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October 11, 2018
Effective date of amendments to NFA Bylaw 1303—Default and deemed request to withdraw membership
NFA Bylaw 1303 gives NFA the authority to deem a Member's failure to pay certain fees as a request to withdraw from NFA membership. The CFTC recently approved amendments to NFA Bylaw 1303, which will become effective on October 31, 2018.
Over the years, NFA has added a number of fees for filing late reports. Therefore, these amendments update NFA Bylaw 1303 to specify that failure to pay fees for filing late reports under NFA Financial Requirements Section 10, NFA Financial Requirements Section 13, NFA Compliance Rule 2-46 and NFA Compliance Rule 2-48 will also be deemed a request to withdraw.
NFA's Board also amended NFA Bylaw 1303 to make consistent the time period when the request to withdraw occurs for all late payments. A Member's failure to pay its annual dues, late fees, and assessments or audit fees within 30 days of the due date will be deemed a request to withdraw.
More information regarding these amendments can be found in NFA's September 11, 2018 submission letter to the CFTC. If you have questions, please contact NFA's Information Center (312-781-1410 or 800-621-3570 or firstname.lastname@example.org).