SD Examinations

NFA Members are required to comply with NFA Rules and CFTC Regulations. In order to monitor compliance, NFA conducts periodic examinations.

Please note: Firms may not withhold documents or provide documents from which information is redacted without NFA's prior consent. Additionally, please be advised that it is NFA's longstanding policy not to recognize a claim of privilege (including attorney-client privilege) as a proper basis for withholding documents from NFA or redacting information from them.  Learn more.

NFA examinations are conducted in three phases:

Planning: NFA will contact the Member firm and announce an upcoming examination. In some cases, this may include sending a Preliminary Questionnaire to confirm and gather some basic firm information. Following the initial contact, a formal announcement, known as a First Day Letter, will also be sent.

Fieldwork: During this phase, you can expect NFA to:

• Interview key personnel;
• Review reports and documentation;
• Conduct substantive testing; and
• Assess firms' compliance with NFA rules and CFTC regulations.

Reporting: Following fieldwork, NFA will:

• Hold an Examination Closing Meeting to discuss findings; and
• Issue a written examination report.