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Part 2 - RULES GOVERNING THE BUSINESS CONDUCT OF MEMBERS REGISTERED WITH THE COMMISSION
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RULE 2-30. CUSTOMER INFORMATION AND RISK DISCLOSURE.
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- (b) The Member or Associate shall exercise due diligence to obtain the information and shall provide the risk disclosure at or before the time a customer first opens a futures trading account to be carried or introduced by the Member, or first authorizes the Member to direct trading in a futures account for the customer.
- (e) In the case of an account which is introduced by an FCM or IB or for which a CTA directs trading, and except as otherwise provided in subsections (b) and (j), it shall be the responsibility of the Member soliciting the account to comply with this Rule.
Risk Disclosure Statement for Security Futures Contracts
NFA Compliance Rule 2-30(b) requires Members and Associates who are registered as brokers or dealers under Section 15(b)(11) of the Securities Exchange Act of 1934
not members of NASD to provide a disclosure statement for security futures products to a customer at or before the time the Member approves the account to trade security futures products.1 NFA Compliance Rule 2-30(j)(1) requires these Members and Associates to make a record of when the disclosure statement was provided, and Compliance Rule 2-29(j)(12) prohibits them Members who are registered as brokers and dealers in security futures products under Section 15(b)(11) of the Securities Exchange Act from including anything other than basic information in promotional material unless the promotional material is preceded or accompanied by the disclosure statement.2 The disclosure statement for security futures products referred to in these Rules is a uniform statement that has been jointly developed by NFA, NASD, and a number of securities and futures exchanges.
The uniform disclosure statement, which is titled "Risk Disclosure Statement for Security Futures Contracts," can be downloaded from NFA's website at www.nfa.futures.org. Copies are also available by calling NFA's Information Center at 800-621-3570.3 Members must be able to demonstrate to NFA, during an audit, that they provided the disclosure statement as required. Members are not, however, required to obtain a written acknowledgment from the customer regarding the disclosure statement.
1 Since CTAs are not required to provide the disclosure statement for security futures products, the Member carrying the account must provide that statement to customers whose accounts are solicted by CTAs.
2 NASD members are subject to equivalent NASD requirements.
3 There is a small charge for bulk orders.