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Interpretive Notices


9011 - NFA BYLAWS 515, 708 AND 802: NFA REQUIREMENTS WHICH CONSTITUTE DISCIPLINARY OFFENSES.

(As of January 1, 2010)

NFA Bylaws 515, 708 and 802 set qualification standards for individuals serving on the Board, disciplinary committees, and arbitration panels and incorporate the disqualification standards in CFTC Regulation 1.63. Under those Bylaws and CFTC Regulation 1.63, individuals who violate the following rules are automatically disqualified from serving on the Board, disciplinary committees, and arbitration panels for at least three years.

1. Bylaws:

    Bylaws 301(a)-(d), 513 through 516, 703, 704, 706 through 708, and 1101.

2. Compliance Rules:

    Rules 2-2 through 2-7, 2-8(a)-(c), 2-9, 2-10(b) and (d)(4)-(5), 2-11, 2-13, 2-22 through 2-27, 2-29(a)-(e), (h), and (j), 2-30, 2-31, 2-32, 2-34(a) and (c)-(d), 2-35, 2-36, 2-37(a)-(c) and (g), 2-38(a), 2-39, 2-40, 2-41, 2-42, 2-43, 2-44, and 2-45.

3. Financial Requirements:

    Sections 4, 14, and 15.

4. Registration Rules:

    Rules 208, 210(a)-(b), 211, 301(c) and (d)(2), and 302(c) and (d)(2).

[NOTE: Individuals are also disqualified from serving on the Board, disciplinary committees, and arbitration panels if they violated certain requirements that have since been repealed and the disqualification period is still in effect. These requirements are former Compliance Rules 2-15 through 2-17, 2-19 through 2-20, and 2-28 and former Registration Rule 205.]