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Electronic process to make registration easier for Members

NFA is moving forward on its plans to provide a web-based registration system in 2002. This electronic registration system will allow Members to file initial applications for themselves and their Associates, make changes to information on file and notify NFA of terminations and withdrawals. All that will be required for those who use the system is access to the Internet. Once the system is operational, electronic filings will replace the current hard-copy forms that are completed and sent to NFA.

Greg Prusik, Vice President of Compliance and Registration, says the system is designed to make the entire registration process faster, more efficient, and more cost-effective for both users and NFA.

"Electronic registration will make the process easier for current and prospective Members," says Prusik. "The system will enable firms to enter information directly on the web site so they'll no longer need to send paper copies. They'll no longer have to file a hard copy. They'll also be able to check the status of filings."

He adds that another benefit of electronic registration is it allows instant temporary licenses upon the submission of properly completed information, which eliminates the current waiting period of 2-3 days.

NFA plans on making its web-based registration system available on its web site in Summer 2002. NFA is also developing training programs that will be available to Members prior to the system's implementation. Details on training and other issues related to the system will be distributed to NFA Members in the coming months.

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