Proposed Rule

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Explanation of Proposed Amendments

The proposed amendments to NFA Registration Rule 201 will allow NFA to perform the ministerial functions of processing and granting registrations for agricultural trade option merchants ("ATMs") and their associated persons as requested by the Commission. Under the proposed rules, the registration process for ATMs, their APs and principals will be a streamlined version of the existing registration process. Applicants in these categories will file Form 7-Rs and 8-Rs that NFA has modified to apply strictly to the ATM category, but individuals will not submit fingerprint cards. Because NFA has no authority to deny ATM or ATM AP registrations, NFA will refer all applications indicating potential disqualifications or net worth issues to the Commission for its review and action.

The proposed amendments to Registration Rule 203(a) impose a $100 application fee for ATMs and a $50 application fee for their APs and principals. The ATM fee corresponds to the registration fee for IBs and the fee for ATM APs and principals corresponds to other situations in which NFA does not incur the FBI cost for processing fingerprint cards. NFA staff expects that these fees will cover the marginal costs that NFA will incur in connection with ATMs.

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