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Regulation FAQs

  1. Where do I go to find out if a rule change has become effective?
  2. Where do ideas for new rules come from?
  3. How can I voice my concerns about a proposed rule?
  4. What is an MRA?
  5. Can I challenge an MRA?
  6. If I challenge an MRA, have a hearing, and still don't like the decision, can I appeal it?
  7. NFA's Business Conduct Committee issued a Complaint charging me with violating NFA rules. What do I do now?
  8. If I file an Answer to a BCC Compliant, who will hear the case?
  9. What if I have a hearing on my BCC Complaint and don't agree with the decision?

1. Where do I go to find out if a rule change has become effective?

From the Regulation page, click on CFTC Rule Submissions in the left-hand navigation and locate the entry for the submission letter with that rule change. If the rule has an effective date, it will be listed at the end of the entry. If there is no effective date, the rule change is still pending.

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Where do I go to find out if a rule change has become effective?

2. Where do ideas for new rules come from?

Ideas for new rules or for amending current rules come from a number of sources. The most common ones are Members, NFA committees, and staff. Staff recommendations are based on problems they see during audits or investigations.

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Where do ideas for new rules come from?

3. How can I voice my concerns about a proposed rule?

For customers and other members of the public, the best way to voice your concerns is to send a letter or an e-mail to NFA's General Counsel. Members can also contact their representatives on the Board of Directors or members of the Advisory Committee for their membership category. NFA may send proposed rules to the membership for comments if the proposal involves significant economic or anticompetitive effects or could impose a substantial operational burden on NFA Members. In that case, you will be asked to contact a particular staff member.

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How can I voice my concerns about a proposed rule?

4. What is an MRA?

MRA stands for "Member Responsibility Action." If an NFA Member or Associate engages in conduct that puts customers, the futures markets, or other Members at risk, and if immediate action is necessary to protect them, NFA will issue an MRA. An MRA can suspend the Member or Associate, order the Member or Associate to restrict its operations, or direct the Member or Associate to take other remedial action.

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What is an MRA?

5. Can I challenge an MRA?

If NFA has issued an MRA against you, you have the right to a prompt hearing. If you are not the subject of the MRA, you cannot contest it.

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Can I challenge an MRA?

6. If I challenge an MRA, have a hearing, and still don't like the decision, can I appeal it?

Yes, you can appeal to the CFTC.

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If I challenge an MRA, have a hearing, and still don't like the decision, can I appeal it?

7. NFA's Business Conduct Committee issued a Complaint charging me with violating NFA rules. What do I do now?

You have 30 days to file an Answer to the Complaint. You can have an attorney file it for you, or you can do it on your own. The chairman of the hearing panel will then schedule a pre-hearing conference to set deadlines for discovery and motions and to set the hearing date.

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NFA's Business Conduct Committee issued a Complaint charging me with violating NFA rules. What do I do now?

8. If I file an Answer to a BCC Compliant, who will hear the case?

NFA hearing panels are composed of three persons familiar with the futures industry. The panelists may be members of the public, NFA Members, or employees of NFA Members, but none are NFA employees. All must be impartial, and none can have a personal stake in how the case turns out.

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If I file an Answer to a BCC Compliant, who will hear the case?

9. What if I have a hearing on my BCC Complaint and don't agree with the decision?

You can appeal a hearing panel's decision on a Complaint to NFA's Appeals Committee. If you don't like the Appeals Committee's decision, you can appeal to the CFTC.

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What if I have a hearing on my BCC Complaint and don't agree with the decision?
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