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Proposed Rule

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Proposed Amendments

A) Proposed Amendments to NFA Compliance Rule 3-4(b) (additions are underscored and deletions are stricken):

COMPLIANCE RULES

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Part 3 - COMPLIANCE PROCEDURES

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RULE 3-4. NOTICE OF CHARGES

    (a) A Complaint issued by the Business Conduct Committee under these Rules must --

      (i) state each NFA requirement alleged to be, to have been or about to be violated; and

      (ii) state each act or omission that constitutes, constituted or will constitute the alleged violation.

    (b) NFA shall advise the Respondent in writing regarding the --

      (i) Answer -(a) that the Respondent must file a written Answer to the Complaint with NFA, within 10 business 30 calendar days of the date of the Complaint, unless the Complaint states otherwise;

      (b) (ii) that failure to file an Answer as provided in Part (i)(a) above shall be deemed an admission of the facts and legal conclusions contained in the Complaint;

      (c) (iii) that failure to respond to any allegation shall be deemed an admission of that allegation; and

      (d) (iv) that failure to file an Answer as provided in Part (i)(a) above shall be deemed a waiver of hearing.

      (ii) Hearing -

        (a) that the Respondent must file a written Request for Hearing with NFA, within 10 business days of the date of the Complaint, unless the Complaint states otherwise;

        (b) that the requirement that a hearing be requested in writing may be satisfied by the Respondent completing and filing with NFA the Request for Hearing form, which shall be provided to each Respondent with the Complaint;

        (c) that failure to request a hearing as provided in Part (ii)(a) above, unless good cause is shown, shall be deemed a waiver of hearing;

        (d) that if the Respondent waives the right to a hearing, the Compliance Department may proceed to submit testimonial or documentary evidence to the Hearing Committee (See Bylaw 707) or a designated Panel without further notice to the Respondent; and

        (e) that if the Respondent waives the right to a hearing, he has waived his right to object to the Compliance Department's evidence, crossexamine witnesses and present evidence on his own behalf.

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