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CFTC authorizes NFA to review Disclosure Documents for publicly offered commodity pools

On March 17, the CFTC authorized NFA to conduct reviews of Disclosure Documents required to be filed with the Commission by commodity pool operators (CPOs) for publicly-offered commodity pools. NFA will also maintain and serve as official custodian of record for the Disclosure Documents.

“We are gratified that the CFTC has given us this additional responsibility,” said Yvonne Downs, senior vice president of Compliance. “With NFA now reviewing all CPO Disclosure Documents, both publicly and privately offered, we will be able to provide a more efficient regulatory service to our Members.”

In 1997, the CFTC authorized NFA to conduct reviews of Disclosure Documents for privately-offered pools. In order to ensure an efficient and effective review process, NFA assembled a Disclosure Document Review Team, composed of experienced Compliance Department staff members.

The ten individuals on the Review Team receive approximately 200 Disclosure Documents every month. Some Members file the Documents by mail. However, the majority take advantage of NFA’s electronic filing service, using a specially designated e-mail address (ddoc@nfa.futures.org).

“The review process for an initial filing generally only takes between 10 and 14 days,” said Mary McHenry, senior manager of the Team. “Subsequent filings may qualify for instant filing relief, resulting in an expedited review process.”

NFA usually completes the expedited review process in two to three days.

Once NFA completes its review, it will communicate either its acceptance of the Document or any deficiencies. In most instances, NFA will require the Member to correct the deficiencies before it accepts the Document. NFA usually conducts all of this communication with the Member electronically to hasten the review process.

“Our goal is to work with our Member CPOs and CTAs to achieve an expeditious approval of their Disclosure Documents,” said McHenry.

NFA publishes a Disclosure Document Guide for CPOs and CTAs. Members can download the Guide from NFA’s Web site www.nfa.futures.org or request a hard-copy edition from NFA’s Information Center (800-621-3570).

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