supervisory procedures. At a minimum, on an annual basis, NFA Members must review their operations using NFA's Self-Examination Questionnaire

In addition to the rules, regulations and Self-Exam Questionnaire, NFA has numerous resources to assist firms in meeting their regulatory requirements. See the Publication Library for a complete listing of these resources. 

NFA Examinations

As a means of monitoring and assuring NFA Members' compliance with the rules and regulations of NFA and the CFTC, NFA conducts periodic on-site examinations. More...

Sales Practices and Promotional Material 

NFA Compliance Rules 2-29 and  2-36 plus related interpretive notices outline the standards that NFA Members must adhere to in their communications with the public including promotional material. More...  

Business Continuity and Disaster Recovery 

Each NFA Member must establish a Business Continuity and Disaster Recovery Plan that is reasonably designed to enable them to continue operating, to re-establish operations, or to transfer their business to other Members in the event of an emergency. More...

Enhanced Supervisory Requirements 

Certain NFA Members that have a sales force or principals that have been affected by questionable sales practice training or which charge high commissions and fees are required by the Interpretive Notice to Compliance Rule 2-9 to adopt enhanced supervisory requirements designed to prevent sales practice abuse. More...   

Security Futures Products 

Security futures products (SFPs) are futures whose underlying instrument is either a single security or a narrow-based security index. SFPs are unique in that unlike other futures contracts, SFPs are considered both a futures and securities contract and are regulated as such. More...

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