Proposed Rule

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In 1997, NFA began conducting reviews of CTA and CPO disclosure documents and processing notices and statements of exemption from CTA and CPO registration. In 2002, NFA began reviewing CPO certified annual financial reports. NFA is the official custodian of these records and, since 2004, has been the sole custodian of financial statements filed by IBs.

As official custodian of the various CFTC records, NFA is called upon to provide certified copies of the records that it maintains. NFA has long performed this function in connection with registration records, and Part 700 of NFA's Registration Rules specifically permits NFA to provide certified copies of the registration records in its possession. However, NFA currently has no rules governing the certification of the CFTC's compliance-related records. A new Part 4 to the Compliance Rules, consisting of Rules 4-1 and 4-2, will govern the certification of CFTC records other than registration records.

As mentioned earlier, NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act. NFA intends to make Compliance Rules 4-1 and 4-2 effective ten days after receipt of this submission by the Commission, unless the Commission notifies NFA that the Commission has determined to review the proposal for approval.

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