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News Briefs

NFA president testifies at congressional subcommittee hearing
At a hearing on June 19, NFA President Dan Roth briefed a congressional subcommittee on the potential danger of off-exchange retail forex activity.

"In passing the Commodity Futures Modernization Act of 2000 (CFMA), Congress attempted to clear up jurisdictional issues over off-exchange forex contracts sold to retail customers," said Roth. "Unfortunately, the actual wording of the statute may have closed one loophole and opened another."

Roth described the steps NFA has taken to combat the rise of consumer fraud in the retail forex arena, including three emergency enforcement actions taken against NFA Members within the last 20 months. Additionally, NFA's Board of Directors recently approved several rules designed to protect retail forex customers against unethical business practices and loss of funds due to insolvency or related problems. These rules are currently being reviewed by the CFTC.

CFTC approves amendments to NFA registration rules
The CFTC recently notified NFA that it had approved the following amendments to NFA registration rules and bylaw. The amendments became effective on July 21.

Registration Rules 202,203,204,801 and 802 - amended to mirror the existing CFTC Regulation 30.5 and to provide for the electronic filing of applications for exemption under the regulation.

Registration Rules 203 and 204 - Amended to require a $100 registration fee for each Form 7-R filed for exemption pursuant to CFTC Regulation 30.5.

Registration Rule 204 - Amended to provide that firms exempt from registration pursuant to CFTC Regulation 30.5 will be assessed an annual $100 records maintenance fee.

Registration Rule 202 and Bylaw 301 - amended to specify that notices provided electronically are effective upon display in NFA's Online Registration System.

NFA managing director to speak at compliance conference
Regina Thoele, NFA's managing director of Compliance, is scheduled to speak at a Compliance Conference on September 8 in Charleston, South Carolina. The conference, sponsored by National Regulatory Services (NRS), will run from September 7-10.

Thoele and Susan Irvin, a former CFTC staff member and currently a Partner at Dechert, an international law firm, will present "A Primer on CFTC Regulation and NFA Oversight." They will discuss topics such as registration and regulatory requirements, disclosure reporting and recordkeeping, among others.

National Regulatory Services provides conferences, education and training to firms in the financial services industry. For more information, visit the NRS Web site at www.nrs-inc.com.

NFA revises Self-Examination Checklist and Regulatory Requirements Guide
NFA has recently published new editions of the Self-Examination Checklist and Regulatory Requirements Guide to reflect new rules and regulations. The Self-Examination Checklist contains additional material regarding ethics training, supervision and automatic order routing. The Regulatory Requirements Guide has been updated to include new filing requirements for CPO and CTA annual reports.

Both publications are available in hardcopy and on NFA's Web site (www.nfa.futures.org).

NFA staff contribute to new book on emerging Latin markets
Senior Vice-President of Strategic Planning and Communication Karen Wuertz and Director of Business Development Derek West recently contributed material to a new book on emerging Latin markets. The book, Focus on Capital: New Approaches to Developing Latin American Capital Markets, analyzes the status of the markets in Latin America and identifies the technical, political, and financial challenges to building vibrant capital markets and increasing the efficiency benefits of regional economic and financial integration. Wuertz and West contributed to the section on market oversight and self-regulation in Chapter 11, "Designing a Derivatives Complement to Cash Markets in Developing Countries." NFA was invited to contribute to this book by Andrea Corcoran, the CFTC's Director of International Affairs.

Focus on Capital was edited by Kenroy Dowers and Pietro Masci, published by the Inter-American Development Bank and distributed by the John Hopkins University Press.

Copies of the book can be purchased through the bank's Web site (www.iadb.org/pub).

NFA staff to speak at upcoming international conferences
Senior Vice-President of Compliance Yvonne Downs will be one of the speakers at the 1st International Derivatives and Financial Market Conference in Sao Paulo, Brazil. Organized by the Brazilian Mercantile & Futures Exchange, the conference will be held August 20-23.

Downs and CFTC Director of the Office of International Affairs Andrea Corcoran will present a roundtable discussion of market regulation issues. More than 700 participants are anticipated to attend the conference.

Senior Vice-President of Strategic Planning and Communications Karen Wuertz is scheduled to speak at the International Regulators' Meeting in Burgenstock, Switzerland, on September 4. The meeting is held in conjunction with the Swiss Futures and Options Association's annual conference in Burgenstock from September 4 through September 7.

Wuertz will give a presentation on "The Effective Use of Regulatory Resources." The meeting will also feature presentations from the CFTC and other regulators, as well as executives from Germany, Ireland, the United Kingdom, Switzerland and the Netherlands.

Advisory Committees discuss industry issues
Reflecting NFA's commitment to provide opportunities for Members to discuss industry issues, all three NFA Advisory Committees (FCM, IB and CPO/CTA) met in June. All three committees were given an update on anti-money laundering requirements and proficiency requirements for security futures products.

In addition, the FCM and IB Committees discussed NFA's proposed requirements for Forex Dealer Members, while the CPO/CTA Committee discussed recent CFTC Rule proposals affecting CPOs and CTAs.

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