Notices to Members

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Notice I-19-15

June 20, 2019

Effective date of dues surcharge for certain Member firms engaged in swaps activities

In May 2019, NFA issued Notice to Members I-19-13 announcing that NFA's Board of Directors approved an annual dues surcharge of $1,750 on certain NFA Members including FCMs for which NFA is the DSRO, IBs, CPOs and CTAs that are approved as swap firms pursuant to NFA Bylaw 301(l)1. The Board determined to impose this surcharge on these firms since NFA does not currently assess any fees related to NFA's oversight of their swaps activities.

The CFTC recently approved the amendments to NFA Bylaw 1301 imposing this dues surcharge.

Effective date

The dues surcharge will become effective on January 1, 2020 and will be included in all invoices of swap-approved or swap-pending Member firms for membership dues payable after that date. NFA will invoice the new membership dues for the following membership year approximately 45 days before the firm's renewal date, and the new membership dues shall be payable in full on or before the firm's membership renewal date.

Withdrawal of swap-approved status

An NFA Member can check its swap approval status by accessing NFA's BASIC system.

In order to avoid this surcharge, a current or pending swap-approved Member firm that is not engaged in swaps activities and is not required to be a swap-approved firm should withdraw its swap approval status by completing Form 7-W using NFA's Online Registration System (ORS).

An authorized ORS user can access the Form 7-W by going to the ORS Links menu, selecting "Update/Withdraw Registration Information" and then clicking on "Process a Firm Withdrawal Request." Under the Withdrawal Categories section of the Form 7-W, check the box next to the Swap Firm category to withdraw the firm's swap approval status.

To ensure proper processing, NFA encourages firms to file the Form 7-W prior to January 1, 2020. However, any firm that withdraws its swap approval prior to the firm's 2020 renewal date will not be required to remit the additional surcharge.

More information on these amendments is available in the May 21, 2019 submission letter to the CFTC. If you have any questions regarding the new dues surcharge, please contact Tanika Pierre, Associate Director, Treasurer's Office (312-781-1383 or tpierre@nfa.futures.org). Questions regarding withdrawing as a swap-approved firm should be directed to NFA's Information Center (800-621-3570 or information@nfa.futures.org).


1 NFA Bylaw 301(l) requires FCM, IB, CPO and CTA Members engaged in activities involving swaps subject to the jurisdiction of the CFTC to be approved by NFA as swap firms, and their APs who engage in swaps-related activities to be approved as swap APs.

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