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February 02, 2007
CFTC Amends Its Regulations to Require Notices of Exemption or Exclusion from Part 4 Requirements Be Filed Electronically with NFA
The Commodity Futures Trading Commission (CFTC) recently amended its Part 4 Regulations to require Commodity Pool Operators (CPOs) and Commodity Trading Advisors (CTAs) to electronically file with NFA all notices of exclusion or exemption from Part 4 requirements. The regulations also require that the notices be filed through NFA's electronic exemption system by a person duly authorized to bind the CPO or CTA. The amendments eliminate the requirement that these notices include a manual signature.
The amendments are effective February 15, 2007 and apply to all notices of exemption or exclusion required by Regulations 4.5, 4.7, 4.12(b), 4.13 and 4.14(a)(8).1
Any hardcopy exemptions filed with NFA prior to February 15, 2007 need not be refiled through the system. All previously filed hardcopy exemptions have been transferred into the new electronic system and are available for viewing and amendment.
Electronic Exemption System
NFA's electronic exemption system will be available at www.nfa.futures.org on February 15, 2007. To file a notice, the filer should select Compliance from topics appearing across the top of the Home Page. The filer should then select Electronic Filings from the drop down menu and Exemptions from the subsequent drop down menu.
Firms currently registered with the CFTC will use their existing Online Registration System accounts to gain access to the electronic exemption system. Non-registrants will be required to complete an on-line application process before gaining access to the electronic exemption system. Upon gaining access to the system, both registrants and non-registrants will be able to file a notice by selecting the applicable exemption type and providing the required information. The person submitting the notice must be a representative duly authorized to bind the firm. Once the notice is electronically submitted, the data included in the filing will be recorded in NFA's database system.
Registrants will be able to view and update past exemption filings. Non-registrants that have previously filed a notice with NFA will be able to view past filings after completing an online verification process.
To assist filers, the electronic exemption system provides a help text that outlines the applicable regulations for each of the available exemptions. The system also offers filers the ability to create a printer-friendly version of the notice for their records.
If you have any questions concerning the electronic exemption system or these amendments, please contact Mary McHenry at firstname.lastname@example.org or 312-781-2237, Susan Koprowski at email@example.com or 312-658-6732 or NFA's Information Center at 800-621-3570.
1 Persons or entities seeking an exemption under Advisory CFTC 18-96 should continue to file hardcopy notices until further notice.