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What happens if a criminal, regulatory or other disciplinary matter is not disclosed on Form 8-R or Form 7-R?

Failure to disclose disciplinary matters will result in a $1,000 fee and could be deemed an additional disqualification from registration. It is in your best interest to disclose all applicable matters. Please review NFA's policy on failure to disclose by reading these Notices to Members: Failure to Disclose Material Information on Registration Applications and Late Disclosure Filing Fee.

In addition, the failure to answer "Yes" when a "Yes" answer is required or not completing Matter Pages for each matter will result in a $1,000 fee and could result in the firm's or individual's registration being denied or revoked.

In addition, the firm's principal's failure to answer "Yes" when a "Yes" answer is required or not completing Matter Pages for each matter will result in a $1,000 fee and could also result in the firm's registration being denied or revoked.

In the CFTC's view, even if the matter would not prevent the registration application from being granted if it had been disclosed, e.g., a suspension imposed by FINRA that has already been served, the failure to disclose the matter could independently result in the firm's or individual's registration being denied or revoked.

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the futures markets.
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