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January 09, 2003
NFA to review CPO annual financial reports
January 9, Chicago - National Futures Association (NFA) announced today that it has received authority from the Commodity Futures Trading Commission (CFTC) to conduct reviews of annual financial reports filed by commodity pool operators (CPOs), beginning with reports for financial years ending on December 31, 2002 and later. In conjunction with this new responsibility, NFA has collaborated with the CFTC to implement technology that will allow CFTC staff to view NFA's records electronically.
"The review program will also eliminate the need for CPOs to file duplicate copies of their financial reports with NFA and the CFTC, creating greater regulatory efficiency," said NFA President Dan Roth. "By authorizing this additional responsibility to us, the CFTC once again demonstrates its confidence in our proven ability to deliver efficient and effective regulatory programs and services to the derivatives industry."
Throughout NFA's history, the CFTC has authorized NFA to conduct additional regulatory functions. As a result, NFA now processes registration applications for all futures industry participants, initiates actions to revoke and/or deny registrations, acts as agent for service of process for foreign firms under Part 30 of the Commodity Exchange Act and reviews CPO and CTA Disclosure Documents.
"We support the Commission's mission to delegate more of its regulatory functions to NFA in order to focus its efforts on regulatory oversight," said Roth. "Actions like the one taken today will benefit not only the CFTC and NFA, but the entire futures industry."
NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.