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April 28, 2003
Amendment to NFA Financial Requirements
The Commodity Futures Trading Commission has approved NFA Financial Requirements Section 10, which assesses a fee of $200 for each business day that an FCM or independent IB is late in filing a financial statement. Section 10 will apply to all financial statements with "as of" dates of June 30, 2003 or later.
NFA's filing requirements are designed to enable NFA to monitor the financial situation of its Members. Therefore, it is very important that financial statements are filed on time. NFA has seen a significant drop in the number of late financial statements since the implementation of electronic filing in early 2002. However, there are still a handful of firms that file late.
With the advent of this rule, NFA hopes to decrease, if not completely prevent, all late filings. NFA will continue to work with firms to ensure they are filing timely and accurately.
As a reminder, all FCM and IB financial reports except the certified annual report must be filed electronically within 17 business days after the date of the report. A hard copy of the certified annual report must be filed no later than 90 days after the firm's fiscal year end. The only exception to these filing deadlines is for registered broker-dealers, who must file their reports within the time required by the SEC.
If you have any questions, please contact:
Team Manager, Compliance
National Futures Association
200 West Madison Street
Chicago, Illinois 60606-3447
The text of Section 10 is listed below. It will be added to the Rulebook on NFA's web site once it becomes effective.
SECTION 10. LATE FINANCIAL REPORTS
Each financial report required by Section 1, 5, or 6 that is filed after it is due shall be accompanied by a fee of $200 for each business day it is late. Payment and acceptance of the fee does not preclude NFA from filing a disciplinary action under the Compliance Rules for failure to comply with the deadlines imposed by NFA Financial Requirements or CFTC rules.