Proposed Rule
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INTERPRETIVE NOTICE
(additions are underscored and deletions are stricken):
NFA FINANCIAL REQUIREMENTS:
THE ELECTRONIC FILING OF FINANCIAL REPORTS
NFA Financial Requirements require each FCM for which NFA is the DSRO and each IB which is not operating pursuant to a guarantee agreement to file financial reports with NFA. FCMs must file reports at least quarterly monthly while IBs file on a semi-annual basis. FCMs file reports on CFTC Form 1-FR-FCM while IBs use Form 1-FR-IB. FCMs or IBs which are also registered as securities brokers or dealers may use the SEC FOCUS Report in lieu of the Form 1-FR for their financial reports.
NFA, in partnership with the Chicago Mercantile Exchange and the Chicago Board of Trade, has developed personal computer software which allows FCMs and IBs to electronically file financial reports with NFA, the CME, CBOT and the CFTC. This software is being used industry-wide. The software accommodates filing of the Form 1-FR-FCM, Form 1-FR-IB, and the FOCUS II and FOCUS IIA Reports. All FCMs and IBs for which NFA is the DSRO must file their financial reports electronically using this software. NFA's Board of Directors has determined that the electronic filing of financial reports will satisfy the filing requirements for FCMs and IBs set forth in NFA Financial Requirements. All other filing-related requirements, such as deadlines for filing and the contents of the reports, remain unchanged. These requirements are not affected by the manner of filing.
NFA's filing software also includes procedures for the appropriate representative of the NFA Member FCM or IB to attest to the completeness and accuracy of the financial report in order to comply with NFA and CFTC certification and attestation requirements. Each authorized signer must apply to NFA for a Personal Identification Number using an application form approved by NFA.
Full details about the software and electronic filing procedures and the application form for obtaining a PIN number are available by accessing the Compliance Section, Issues for FCMs and IBs, of NFA's web site at www.nfa.futures.org or by contacting the Information Center at (312) 781-1410. Information is also available on the Joint Audit Committee's website at www.wjammer.com/jac/.
Finally, while all Member FCMs and IBs are encouraged to file financial reports electronically, electronic filing of financial reports is not required. Member FCMs and IBs may continue to file hardcopy financial reports as they have in the past in accordance with FCM Financial Requirements.
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