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Notice I-11-07

April 12, 2011

Recent Changes to NFA's Self-Examination Questionnaire and Interpretive Notice 9020 entitled Compliance Rules 2-9, 2-36 and 2-39: Self-Audit Questionnaires

NFA requires all Members to review the Self-Examination Questionnaire on a yearly basis in order to help Members identify and correct any supervisory deficiencies. As originally drafted, the Questionnaire contained a general section for all Members as well as a supplemental section specifically tailored for FCMs, IBs, CPOs and CTAs. NFA recently added a section to the Questionnaire specifically tailored to an FDM's operations (e.g., trading systems, disclosure obligations and trading standards) and updated other Questionnaire sections to assist other Members engaging in forex transactions in reviewing their forex operations. In addition to these changes, NFA modified the Questionnaire as follows:

  • Changed the format from a checklist to a questionnaire in order to generate a "yes" or "no" response from the Member completing the questionnaire;
  • Identified CFTC and/or NFA requirements related to the specific areas covered in the Questionnaire; and
  • Updated the content of the Questionnaire by removing outdated practices.

In order to implement these changes, NFA also amended the related Interpretive Notice 9020 - Compliance Rules 2-9, 2-36 and 2-39: Self-Audit Questionnaires to specifically require FDMs to complete the Questionnaire and to require other Members engaging in forex transactions to use the Questionnaire to review their forex operations. The amendments to the Interpretive Notice also clarify that a supervisory person in a Member's branch office must review the branch office's operations. These amendments became effective April 8, 2011.

The revised Questionnaire is available on NFA's website. Members should use the revised Questionnaire at the time of their next annual review.

More information on the Interpretive Notice entitled Compliance Rules 2-9, 2-36 and 2-39: Self Audit Questionnaires can be found in NFA's February 24, 2011 Submission Letter to the CFTC. Questions concerning changes to the Questionnaire or the Interpretive Notice should be directed to Lauren Brinati, Associate Director, Compliance (lbrinati@nfa.futures.org or 312-781-1215) or Elizabeth C. Sheridan, Attorney (esheridan@nfa.futures.org or 312-781-1479).

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