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Notice I-07-35

September 17, 2007

NFA's Board Adopts a New Interpretive Notice to Compliance Rule 2-4 Regarding Misuse of Trade Secrets and Proprietary Information

At its last meeting, NFA's Board of Directors adopted a new Interpretive Notice to Compliance Rule 2-4 entitled "Misuse of Trade Secrets and Proprietary Information." The Notice states that Compliance Rule 2-4 prohibits Members and Associates from knowingly obtaining or seeking to obtain another Member's or Associate's confidential information or trade secrets without that person's permission and from knowingly or recklessly misusing confidential information or trade secrets in their possession when these activities could potentially harm futures customers. The Notice, which merely reiterates existing requirements, became effective on September 5, 2007.

The Interpretive Notice is located on NFA's Web site at this link: National Futures Association | NFA Manual / Rules. NFA's August 17, 2007 submission letter to the Commodity Futures Trading Commission includes a more detailed explanation. You can access an electronic copy of the submission letter at National Futures Association | News Center.

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