Proposed Rule
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(additions are underscored and deletions are stricken through)
CODE OF ARBITRATION
SECTION 1. DEFINITIONS.
(b) "Arbitration Claim" - means a claim filed by the person instituting the Arbitration proceeding.
(b) (c) "Associate"-means a person who is registered with NFA as an Associate or was so registered when the acts or transactions that are the subject of dispute occurred. (Under NFA Bylaws every person who is associated with a Member within the meaning of the term "associated person" as used in Section 4k of the Commodity Exchange Act, and who is required to be registered as such with the Commission, must register with NFA as an Associate.)
(c) (d) "Claim"-means an Arbitration Claim, counterclaim, cross-claim or third-party claim filed under this Code.
(d) (e) "Claimant"-means a person making a proper and timely claim under this Code.
(e) (f) "Commission"-means the Commodity Futures Trading Commission.
(f) (g) "Commodity Pool Operator" or "CPO"-means a commodity pool operator as that term is used in the Commodity Exchange Act, and that is required to be registered as such under the Commodity Exchange Act and Commission Rules.
(g) (h) "Commodity Trading Advisor" or "CTA"-means a commodity trading advisor as that term is used in the Commodity Exchange Act, and that is required to be registered as such under the Commodity Exchange Act and Commission Rules.
(h) (i) "Contract Market"-means an exchange designated by the Commission as a contract market in one or more commodities.
(i) (j) "Cross-claim"-means a claim filed by one Respondent against a co-Respondent.
(j) (k) "Futures Commission Merchant" or "FCM"-means a futures commission merchant as that term is used in the Commodity Exchange Act, and that is required to be registered as such under the Commodity Exchange Act and Commission Rules.
(k) (l) "Floor Broker"-means a floor broker as that term is used in the Commodity Exchange Act.
(l) (m) "Futures"-includes:
- (1) options contracts traded on a Commission-licensed exchange;
(2) options contracts granted by a person that has registered with the Commission under Section 4c(d) of the Act as a grantor of such option contracts or has notified the Commission under the Commission's Rules that it is qualified to grant such option contracts;
(3) foreign futures and foreign options transactions made or to be made on or subject to the rules of a foreign board of trade for or on behalf of foreign futures and foreign options customers as those terms are defined in the Commission's Rules; and
(4) leverage transactions as that term is defined in the Commission's Rules.
(m) (n) "Introducing Broker" or "IB"-means an introducing broker as that term is used in the Commodity Exchange Act, and that is required to be registered as such under the Commodity Exchange Act and Commission Rules.
(n) (o) "Leverage Transaction Merchant" or "LTM"-means a leverage transaction merchant as that term is used in Commission Rules, and that is required to be registered as such under the Commodity Exchange Act and Commission Rules.
(o) (p) "Member"-means a Member of NFA or a person that was a Member at the time the acts or transactions that are the subject of the dispute occurred.
(p) (q) "NFA"-means National Futures Association.
(q) (r) "Panel"-means the arbitration panel appointed pursuant to Section 4(a) of this Code.
(r) (s) "Person"-includes individuals, corporations, partnerships, trusts, associations and other entities.
(s) (t) "Pleading"-means an Arbitration Claim, counter-claim, cross-claim, third-party claim, Answer or Reply filed under this Code.
(t) (u) "President"-means the President of NFA.
(u) (v) "Respondent"-means a person against whom a claim is asserted under this Code.
(v) (w) "Secretary"-means the Secretary of NFA.
(w) (x) "Third-party Claim"-means a claim filed by a Respondent against a person not a party to the action.
SECTION 2. ARBITRABLE DISPUTES.
(a) Mandatory Arbitration.
- (ii) a customer claim that is required to be arbitrated by NFA under a lawful agreement that complies with Commission Rule
SECTION 3. PRE-DISPUTE ARBITRATION AGREEMENTS.
Any pre-dispute arbitration agreement between a customer and an FCM, IB, CPO, CTA or LTM Member or Associate thereof that does not comply with Commission Rule 180.3 166.5 shall be unenforceable under this Code.
MEMBER ARBITRATION RULES
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SECTION 1. DEFINITIONS.
(b) "Arbitration Claim" - means a claim filed by a person instituting the Arbitration proceeding.
(b) (c) "Associate"-means a person who is registered with NFA as an Associate or was so registered when the acts or transactions that are the subject of dispute occurred. (Under NFA Bylaws every person who is associated with a Member within the meaning of the term "associated person" as used in Section 4k of the Commodity Exchange Act, and who is required to be registered as such with the Commission, must register with NFA as an Associate.)
(c) (d) "Claim"-means an Arbitration Claim, counterclaim, cross-claim or third-party claim filed under this Code.
(d) (e) "Claimant"-means a person making a proper and timely claim under this Code.
(e) (f) "Commission"-means the Commodity Futures Trading Commission.
(f) (g) "Contract Market"-means an exchange designated by the Commission as a contract market in one or more commodities.
(g) (h) "Cross-claim"-means a claim filed by one Respondent against a co-Respondent.
(h) (i) "Hearings"-includes both oral hearing and summary proceedings, unless otherwise specified.
(i) (j) "Member"-means a Member of NFA or a person that was a Member at the time the acts or transactions that are the subject of the dispute occurred.
(j) (k) "NFA"-means National Futures Association.
(k) (l) "Panel"-means the arbitration panel appointed pursuant to Section 4(a) of this Code.
(l) (m) "Person"-includes individuals, corporations, partnerships, trusts, associations and other entities.
(m) (n) "Pleading"-means an Arbitration Claim, counter-claim, cross-claim, third-party claim, Answer or Reply filed under this Code.
(n) (o) "President"-means the President of NFA.
(o) (p) "Respondent"-means a person against whom a claim is asserted under this Code.
(p) (q) "Secretary"-means the Secretary of NFA.
(q) (r) "Self-Regulatory organization"-means a contract market, a registered national securities exchange, or a registered nation securities association.
(r) (s) "Third-party Claim"-means a claim filed by a Respondent against a person not a party to the action.