NFA now requires firms to complete an electronic Annual Registration Update as part of their annual filing requirements. The first group of firms affected are those with October 1, 2007 annual due dates. The remaining firms will be required to complete an Annual Registration Update at the time of their annual due dates. Firms can easily find their annual due dates on the ORS "Outstanding Requirements" screen or the "Annual Due Date Information Report" located in the ORS "Report Center." Additionally, FCMs can view the due dates for all of their guaranteed IBs on this same report.
The electronic Annual Registration Update process will begin with NFA sending a letter and invoice to each firm 45 days prior to its annual due date. NFA will also send an email to firms that have enrolled in the e-mail notification service. (To enroll in the e-mail notification program, the Security Manager should select "NFA E-mail Notification Service" under the "Security" tab in ORS.)
The letter and e-mail will advise the firm of the need to (1) complete the electronic Annual Registration Update; (2) electronically submit the firm's annual questionnaire; and (3) pay its annual fees and dues.
Firms have access to the Annual Registration Update through ORS. After logging on to ORS, the user should go to the "Update/Withdraw Registration Information" page and select "Annual Registration Update" under the "Annual Filings" section of the page. The user should review all of the information and, with certain exceptions, make appropriate changes while moving through the Annual Registration Update process.
One exception concerns individual principals. Although the names, titles and ownership interest of the principals will appear in the process, the user may change only the title or ownership interest information. To add or withdraw an individual as a principal, a Form 8-R or 8-T, respectively, must be filed using the normal individual application or withdrawal process.
The other exception applies to the firm's APs. A list of the firm's APs will also appear in the process. However, as with individual principals, firms can only add or withdraw APs by electronically filing the appropriate form.
In addition, a list of the firm's current ORS users will appear in the process. However, only a security manager of the firm can update this list.
To complete the process, the user must review the information that will be contained in the Annual Registration Update by clicking on the "View this Annual Registration Update Data" link on the "Confirmation Page," read the Annual Registration Update Certification, and click the "File Annual Registration Update" button that appears on the "Confirmation Page" at the end of the process.
Once the firm has electronically filed the Annual Registration Update, ORS will create a PDF file containing all of the information that the firm reviewed (with the exceptions of the AP list and the Users list). The PDF will be stored in the firm's "Filing History" screen in ORS.
If a firm has not completed one or more of its annual filing requirements (Annual Registration Update, annual questionnaire, dues and fees) within 30 days following its annual due date, the firm will be deemed to have requested withdrawal of its registration and/or Membership, and that status will be reflected in ORS. In addition, the firm will be informed via the ORS Notices Screen that withdrawal has been deemed requested.
Before a firm's registration or Membership is actually withdrawn, NFA will make multiple attempts to contact the firm by telephone to remind it of its obligation. Firms that have signed up to receive Annual Registration Update notices via NFA's E-mail Notification Service will also receive a series of emails.
If a firm's registration is withdrawn for failure to complete any of its annual filing requirements, the firm can request reinstatement of their registration or Membership rather than file a new application. However, the firm must request reinstatement within 60 days of withdrawal, pay all outstanding fees, and, if the request is made between the 30th and 60th day, pay a $500 reinstatement fee. Firms that have had their registration withdrawn for failure to complete the Annual Registration Update, as opposed to failure to file the annual questionnaire or pay all fees and dues, will be reinstated with a status of pending withdrawal and must complete the Annual Registration Update process within 30 days of reinstatement. The failure to do so will result in withdrawal of the firm's registration, and if applicable, Membership and no further reinstatement request will be granted.
Questions regarding the annual filing requirements should be directed to NFA's Information Center at (800) 621-3570 or (312) 781-1410 or email NFA at email@example.com.
NFA Members can file many of their required documents electronically.
You can check the registration status and disciplinary history of any derivatives firm or individual.