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Compliance Q&A

Question:
I work for an Introducing Broker who has been an NFA Member for several years. I recently hired a new compliance officer who has little experience on the futures side and needs some guidance with respect to NFA rules and regulations. Is there any help that NFA can give me?

Answer:
NFA realizes that the changes in the futures industry have made this a confusing time for everyone. With the advent of security futures products, new anti-money laundering regulations and changes to the rules in light of technological advances, compliance officers, particularly at smaller firms, are unsure of where to turn to for help. In order to assist firm's in their compliance efforts, NFA has developed a new area of our Member services — a Member Education Program.

Staff from NFA's Compliance Department will meet with your staff upon request, to inform them of the latest industry initiatives and regulations, provide guidance on how to prepare for NFA audits, and build relationships with NFA staff who are available to answer questions in the future.

The meeting will not be a formal training class, but an informal meeting with an experienced NFA compliance employee. These meetings can take place either at NFA's offices in New York or Chicago or at the Member's offices, if NFA's audit schedule permits. They will be tailored to meet the needs of the Member — the Member can decide what areas they would like to cover and how long they would like the meeting to be. Whether it's a twenty minute review of the Winjammer software for filing financial statements or a two-hour meeting that covers everything from promotional material to the audit process, it's up to the discretion of the Member. For further information or to schedule a meeting, send an e-mail to information@nfa.futures.org.

This new service coincides with another initiative NFA began a little over a year ago — our educational visit program. Like our Member Education Program, this is completely voluntary and free of charge. The program is open to new Members. NFA staff will contact Members within the first three to six months of their NFA Membership to see if they would be interested in this service. The format of these meetings is very similar to the Member Education Program and we also obtain an overview of the firm's operations and discuss any areas of concern. NFA will provide you with several of our most commonly used resources to give you further guidance. This program allows Members to ensure they are starting their business off right. To date, NFA has conducted approximately 30 educational visits and has received very positive feedback from participants. If you have any questions regarding NFA's educational visits, please e-mail NFA at information@nfa.futures.org.

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