Proposed Rule

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PROPOSED AMENDMENTS TO NFA COMPLIANCE RULE 2-7 AND INTERPRETIVE NOTICE
(additions are underscored and deletions are stricken through)

COMPLIANCE RULES

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RULE 2-7. BRANCH OFFICE MANAGERS AND DESIGNATED SECURITY FUTURES PRINCIPALS.

(a) No Member shall allow an Associate to be a branch office manager, as that term is used in Registration Rule 101, unless:

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INTERPRETIVE NOTICES

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REGISTRATION REQUIREMENTS; BRANCH OFFICES

INTERPRETIVE NOTICE

Form 7-R, Item 10, Branch Offices

Any location, other than the main business address at which an FCM, IB, CPO or CTA employs persons engaged in activities requiring registration as an AP, is a branch office. This is true even if there is only one person at the location. If the firm has one or more branch offices, NFA's registration records on the firm must include the names of all persons who are branch office managers. Each location must have a branch office manager, and that person's status as a branch office manager should be listed in the Registration Categories section of the person's Item 10 of the Form 78-R (or on an update to the Form 7-R filed using the Form 3-R) even if previously listed as a principal in Item 9 the Registration Categories section of the person's Form 8-R. Each branch office must have a different manager.

For each branch office manager, Item 10 must include the personal CFTC or NFA ID number, or if the person does not have such a number, his or her date and place of birth. The address must also be given for each branch office. A P.O. Box is not sufficient. Anyone with a status as branch office manager listed in Item 10 must also be currently registered as an AP or have applied for such registration. Whenever a new branch office is established it must be reported, with all the required information, to NFA by filing an update electronically to the firm's Form 7-Ron a Form 3-R. The closing of an existing branch office should also be reported by filing an update electronically to the firm's Form 7-R on the Form 3-R.

IF YOUR FIRM CURRENTLY HAS PERSONS OPERATING OUT OF LOCATIONS OTHER THAN ITS MAIN BUSINESS ADDRESS, THOSE LOCATIONS MUST IMMEDIATELY BE REPORTED TO NFA BY FILING AN UPDATE ELECTONICALLY TO THE FIRM'S FORM 7-R AND BY ADDING BRANCH OFFICE MANAGER STATUS ON A FORM 3-R WHICH INCLUDES THE NECESSARY INFORMATION ON EACH BRANCH OFFICE MANAGER'S FORM 8-R.

NFA may take disciplinary action against any Member which fails to properly list all of its offices.

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