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June 03, 2002
National Futures Association launches Online Registration System
June 3, Chicago - National Futures Association (NFA) today launched its Online Registration System (ORS), providing the futures industry with an efficient, cost-effective method of fulfilling an essential regulatory obligation. With only a couple of minor exceptions, firms and individuals are now required to apply for NFA membership and register with the Commodity Futures Trading Commission (CFTC) electronically through NFA's Web site (www.nfa.futures.org).
"When the CFTC granted us the authority to register industry participants in 1982, we reduced the registration processing time from weeks to days," says Greg Prusik, NFA's vice-president of Registration. "Today, we have reduced that time from days to minutes."
NFA Members and registrants will see many benefits from the ORS. For example, the system issues Temporary Licenses to eligible applications as soon as the application is filed, allowing qualified firms and individuals to begin conducting business more quickly. Because the ORS will function as the "electronic registration recordkeeper" for the industry, firms and individuals are no longer required to keep copies of registration forms and many other registration-related documents. Electronic notices will also replace many of the letters that NFA previously sent to notify firms about registrations being granted or withdrawn.
"This means potential cost savings related to storage and retrieval of the hard copy records, " says Prusik. "These cost savings will be especially significant for large firms with many registered Associated Persons."
NFA's Online Registration System is available from 7:00 a.m. to 7:00 p.m. CT Monday through Friday and from 8:00 a.m. to 2:00 p.m. on Saturday. In order to provide the necessary user support, NFA's Information Center (800-621-3570) will extend its hours of operation. For a period of time following the introduction of ORS, the Information Center will operate from 7:00 a.m. to 7:00 p.m. CT Monday through Friday.
National Futures Association is the industrywide self-regulatory organization for the U.S. futures industry. In addition to its congressionally mandated regulatory responsibilities, NFA provides regulatory programs and services to several new electronic exchanges.