Annual IB Requirements
National Futures Association has always been committed to providing our Members with the resources they need to meet their regulatory obligations as efficiently as possible. During some of our recent audits, NFA Members have suggested that we provide them with an annual reminder regarding certain requirements that are not part of their day-to-day operations. Responding to this request, NFA sends an annual Notice to Members listing certain requirements you have for the upcoming year. Below are the items from this annual reminder email. This list does not capture all of your responsibilities, but it should help remind you of certain non-routine requirements.
- Complete an Annual Questionnaire
- Complete the electronic Annual Registration Update
- Pay your NFA dues on the anniversary date of your firm's registration
- Complete NFA's Self-Examination Questionnaire
- Submit financial statements to NFA using NFA's EasyFile System (or WinjammerTM for Broker/Dealers)
- Conduct Anti-Money Laundering ("AML") training for relevant employees and complete an audit of your AML procedures and training.
- Supervise the operations of any Branch Offices, including conducting an annual onsite inspection of every Branch Office.
- On at least an annual basis, the FCM that carries your customer accounts will be contacting your customers to verify that the information obtained under NFA Compliance Rule 2-30(c) remains materially accurate, and provide the customer with an opportunity to correct and complete the information. If the FCM notifies you of any material changes to the information, assess whether additional risk disclosure is required to be provided to the customer based on the changed information.
- Test your Disaster Recovery Plan and make any necessary adjustments.
- Provide Ethics Training as outlined in your firm's written Ethics Training Procedures