Interpretive Notices

9032 - STANDARD LIST OF DOCUMENTS TO BE EXCHANGED UNDER SECTION 7 OF NFA'S MEMBER ARBITRATION RULES

(Board of Directors, December 1, 1997; revised July 1, 2024)

INTERPRETIVE NOTICE

Section 7 of NFA's Member Arbitration Rules requires the parties to automatically exchange certain documents early in the discovery process. Under this procedure, NFA will identify the standard documents that are routinely relevant for the causes of action alleged in a particular case from this list of documents approved by NFA's Board of Directors as set forth below. NFA will then notify the parties that they must automatically exchange the standard documents with each other no later than 15 days after the last pleading is due, whether such documents are maintained electronically or otherwise. A party is not required to obtain or exchange any documents that do not exist or that are not within the party's possession or control.

The parties may ask for other documents and information within 30 days after the last pleading is due. The parties may ask for documents and information on the list which have not been identified for automatic exchange if they believe those documents and information are relevant to the claim or defense.

A Member and/or Associate May be Asked to Provide Any or All of the Following:

• Records (including telephone bills) of all communications between the parties relating to the matters involved in the dispute, including but not limited to video and audo recordings, transcripts of in-person meetings and video and oral communications, emails, texts, social media messages and chat messages.

• Any memoranda, notes or other correspondence between the parties relating to the matters involved in the dispute.

• Contracts or written agreements between the parties.

• Partnership or joint venture agreements.

• Corporate documents (e.g., formation documents, by-laws, resolutions, minutes of meetings of the Board of Directors or a similar governing body).

• Annual reports and financial statements.

• Any disclosure document, private placement memorandum, offering memorandum or similar document that is relevant to the arbitration proceeding.

• Authorizations for transferring accounts or positions from one FCM to another.

• Records of security or guarantee deposits made by one party with or for the benefit of another party.

• Commission runs.

• Customer equity runs.

• Registration applications, biographies, resumes, or similar documents showing employment history and educational background of the parties.

• Employee personnel files, including performance evaluations.

• Employee handbooks, including amendments.

• Forms 8-T or U-5 for the parties.

• Documents showing salary history (including bonuses, commissions, and commission pay-outs).

• The index to a party's compliance manual and an index or summary list of any written compliance policies.

• If the dispute involves a customer account, copies of the customer's account opening documents and forms, monthly activity statements, daily confirmation statements, commission runs, margin calls and powers-of-attorney giving someone other than the customer the right to trade the account.