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NFA adds disaster recovery and business continuity steps to Self-Exam Checklist

In light of the events of September 11, 2001, NFA has added disaster recovery and business continuity steps to its Self-Examination Checklist to help Members prepare for emergency business interruptions. These steps provide Members with a basic framework to tailor their disaster recovery plans to their own situation and needs. For example, the Checklist states that plans should be written, periodically tested and cover the main components of the Member's business such as computer systems and data, alternate work space and communication to all essential parties including customers, employees, carrying brokers, third party vendors and NFA.

NFA initially developed the Checklist in 1992 to aid Members in recognizing potential problem areas and alert them to procedures that they might need to revise or strengthen. At that time NFA's Board of Directors approved a proposal requiring Members to review the Checklist on an annual basis.

The Checklist is organized around specific issues relating to the various categories of NFA membership. For example, the Checklist contains steps that will assist Members in complying with regulations regarding order flow, registration of all required parties, customer account documentation, advertising, and CPO/CTA disclosure documents. NFA recently added steps regarding a firm's requirements in the areas of Anti-Money Laundering and the Privacy Act.

In addition to including several disaster recovery and business continuity steps to the Self-Examination Checklist, NFA's Board has also directed NFA to adopt a compliance rule addressing these areas with a related interpretive notice to the rule. The new Checklist steps will provide Members with immediate guidance while NFA works with the industry in developing a rule and interpretive notice.

NFA Members can download copies of NFA's Self-Examination Checklist from NFA's Web site at www.nfa.futures.org or obtain a hardcopy by calling NFA at (312) 781-1410.

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