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For Immediate Release
June 19, 2007
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NFA takes emergency enforcement action against Trend Commodities Limited Partnership
June 19, Chicago - National Futures Association (NFA) announced that it has taken an emergency enforcement action against Trend Commodities Limited Partnership (Trend), a Futures Commission Merchant and Forex Dealer Member. The Member Responsibility Action (MRA) prohibits Trend from soliciting or accepting any customer accounts or funds. Among other things, the action also prohibits Trend from either acting as a counterparty to any foreign currency (forex) transactions or accepting or placing trades for any customer accounts.
The action is effective immediately and is deemed necessary to protect customers because Trend failed to exhibit that it is in compliance with NFA requirements. Additionally, NFA has reason to believe that Trend and its principals have made misleading and conflicting statements and representations to NFA relating to Trend's capital and ownership, financial books and records, and customer accounts.
The action will remain in effect until Trend has met all conditions of this action and demonstrates to NFA's satisfaction that they are in complete compliance with NFA requirements. In making such a demonstration Trend must provide NFA with an internal control report and certified financial statement, which are prepared by an independent public accountant who is registered under Section 102 of the Sarbanes-Oxley Act and has demonstrated experience and competence in auditing matters required under Section 404 of the Sarbanes-Oxley Act. Trend may request a hearing before NFA's Hearing Committee.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.