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NFA implements Online Registration System enhancements

NFA recently added new features to its Online Registration System (ORS) to increase efficiency and provide additional information to system users. The enhancements include adding an ORS News page, enabling simultaneous processing of a Form 8-R or a Form 8-T, and deleting unnecessary Matter Information pages.

To keep users up-to-date on new ORS features, offer tips and advice on using ORS and provide other general ORS information, NFA has added an ORS News page within the system.

"You can access the ORS News page at any time while you are in the system by clicking on the ORS News tab at the top of any page in ORS," said NFA's Vice-President of Registration Greg Prusik. "And each time you sign on to ORS, the left sidebar on the ORS Home Page will contain links to the most recent news items."

A second enhancement addresses the issue of simultaneous processing of a Form 8-R or a Form 8-T.

"When you begin a Form 8-R or a Form 8-T, you begin a 'process' in ORS," said Prusik. "While you are entering information into those forms, they are considered 'open processes.' Prior to this enhancement, only one 'process' could be open at one time for the same individual."

This lack of simultaneous processing becomes a problem when an Associated Person (AP) is transferring from one firm to another. For example, an AP leaves ABC Co. and is employed by XYZ Inc. Before ABC Co. has a chance to open a Form 8-T, XYZ Inc starts a Form 8-R for the AP. Until XYZ finishes the Form 8-R and files it, ABC Co. cannot begin the Form 8-T for that AP. If the application is not completed for a few weeks, the 8-T filing might be late and ABC Co. might be charged the $100 late filing fee.

The opposite scenario is also true. If ABC Co. opens the Form 8-T first but doesn't file it, XYZ Inc. cannot start a Form 8-R for the AP.

"This enhancement eliminates these problems and allows both firms to open and file their forms simultaneously," said Prusik. "A firm can see all of the firm's applications and termination notices that have been started but not filed on the Processes Not Complete page in ORS."

A third enhancement relates to the Matter Information page that used to appear automatically following each Disciplinary History page on the Form 8-R and Form 7-R. These pages can be used to provide additional details about a matter disclosed in the answers to the disciplinary information questions. However, since most applications don't require disclosure of disciplinary information, the Matter Information pages were superfluous for most applicants.

The system has now been programmed so that 'Matter Information' pages automatically appear only when appropriate or when requested. They will not appear, unless requested, if all questions in the Disciplinary Information page are answered "no" and no other supporting documentation needs to be provided. This will save time when completing applications, because you will not have to visit those extra pages when it is not necessary.

"We continue to work on additional efficiencies in ORS," said Prusik. "Please contact us if there is a feature you would like us to consider adding to ORS, if you are having a problem that you can't resolve using the Help function or if you want to tell us what you like or don't like about the system. You can either e-mail us at information@nfa.futures.org or call our Information Center at 800-621-3570.

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