NFA Compliance Rule 2-9 places a continuing responsibility on each Member to diligently supervise its employees and agents in the conduct of their commodity interest activities. NFA recognizes that, given the differences in the size and complexity of NFA Members' operations, there must be some degree of flexibility in determining what constitutes diligent supervision for each firm. NFA expects that Members' supervisory programs will vary, and NFA's policy is to provide firms with flexibility to develop and implement procedures that are tailored to their operations.
Use of Marketing Materials
The Interpretive Notice entitled NFA Compliance Rule 2-9(d): Swap Dealer and Major Swap Participant Supervision of the Use of Marketing Materials requires swap dealer (SD) Members to have an adequate supervisory program designed to achieve ongoing compliance with applicable NFA and CFTC requirements. All marketing materials must be reviewed and approved by appropriate SD personnel; those SD personnel must be appropriately trained; and copies of all marketing materials must be maintained along with a record of its review and approval. See Notice I-20-48.
NFA staff covered SD supervision of marketing materials during NFA's 2021 Virtual Member Workshop.VIEW THE WORKSHOP MATERIALS