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Notice I-07-41

October 04, 2007

Effective Date of Amendments to NFA Compliance Rule 2-39

NFA has received notice that the Commodity Futures Trading Commission has approved amendments to NFA Compliance Rule 2-39 to prohibit most Members from using unregulated solicitors when acting as fully disclosed forex intermediaries. Forex Dealer Members and Members who meet the criteria in NFA Bylaw 306(b) (e.g., registered broker-dealers) are exempt from the prohibition.

Effective immediately, no Member subject to Compliance Rule 2-39(b) may accept orders or accounts for new retail off-exchange forex customers from unregulated entities. Firms that are currently accepting orders or servicing accounts introduced by unregulated entities have until October 31, 2007 to unwind their arrangements with these unregulated entities. These firms should contact NFA staff as soon as possible.

An August 17, 2007 submission letter to the Commodity Futures Trading Commission includes a copy of the revised language as well as a more detailed description of the changes. You can access an electronic copy of the submission letter at National Futures Association | News Center.

Questions concerning these requirements should be directed to Sharon Pendleton, Director, Compliance, (spendleton@nfa.futures.org or 312-658-6540) or Lauren Brinati, Manager, Compliance (lbrinati@nfa.futures.org or 312-658-6585).

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