Proposed Rule

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Proposed Amendments to NFA Registration Rule 204
(additions are underscored and deletions are stricken)

REGISTRATION RULES
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PART 200. REGISTRATION REQUIREMENTS AND PROCEDURES

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RULE 204. REGISTRATION OF FUTURES COMMISSION MERCHANTS, INTRODUCING BROKERS, COMMODITY POOL OPERATORS, COMMODITY TRADING ADVISORS AND LEVERAGE TRANSACTION MERCHANTS.

(a) Application for Registration.

    (1) Except as provided in paragraph (a)(4) of this Rule, Aapplication for registration as an FCM, IB, CPO, CTA or LTM must be on a Form 7-R, completed and filed with NFA in accordance with the instructions thereto.

      (A) Each application for registration as an FCM or an IB also must be completed and filed in accordance with CFTC Regulation 1.10.

      (B) Each application for registration as a CPO or a CTA also must be completed and filed in accordance with CFTC Regulation 4.13(c).

      (C) Each application for registration as an LTM also must be completed and filed in accordance with CFTC Regulation 31.13.

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    (4) (A) A broker or dealer that is registered with the Securities and Exchange Commission ("SEC") shall be registered as an FCM or IB upon the filing of a Notice Form 7-R, completed and filed with NFA in accordance with the instructions thereto, if:

    • the broker or dealer limits its solicitation of orders, acceptance of orders, or execution of orders, or placing of orders on behalf of others involving any contracts of sale of any commodity for future delivery, on or subject to the rules of any contract market or registered derivatives transaction facility, to security futures products as defined in Section 1a(32) of the Act;

    • the registration of the broker or dealer is not suspended pursuant to an order of the SEC; and

    • the broker or dealer is a member of a national securities association registered pursuant to Section 15A of the Securities Exchange Act of 1934 and that membership is not suspended.

    (B) Such registration shall be terminated immediately if any of the other above-stated conditions set for registration in this paragraph are no longer satisfied.

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(d) Annual Filings and Registration Fees. On an annual basis, NFA shall provide each FCM, IB, CPO, CTA, and LTM registered in accordance with paragraph (a)(1) of this Rule with a printout of its Form 7-R currently on file with NFA. The registrant shall review the information contained in such preprinted Form 7-R, make any necessary corrections or changes to such information and submit the pre-printed Form 7-R to NFA on the date specified thereon accompanied by the required annual update fee pursuant to Rule 203(a)(9). NFA shall deem the failure to file the Form 7-R and pay the required annual update fees and any other outstanding registration fees within 30 days following such date a request to withdraw from registration, and shall notify the registrant accordingly.

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