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NASD announces increase in Series 3 examination fee
The NASD recently advised NFA that due to rising costs it will increase the fee for the Series 3 examination to $90 effective January 1, 2005. Since 1989 the fee NASD charged for this examination has been $75. The NASD has been delivering the Series 3 examination to applicants since it was initially developed by NFA. Individuals who register for the examination prior to January 1st will be charged the current $75 fee. Those registering on or after January 1st will be charged $90.
Notice to Members provides guidelines for using NFA publications in Member promotional material
On August 24, NFA issued a Notice to Members providing guidelines for Members who wish to use NFA publications in their promotional material, including Web sites. The Notice stated that any promotional material that contains an NFA publication must also contain the following language: "This publication is the property of National Futures Association".
In addition, all NFA publications should be printed exactly as they were published by NFA, including any copyright. There should be no changes to the title or content of the publication.
The full text of the Notice can be found at NFA's Web site (www.nfa.futures.org). Members with questions regarding the guidelines should contact Senior Analyst Michael Mason at (312) 781-1238. Members can request NFA publications (in a pdf format) by contacting Communication Specialist Deborah Loehrke at (312) 781-1392 or firstname.lastname@example.org.
NFA staff members conduct futures training sessions in India
NFA's Training Manager Kurt Krueger and Compliance Team Manager Todd Joseph recently returned from India, where they held commodity futures markets regulatory training sessions in Mumbai and New Delhi. Exchange staff, bank representatives and government officials attended the sessions.
The Indian government has made a policy decision to develop derivatives trading as a way to help the agricultural sector of the economy, which accounts for a large percentage of India's Gross Domestic Product and employs about two-thirds of the population. Krueger and Joseph provided training on how to structure an effective regulatory system that will foster the development of markets while at the same time protecting market participants.
Executive Committee approves regulatory services agreement with Chicago Climate Futures Exchange
NFA's Executive Committee recently approved an agreement for NFA to provide regulatory services to the Chicago Climate Futures Exchange (CCFE), a subsidiary of the Chicago Climate Exchange, Inc. CCFE has applied for "designated contract market" status with the CFTC.
CCFE plans to offer futures contracts based on various emerging environmental commodities. The Clearing Corporation will provide clearing services for CCFE and the IntercontinentalExchange, Inc. (ICE) will provide and service the exchange's trading platform, as it currently does for CCX.
Under the terms of the agreement, NFA will perform a variety of regulatory services for CCFE, including trade practice and market surveillance, background checks, financial surveillance and dispute resolution. Pending CFTC approval, CCFE plans to launch by the end of the year.
Chinese delegation attends training at NFA
NFA hosted representatives from the China Futures Association and the China Securities Regulatory Commission for a training program from September 20 through October 1. The training program, "Self-Regulation in the Futures Industry - Concepts and Application," was developed by NFA staff. Topics covered in the training included an overview of the U.S. futures industry and its regulatory structure, trade practice and market surveillance, and anti-money laundering. After the two-week training period, the group will travel to New York to meet with an NFA Member FCM and representatives from the CFTC.
This was the second group from these two organizations to attend training at NFA. The first group visited NFA in September 2003.
Fall is conference season for futures industry
NFA will be participating in several annual industry events in the coming months.
First up is the Futures Industry Association's Futures and Options Expo 2005, which will run from October 26-28 at the Hyatt Regency Hotel in Chicago. FIA expects over 4,000 people from more than 20 countries to attend the Expo.
In addition to sponsoring a booth in the exhibit hall, NFA will host a brown bag lunch on the 28th. At the lunch NFA staff members will give an update on anti-money laundering rules, discuss the relationship between NFA Members and providers of third-party trading systems, and share examples of common audit deficiencies. The lunch program is free of charge to Expo attendees, but registration is required.
NFA President Dan Roth is scheduled to participate in two panel discussions at the Expo. On October 27, Roth will speak at the "Managed Funds Association presents Developments in the Hedge Fund World" session. The panel will examine current regulatory and account issues and proposals affecting the managed funds world including the SEC proposal to mandate investment adviser registration for hedge fund managers, NASD-related developments and anti-money laundering. On October 28, Roth will be one of the panelists discussing "Reauthorization 2005."
On October 29-30, NFA will participate in the annual conference of the National Introducing Brokers Association (NIBA). This year's conference will be held at Hotel 71 in Chicago. NFA will sponsor an information booth at the conference, and Compliance Manager David Croom will participate in a panel discussion regarding IB Web sites at 4:30 p.m. on Saturday, October 30.
Finally, NFA will participate in the Las Vegas Traders Expo on November 18-21. NFA staff will distribute investor education materials and give demonstrations of NFA's Background Affiliation Status Information Center. More than 4,000 traders attended last year's event.
Burgenstock conference celebrates 25th anniversary
NFA's Senior Vice-President of Strategic Planning and Communications Karen Wuertz and Senior Policy Advisor Robert Wilmouth attended the 25th anniversary of the International Swiss Futures and Options Association's Burgenstock conference in Burgenstock, Switzerland, on September 9-10. More than 400 leaders from the global financial services industry attended the event.
Wuertz participated in a panel discussion entitled "Self-Regulation in a Changing Market Place" during the International Regulators meeting, and Wilmouth spoke with former NFA Chairman Hal Hansen on a conference panel called "Crossfire! - Old Pros View the New Game".