INTERPRETIVE NOTICES
Table of Contents

[¶ 9001] [Reserved]

[¶ 9002] Registration Requirements; Branch Offices (Staff, September 6, 1985; revised July 1, 2000 and December 9, 2005)

[¶ 9003] NFA Compliance Rule 2-29: Communications with the Public and Promotional Material (Board of Directors, November 19, 1985)

[¶ 9004] NFA Compliance Rule 2-30: Customer Information and Risk Disclosure (Board of Directors, June 1, 1986)

[¶ 9005] NFA Compliance Rule 2-4: Guidelines for the Disclosure by FCMs and IBs of Costs Associated with Futures Transactions (Board of Directors, June 1, 1986)

[¶ 9006] NFA Compliance Rule 2-13: Guideline for the Disclosure by CPOs and CTAs of "Up Front" Fees and Organizational and Offering Expenses (Board of Directors, July 1, 1986)

[¶ 9007] Compliance with NFA Bylaw 1101 (Staff, March 19, 1987)

[¶ 9008] [Reserved]

[¶ 9009] NFA Compliance Rule 2-29: Review of Promotional Material Prior to its First Use (Staff, May 1, 1989)

[¶ 9010] Information Available from NFA Regarding Background of Prospective Employees (Staff, August 21, 1989)

[¶ 9011] NFA Bylaws 515, 708 and 802: NFA Requirements which Constitute Disciplinary Offenses (January 1, 2008)

[¶ 9012] [Reserved]

[¶ 9013] NFA Compliance Rule 2-30: Customer Information and Risk Disclosure (Staff, November 30, 1990)

[¶ 9014] NFA Compliance Rule 2-4: Confidentiality Language in Release Agreements (Staff, February 7, 1991; revised December 17, 2007)

[¶ 9015] [Reserved]

[¶ 9016] NFA Bylaw 1301: NFA Assessment Fee Questions and Answers for FCMs (Staff, revised January 1, 1998; November 26, 2001; January 1, 2002; July 1, 2002; September 17, 2002; January 1, 2003, January 1, 2005; August 1, 2005; and January 1, 2008)

[¶ 9017] NFA Bylaw 1301: Forms and Procedures for Assessment Fee Computation (Staff, revised January 1, 1998; November 26, 2001; January 1, 2002; April 1, 2002; July 1, 2002; January 1, 2003; and January 1, 2008)

[¶ 9018] Registration Rule 402: CPOs of Pools Trading Primarily in Securities (Board of Directors, August 1, 1992, revised December 10, 2007)

[¶ 9019] Compliance Rule 2-9: Supervision of Branch Offices and Guaranteed IBs (Board of Directors, October 6, 1992)

[¶ 9020] Compliance Rule 2-9: Self-Audit Questionnaires (Board of Directors, October 6, 1992)

[¶ 9021] Compliance Rule 2-9: Enhanced Supervisory Requirements (Board of Directors, January 19, 1993; revised August 14, 1996, December 16, 1996; March 10, 1998; July 1, 2000; January 1, 2001; June 1, 2001; August 21, 2001; March 18, 2003; November 9, 2004; February 15, 2006; April 15, 2006; November 1, 2007; and December 17, 2007)

[¶ 9022] Registration Rule 402: CTAs Trading Primarily in Securities (Board of Directors, September 21, 1993, revised December 10, 2007)

[¶ 9023] Compliance Rule 2-13: Break-Even Analysis (Board of Directors, August 24, 1995)

[¶ 9024] [Reserved]

[¶ 9025] Compliance Rule 2-29: Use of Promotional Material Containing Hypothetical Performance Results (Board of Directors, February 1, 1996)

[¶ 9026] [Reserved]

[¶ 9027] [Reserved]

[¶ 9028] NFA Financial Requirements for the Electronic Filing of Financial Reports (Board of Directors, March 24, 1997. Revised July 1, 2000, July 24, 2000 and December 31, 2001)

[¶ 9029] NFA Compliance Rule 2-10: The Allocation of Bunched Orders for Multiple Accounts (Board of Directors, June 9, 1997)

[¶ 9030] [Reserved]

[¶ 9031] Standard List of Documents to be Exchanged Under Section 8 of NFA's Code of Arbitration (Board of Directors, December 1, 1997)

[¶ 9032] Standard List of Documents to be Exchanged Under Section 7 OF NFA's Member Arbitration Rules (Board of Directors, December 1, 1997)

[¶ 9033] NFA Compliance Rule 2-29: Deceptive Advertising (Board of Directors, June 4, 1996)

[¶ 9034] NFA Compliance Rule 2-29: Deceptive Advertising (Board of Directors, September 2, 1998)

[¶ 9035] NFA Compliance Rule 2-35: CPO/CTA Disclosure Documents (Board of Directors, April 30, 1999)

[¶ 9036] [Reserved]

[¶ 9037] NFA Compliance Rule 2-9: Supervisory Procedures for E-Mail and the Use of Web Sites (Board of Directors, August 19, 1999)

[¶ 9038] NFA Compliance Rules 2-29: High Pressure Sales Tactics (Staff, June 19, 1996)

[¶ 9039] NFA Compliance Rules 2-29 and 2-9: NFA's Review and Approval of Certain Radio and Television Advertisements (Board of Directors, March 28, 2000)

[¶ 9040] [Reserved]

[¶ 9041] Obligations to Customers and Other Market Participants

[¶ 9042] NFA Compliance Rule 2-9: Special Supervisory Requirements for Members Registered as Broker-Dealers Under Section 15(B)(11) of the Securities Exchange Act of 1934 (Revised December 17, 2007)

[¶ 9043] NFA Compliance Rule 2-29: Use of Past or Projected Performance; Disclosing Conflicts of Interest for Security Futures Products

[¶ 9044] NFA Compliance Rule 2-4: Broker-Dealer Registration Requirements for Security Futures Products

[¶ 9045] NFA Compliance Rule 2-9: FCM And IB Anti-Money Laundering Program (April 23, 2002; revised November 16, 2006; January 15, 2008; and March 28, 2008)

[¶ 9046] NFA Compliance Rule 2-9: Supervision of the Use of Automated Order-Routing Systems (June 21, 2002; revised December 12, 2006)

[¶ 9047] NFA Compliance Rule 2-37: Fair Commissions (Board of Directors, April 16, 2002; revised December 17, 2007)

[¶ 9048] NFA Compliance Rule 2-4: The Best Execution Obligation of NFA Members Registered as Broker-Dealers Under Section 15(b)(11) of The Securities Exchange Act of 1934 (Board of Directors, July 31, 2002)

[¶ 9049] NFA Compliance Rules 2-7 and 2-24 and Registration Rule 401:Proficiency Requirements for Security Futures Products Interpretive Notice (Board of Directors, August 27, 2002; revised May 5, 2003; December 4, 2006; and December 17, 2007)

[¶ 9050] NFA Compliance Rule 2-30(b): Risk Disclosure Statement for Security Futures Contracts (Board of Directors, October 7, 2002; revised December 10, 2002; and December 17, 2007)

[¶ 9051] NFA Compliance Rule 2-9: Ethics Training Requirements (Board of Directors, July 1, 2003)

[¶ 9052] NFA Compliance Rule 2-38: Business Continuity and Disaster Recovery Plan (Board of Directors, July 1, 2003)

[¶ 9053] Forex Transactions (Board of Directors, December 1, 2003; revised November 9, 2004; June 13, 2005; September 15, 2005; November 30, 2005; April 30, 2006; July 31, 2006; October 1, 2006; February 13, 2007; March 7, 2007; March 9, 2007; March 31, 2007; May 7, 2007; June 5, 2007; July 1, 2007; September 21, 2007; October 1, 2007; October 25, 2007; December 17, 2007; and December 21, 2007)

[¶ 9054] NFA Compliance Rule 2-34: Performance Reporting and Disclosures (Board of Directors, November 20, 2003; effective May 1, 2004)

[¶ 9055] Interpretive Notice: NFA Bylaw 1101, Compliance Rules 2-9 and 2-29: Guidelines Relating to the Registration of Third-Party Trading System Developers and the Responsibility of NFA Members for Promotional Material that Promotes Third-Party Trading System Developers and their Trading Systems (Board of Directors, August 19, 2004; effective January 10, 2005)

[¶ 9056] NFA Compliance Rule 2-6: Conducting Commodity Futures Business With an Expelled or Suspended Member or Associate (Board of Directors, May 19, 2005; effective July 20, 2005)

[¶ 9057] Commissions, Fees and Other Charges (Board of Directors, August 17, 2006; effective November 1, 2006)

[¶ 9058] NFA Compliance Rule 2-40: Procedures for the Bulk Assignment or Liquidation of Forex Positions; Cessation of Customer Business (Board of Directors, November 16, 2006; effective February 16, 2007)

[¶ 9059] NFA Compliance Rule 2-4: Disclosure Guidelines for FCMs Offering Sweep Accounts (Board of Directors, February 15, 2007; effective July 1, 2007)

[¶ 9060] Compliance Rule 2-36(e): Supervision of the Use of Electronic Trading Systems (Board of Directors, November 16, 2006; effective July 1, 2007; October 15, 2007; and December 17, 2007)

[¶ 9061] NFA Compliance Rule 2-4: Misuse of Trade Secrets and Proprietary Information (Board of Directors, August 16, 2007; effective September 5, 2007; and December 11, 2007)