The following actions were taken by NFA's Board of Directors at their meeting on May 15, 2003 in New York.
The Board approved NFA's proposed budget for Fiscal Year 2004.
The Board approved the following NFA committee appointments:
The Board approved amendments to NFA's Interpretive Notice relating to proficiency requirements for Security Futures Products (SFPs). The original Notice states that new CFTC registrants who want to trade SFPs can qualify by completing proficiency training only if they are registered within six months after the first retail, exchange-traded security futures contract begins trading. At the time the interpretive notice was adopted, NFA assumed that six months would provide adequate time to update both the futures and the securities examinations to include questions regarding SFPs. Although NFA has revised the Series 3 and Series 30 examinations by the May 8 deadline, the securities industry has asked the SEC for an extension. Because NFA is concerned about the regulatory disparity that may occur if it incorporates security futures questions into their proficiency exams before the securities industry does, NFA has asked the SEC to allow it to postpone the use of the revised exam until the NASD's examination is ready. The SEC has agreed to do so; therefore, NFA has revised the interpretive notice to extend the training option to all new registrants who take the Series 3 exam and apply for registration before the revised examination becomes available.
- Hearing Committee - John C. Jensen and Eric L. Kunkes
- Finance Committee - Bonnie Litt
- Membership Committee - Charles P. Nastro
- Discretionary Account Waiver Panel - Terrence B. Clarke
The Board approved proposed rules for the electronic filing of applications for exemption under CFTC Regulation 30.5. NFA has amended applicable registration rules to allow firms requesting an exemption from registration in accordance with CFTC Regulation 30.5 to do so using NFA's Online Registration System, eliminating the need for hardcopy filings.
The Board approved proposed requirements relating to Forex Dealer Members.
NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the futures markets.