Welcome to the online version of NFA's rulebook, the NFA Manual. We update this version on an ongoing basis. If you want to check out what changes have most recently been made to the NFA Manual, go to Recent Manual Updates. LOCATION NFA's principal office shall be in Chicago, Illinois. NFA shall maintain a regional office in New York, New York and at such other locations as the Board of Directors hereinafter "Board" may designate.

PURPOSES [Effective dates of amendments: April 14, ; January 1, ; April 23, ; April 1, ; and October 8, Subject to the limitations in Section 2 of this Article, the fundamental purposes of NFA are to promote the improvement of business conditions and the common business interests of persons engaged in commodity futures and swaps or related activity by.

Actions of NFA to effectuate these purposes may include: The adoption, administration and enforcement as to the following persons of requirements regarding fair practice and designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade and, in general, to protect the public interest.

Notwithstanding the provisions of Section 2 a of this Article, the adoption with respect to its Members that are Futures Commission Merchants, Introducing Brokers, Leverage Transaction Merchants, Retail Foreign Exchange Dealers, Swap Dealers or Major Swap Participants of financial and related requirements designed to protect against insolvency, bankruptcy, or unsafe or unsound financial condition of such Members; the conduct, directly or through agents, of audits and reviews of the financial condition and related matters of such Members; and the adjudication and enforcement of compliance with NFA's financial and related requirements for all such Members, except as may otherwise be provided under Commission Regulations: Provided, howeverit is expressly understood that Contract Markets and Clearing Organizations shall have the right to adopt, administer and enforce financial and related requirements governing the eligibility of Members for membership privileges on such Contract Markets or Clearing Organizations.

The adoption and administration of a fair and equitable procedure through arbitration or otherwise for the voluntary settlement of customers' claims or grievances against Members described in paragraph a above, their employees, and Associates, in accordance with Section 17 b 10 of the Act, or claims or grievances of such Members or Associates against customers, or claims or grievances between or among such Members or Associates: Provided, howeverno such procedure shall apply to the settlement of a claim or grievance where the parties, by valid and binding agreement, have committed themselves to the resolution of such claim or grievance in a forum other than NFA, or where parties having claims or grievances between or among themselves are required by Contract Market rules to submit the controversy to the settlement procedures of such Contract Market.

The adoption of appropriate standards with respect to such training, experience and other qualification requirements as NFA deems necessary and appropriate to insure the fitness of Members and Associates; the development and administration of written proficiency examinations of Members and Associates; and, with the approval of the Commission, the administration of the registration of Members, Associates and any other persons required to be registered with the Commission.

Such requirements, examinations and registrations adopted by NFA with respect to Associates shall, with the consent of each Contract Market Member conducting comparable activities, replace and supplant the requirements, examinations and related activities theretofore conducted with respect to Associates by the Contract Market Member.

Notwithstanding the provisions of Section 2 a of this Article, the adoption, administration and enforcement of uniform, industry-wide requirements regarding the dealings and relations between and among Members described in paragraph a above, Associates and the customers of such Members and Associates, including, without limitation, requirements governing the manner, method, and place of soliciting business, including the content of such solicitations and the form and manner of handling, recording, and accounting for customers' orders, transactions, and accounts.

The prohibition of Members from carrying accounts, accepting orders, or handling transactions, in commodity futures contracts, for or on behalf of any non-Member, or suspended Member, that is required to be registered with the Commission as a Futures Commission Merchant, Commodity Pool Operator, Commodity Trading Advisor, Introducing Broker or Leverage Transaction Merchant and that is acting in respect to the account, order, or transaction for a customer, a commodity pool or participant therein, a client of a commodity trading advisor, or any other person, unless.

The prohibition of Members from accepting orders in commodity futures contracts to cover leverage transactions, for or on behalf of any non-Member, or suspended Member that is required to be registered with the Commission as a Leverage Transaction Merchant, unless.

The purchase or other acquisition, and the holding, owning, maintaining, working, developing, selling, leasing, exchanging, hiring, conveying, mortgaging or otherwise disposing of and dealing in, lands and leaseholds, and any interest, estate and rights in personal property, and any personal or mixed property, and any franchises, rights, licenses or privileges necessary, convenient or appropriate for any of the purposes herein expressed; the borrowing of funds for NFA's purposes and the pledging of real, personal or mixed property in connection therewith; the institution and defense of suits in NFA's name, and the settlement or compromising of any claim or controversy by or against it; and, subject to the delineation of purposes recited herein and the limitations set forth in Section 2 of this Article, the carrying out of all and everything necessary, suitable or proper for the accomplishment of any of the purposes, or the attainment of any of the objects, or the furtherance of any of the powers hereinabove set forth, and the performance of every other act or acts incident or appurtenant to, or growing out of, or connected with the aforesaid business or powers, or any part or parts thereof, and the exercise of all or any of its corporate powers or rights in the State of Delaware and in the various other states, territories, and dependencies of the United States, in the District of Columbia and in all or any foreign countries.

No NFA requirement shall purport to govern or otherwise regulate the specific conduct of a Member or Associate if such conduct is governed or regulated by the requirements of a Contract Market and such Member or Associate is subject to the Contract Market's disciplinary jurisdiction for such conduct.

NFA shall not adopt, administer or enforce upon any Member or Associate a rule, standard, requirement or procedure which purports to govern or otherwise regulate any of the following:. NFA shall not communicate any statement as its official position, view or opinion to a legislative body on any matter pending or contemplated to be pending before such body, except with the prior approval of the Board.

NFA shall be a membership corporation and shall have no capital stock and shall have no authority to issue any stock. NFA is not organized and shall not be conducted for profit, and no part of its net revenues or earnings shall inure to the benefit of any Member except for the repayment of bona fide loans or other credit extended by a Member to NFA.

MEMBERS [Effective dates of amendments: February 10, ; April 14, ; February 7, ; January 1, ; August 16, ; and April 1, Each Member shall have one vote on all matters on which the Member's category is entitled to vote. BOARD OF DIRECTORS [Effective dates of amendments: February 10, ; November 27, ; February 7, ; January 22, ; July 19, ; January 1, ; August 2, ; September 8, ; October 16, ; August 16, ; January 21, ; October 24, ; July 23, ; May 1, ; January 22, ; October 15, ; October 9, ; May 18, ; November 16, ; April 1, ; May 19, ; November 20, and October 8, The duties of the Board of Directors shall include the management of NFA's business, the adoption of NFA's Bylaws, and the fulfillment of NFA's fundamental purposes.

Composition of the Board until the Annual Meeting of the Board of Directors Held in February Until the regular annual meeting of the Board of Directors as set forth in Bylaw hereinafter "regular annual meeting of the Board" or "Board's regular annual meeting" held in Februarythe Board of Directors shall be comprised as follows:. Only Contract Market Members not represented in accordance with Section 2 a ii a shall be eligible to vote for the representatives elected in accordance with this Section 2 a ii b.

The number of contracts entered into on a Contract Market shall be adjusted where necessary because of differences in sizes of contracts e. For the purposes of this limitation, a Contract Market Member shall be deemed to be affiliated with another Contract Market Member if it directly or indirectly owns percent of or is owned percent by or has percent ownership in common with such other Contract Market Member.

Nine 9 elected representatives of registered Futures Commission Merchant Members, registered Leverage Transaction Merchant Members and registered Introducing Broker Members, divided as follows:. Five 5 elected representatives of registered Commodity Pool Operators and registered Commodity Trading Advisors that are NFA Members, including at least three 3 representatives of CPOs or CTAs that rank within the top 20 percent, one 1 of which must rank within the top 5 percent of CPOs or CTAs reporting any funds under management allocated to futures and swaps as defined in Article XVIII on NFA Form PQR and NFA Form PR as of June 30 of the prior calendar year.

Seven 7 elected representatives of registered or provisionally registered Swap Dealers, registered or provisionally registered Major Swap Participants and registered Retail Foreign Exchange Dealers, divided as follows:. Provided, howeverthat if there are no persons willing and eligible to be a representative of MSPs, then one 1 representative of SDs and RFEDs. Composition of Board from and after the Annual Meeting of the Board of Directors Held in February Notwithstanding anything to the contrary contained herein, the terms of office of all Directors in office shall expire at the regular annual meeting of the Board held in February From and after the regular annual meeting of the Board held in Februarythe Board of Directors shall be comprised as follows:.

Only Contract Market Members not represented in accordance with Section 2A a ii a shall be eligible to vote for the representatives elected in accordance with this Section 2A a ii b.

Seven 7 elected representatives of registered Futures Commission Merchant Members, registered Leverage Transaction Merchant Members and registered Introducing Broker Members, divided as follows:. Four 4 elected representatives of registered Commodity Pool Operators and registered Commodity Trading Advisors that are NFA Members, including i at least one 1 representative of CPOs or CTAs ranked within the top five 5 percent and ii at least one 1 representative of CPOs or CTAs ranked within the top ten 10 percent of CPOs or CTAs reporting any funds under management allocated to futures and swaps as defined in Article XVIII on NFA Form PQR and NFA Form PR as of June 30 of the prior calendar year.

Five 5 elected representatives of registered or provisionally registered Swap Dealers, registered or provisionally registered Major Swap Participants and registered Retail Foreign Exchange Dealers, divided as follows:. The Nominating Committee see Article X shall nominate at least one candidate for each elected FCM and LTM; IB; CPO and CTA; and SD, MSP and RFED Director position to be filled.

These nominations shall be made in accordance with the eligibility requirements contained in this Article. The Nominating Committee shall nominate candidates whose election shall result in diverse segments of each category being represented on the Board based upon the size of the Member, the type of business conducted by the Member and the type of customer serviced by the Member.

Nominations may be made for elected FCM and LTM; IB; CPO and CTA; and SD, MSP and RFED Director positions by:. Petitions shall be submitted in the manner specified in the Bylaws. No petition may nominate more than one candidate for the same position. If there is a contested election in any category See b i above of NFA Members, the Members in that category shall thereafter elect by plurality vote from such nominees the Directors that are to represent that category.

The election shall be conducted in the manner provided in the Bylaws, which shall provide for an Annual Election. If there is not a contested election in any category of NFA Members, the Directors that are to represent that category shall be elected to the Board by the members of the Executive Committee, other than the members who are Public Representatives and solely for such purposes shall be deemed the sole voting members under the General Corporation Law of the State of Delaware.

The Public Representatives shall be chosen as follows: Before the Annual Election, the Board shall solicit the nomination of individuals to serve on the Board in the Public Representative category. At the Board's regular annual meeting, the Board shall, by majority vote, elect the Public Representatives to serve on the Board.

At the Annual Election held in and at all Annual Elections held thereafter, in the event of an election as described in Article VII, Section 2A a ii bthe Contract Market representatives shall be elected as follows: Before the Annual Election, the Board shall solicit from Contract Market Members eligible to have representatives pursuant to Article VII, Section 2A a ii b the nomination of individuals to serve on the Board as representatives of such Contract Market Members.

If there is a contested election of such Contract Market Members, the Contract Market Members eligible to vote pursuant to Article VII, Section 2A a ii b shall thereafter elect by plurality vote from such nominees the Directors that will represent them. If there is not a contested election of such Contract Market Members, the Directors that are to represent that category shall be elected to the Board by the members of the Executive Committee, other than the members who are Public Representatives and solely for such purposes shall be deemed the sole voting members under the General Corporation Law of the State of Delaware.

The Nominating Committee shall determine which Directors, other than Contract Market Directors and Public Representatives, whose terms begin on the date of the regular annual meeting of the Board held in February shall serve two-year terms as follows: The remainder of such Directors shall serve one-year terms.

The Board shall determine which five 5 of the Public Representatives whose terms begin on the date of the regular annual meeting of the Board held in February shall serve two-year terms. The remainder of the Public Representatives shall serve-one-year terms.

Except as provided above, Directors other than Contract Market Member Directors shall serve for two-year terms, from the date of the Board's regular annual meeting following the Annual Election at which they are elected until the date of the Board's regular annual meeting two years hence. Each Director shall have one vote upon any matter coming before the Board for official action, and, except as otherwise provided in these Articles or NFA's Bylaws, the affirmative vote of a majority of the Directors present and voting at a meeting of the Board shall be NFA's official act if a quorum is present.

A quorum of the Board shall consist of one-half of the Directors, except where NFA Bylaws specify a lesser number in emergency situations. The Board shall establish for observance by the Executive Committee See Article VIII and NFA staff major plans and priorities, including those regarding the commitment and expenditure of NFA funds. There shall be a Chairman and Vice Chairman of the Board. They shall serve for one-year terms and shall be elected by the Board at its regular annual meeting, by majority vote.

The Chairman shall be elected from among the Directors in office and the Vice Chairman shall be elected from among Directors elected to serve on the Executive Committee. A vacancy that occurs on the Board before the expiration of a Director's term or because additional Directors in existing or new Member categories are required shall be filled for the unexpired term by an eligible individual elected by majority vote of the remaining Directors who represent the category of Members in which the vacancy occurred, except that if the vacancy involves a representative of a Contract Market Member, that Contract Market Member shall designate the successor.

In the event there are no Directors remaining who represent the category of Members in which the vacancy occurred, the vacancy shall be filled by an eligible individual elected by the Board. In accordance with Section j of the General Corporation Law of the State of Delaware, notwithstanding anything to the contrary set forth in the other provisions of the General Corporation Law of the State of Delaware, including the other provisions of SectionDirectors may be removed from office as follows:.

In addition to any other Director qualification set forth herein or in the Bylaws or any other policy of the Board or NFA, no Director who has been removed from office in accordance with Section 9 of Article VII hereof shall be qualified to be a Director at any time following such removal.

EXECUTIVE COMMITTEE [Effective dates of amendments: November 27, ; February 7, ; January 22, ; January 1, ; August 16, ; May 1, ; January 22, ; October 15, ; May 18, ; November 16, ; April 1, ; May 19, ; and October 8, There shall be an Executive Committee of the Board, which may exercise all powers of the Board except as set forth in Section 2 below.

The authorized actions of the Executive Committee shall be deemed actions of the Board. The Executive Committee shall not exercise any power of the Board when the Board is in session, and the Executive Committee shall at no time take any action with respect to any matter that is the subject of a notice of a pending Board meeting without the concurrence of the Board.

A One 1 representative of a Contract Market that had transaction volume of more than 20 percent of aggregate contract market transaction volume during the prior calendar year. A specific Contract Market's transaction volume shall be the number of commodity futures contracts and swaps contracts entered into on the Contract Market.

The aggregate contract market transaction volume shall be the number of such contracts entered into on all U. B One 1 representative of a Contract Market other than a Contract Market described in clause A above: Provided, howeverif no Contract Market described in clause A above is represented on the Board, there shall be two Directors on the Committee from Contract Markets represented on the Board.

The elected members of the Executive Committee shall be chosen by the Board at the regular annual meeting as follows: The Directors representing Contract Markets that had transaction volume of more than 20 percent of aggregate Contract Market transaction volume during the prior calendar year shall elect the Committee member in category c i A above; the Directors representing all other Contract Markets shall elect the Committee member in category c i B above; the Directors representing FCMs, LTMs and IBs shall elect the Committee members in category c ii above; the Directors representing CPOs and CTAs shall elect the Committee members in category c iii above; the Directors representing SDs, MSPs and RFEDs shall elect the Committee members in category c iv above; and the Public Representative Directors shall elect the Committee members in category c v above.

A vacancy that occurs on the Executive Committee before the expiration of a Committee Member's term or because additional Committee Members in existing or new Member categories are required shall be filled in like manner.

Tie votes may be resolved by the Board by random draw. Each member of the Executive Committee shall have one vote on Executive Committee matters. A majority of the Executive Committee members shall constitute a quorum. The foregoing officers shall be appointed, and may be removed, by the Board, as prescribed in the Bylaws. The President shall be the Chief Executive Officer of NFA and shall have the duties prescribed in these Articles, the Bylaws and Board Resolutions.

April 14, ; February 7, ; July 19, ; January 1, ; August 2, ; February 10, ; January 22, ; October 15, ; April 1, ; May 19, ; and October 8, There shall be a Nominating Committee, composed of four Subcommittees, one for each of the following categories of Members: Each Subcommittee shall nominate at least one candidate for each position to be filled on the Board in the Subcommittee's category, in accordance with the eligibility requirements of Article VII.

Each Subcommittee of the Nominating Committee shall nominate, for each position to be filled on the Nominating Committee, one eligible individual for election by the Members to that Subcommittee for the following term. Additional nominations may be made for each such position by petition in the manner set forth in Article VII, Section 3.

The procedures for such election shall be the same as those prescribed in Article VII, Section 3. No person shall be nominated or elected to the Nominating Committee who has served on the Nominating Committee during the preceding term, and no person shall be nominated or elected to the Nominating Committee who, at the time of such nomination or election, is a Director.

Any vacancy that occurs on the Nominating Committee shall be filled by the Board from among persons eligible under this Article to serve thereon. BYLAWS [Effective dates of amendments: February 7, ; January 1, ; August 16, ; October 15, ; April 1, ; May 19, ; and October 8, Bylaws of NFA may be adopted, amended or repealed in accordance with Article VII, Section 5, except that the Board shall not take the following actions unless a two-thirds majority of the Directors present and voting approves:.

Except insofar as such matters are expressly contained in these Articles, the following shall be as provided from time to time in NFA's Bylaws: The conditions of, method of admission to, and qualifications for membership and Associate registration; the limitations, rights, powers and duties of Members and Associates; dues and assessments; the method of expulsion from and the termination of membership and Associate registration; the procedures for the settlement of claims and grievances; and all other matters pertaining to membership in, registration with, and the conduct, management and control of the business, property and affairs of NFA.

DURATION NFA shall have perpetual existence. MEMBERS' LIABILITY The private property of the Members shall not be subject to the payment of NFA's debts or liabilities to any extent whatsoever. FINANCING [Effective date of amendments: The initial costs of organization of NFA shall be borne by the Organizers, except that the Board in its discretion may reimburse the Organizers for all or any part of such verified organizational expenses.

The initial working capital of NFA shall consist of borrowings from Contract Markets or other sources, to be evidenced by loan agreements, promissory notes or other evidences of indebtedness, which shall be repaid as promptly as practicable from dues, assessments or other revenue received by NFA. The operating income of NFA shall consist of dues, assessments, fees and other charges upon Members and others as prescribed from time to time in NFA's Bylaws, subject to Section 1 of Article XI.

NFA schedules of such charges may prescribe different rates or amounts for different categories of Members, or sub-categories therein, endeavoring to reflect differences in the financial burden borne or expected to be borne by NFA in carrying out its duties and programs for each such category or sub-category.

Nothing herein shall prohibit or inhibit the Board, in its discretion, from securing loans, accepting gifts, grants or contributions, or otherwise obtaining financing to meet NFA's initial or on-going needs in lieu of or in addition to the other methods of financing recited in this Article.

April 14, ; July 1, ; April 1, ; and October 8, The registered office of NFA in the State of Delaware is located at Corporation Trust Center, Orange Street, City of Wilmington, County of New Castle, Delaware, The name of its registered agent is the Corporation Trust Company. NFA shall provide in its Bylaws for indemnification of its past and present directors, officers, committee members, employees and agents, and any person who is serving or has served at NFA's request as a director, officer, committee member, employee or agent of another organization, to the full extent permitted by law.

Upon dissolution, the net assets of NFA, after payment of liabilities, shall be distributed to the then Members in proportion to the dues and assessments previously paid. To the fullest extent permitted by the Delaware General Corporation Law as the same exists or may hereafter be amended, a director of this corporation shall not be liable to the corporation or its members for monetary damages for breach of fiduciary duty as a director. ADOPTION, AMENDMENT AND REPEAL OF ARTICLES [Effective dates of amendments: April 14, ; February 7, ; September 8, ; January 1, ; October 16, ; October 15, ; April 1, ; May 19, ; and October 8, No provision of these Articles may be adopted, amended or repealed except in the manner prescribed in this Article.

Each such proposed change to the Articles shall be reviewed by the Board, and shall be submitted to the Members of NFA only upon approval of the proposal by the Board by two-thirds of the Directors present and voting.

If any such proposed change relates to Article III, Section 2, such proposed change shall not be considered by the Board for approval unless at least 60 days written notice of the proposed change has been given to each Contract Market Member.

Upon such approval, the proposal shall be submitted to a vote of the Members and shall be adopted upon the affirmative vote of a majority of those Members that cast a vote in each of the categories set forth in Sections 2A a -2A d of Article VII.

April 14, ; February 7, ; January 1, ; May 1, ; January 22, ; October 15, ; November 16, ; April 1, ; May 19, ; and October 8, The registered office of National Futures Association hereinafter "NFA" shall be in the City of Wilmington, County of New Castle, State of Delaware. NFA's principal office shall be in Chicago, Illinois. NFA shall maintain a regional office in New York, New York, and offices at such other locations as NFA's Board of Directors hereinafter "Board of Directors" or "Board" designates.

NFA's purposes are as stated in Article III of NFA's Certificate of Incorporation as it may be amended from time to time, the "Articles". Membership and Association with a Member BYLAW April 11, ; July 28, ; September 16, ; June 4, ; August 1, ; January 28, ; December 30, ; July 29, ; January 1, ; October 29, ; August 16, ; September 21, ; April 1, ; March 10, ; March 18, ; July 21, ; September 15, ; December 15, ; November 18, ; September 30, ; October 1, ; July 18, ; January 1, ; February 20, and August 1, A Has been and is suspended or expelled from a registered futures association or contract market for violating any rule of the association or contract market that:.

B Has been and is barred or suspended from being associated with all members of a registered futures association or contract market for violating a rule described in paragraph A above. C Is subject to an order of the Commission denying, suspending or revoking the person's registration under Section 6 b of the Act; expelling or suspending the person from membership in a registered futures association or contract market; or barring or suspending the person from being associated with an FCM.

D Whether before or after becoming a Member or associated with a Member, was, by the person's conduct while associated with a Member, a cause of any suspension, expulsion or order described in paragraphs a ii A - C above that is in effect with respect to the person; or. E Has associated with the person any other person who is known to, or in the exercise of reasonable care should be known to, the person to be ineligible to become or remain a Member or associated with a Member under paragraphs a ii A - D above.

No person may be associated with a Member of NFA unless the person is registered with NFA as an Associate or is an NFA Member. As used in these Bylaws, the term "associated with a Member" means any person who is associated with a Member of NFA within the meaning of the term "associated person" as used in the Act or Commission Rules and who is required to be registered as such with the Commission.

Registration with NFA as an Associate is not registration as an associated person under the Act. A acting as a futures commission merchant, introducing broker, floor broker, commodity trading advisor, commodity pool operator, leverage transaction merchant, associated person of any registrant under the Act, securities broker, securities dealer, municipal securities broker, municipal securities dealer, transfer agent, clearing agency, securities information processor, investment adviser, investment company or affiliated person or employee of any of the foregoing; or.

B engaging in or continuing any activity involving any transaction in or advice concerning contracts of sale of a commodity for future delivery, concerning matters subject to Commission regulation under Section 4c or 19 of the Act, or concerning securities. A involves any transactions or advice concerning any contract of sale of a commodity for future delivery, or any activity subject to Commission regulation under Section 4c or 19 of the Act, or concerning a security.

B arises out of the conduct of the business of a futures commission merchant, introducing broker, floor broker, commodity trading advisor, commodity pool operator, leverage transaction merchant, associated person of any registrant under the Act, securities broker, securities dealer, municipal securities broker, municipal securities dealer, transfer agent, clearing agency, securities information processor, investment adviser, investment company, or an affiliated person or employee of any of the foregoing.

C involves embezzlement, theft, extortion, fraud, fraudulent conversion, misappropriation of funds, securities of property, forgery, counterfeiting, false pretenses, bribery, or gambling; or. D involves the violation of Section,oror Chapter 25, 47, 95, or 96 of Title 18, United States Code.

A to have violated any provision of the Act, the Securities Act ofthe Securities Exchange Act ofthe Public Utility Holding Company Act ofthe Trust Indenture Act ofthe Investment Advisers Act ofthe Investment Company Act ofthe Securities Investors Protection Act ofthe Foreign Corrupt Practices Act ofor any similar statute of a State or foreign jurisdiction, or any rule, regulation, or order under any such statutes, or the rules of the Municipal Securities Rulemaking Board; or.

B to have willfully aided, abetted, counseled, commanded, induced, or procured such violation by any other person. Provided, however, that no person shall be deemed to have failed reasonably to supervise another person, within the meaning of this paragraph if:. A there have been established procedures, and a system for applying such procedures, which would reasonably be expected to prevent and detect, insofar as practicable, any such violation by such other person, and.

B such person has reasonably discharged the duties and obligations incumbent upon that person, as supervisor, by reason of such procedures and system, without reasonable cause to believe that such procedures and system were not being complied with. A to have violated any statute or any rule, regulation, or order thereunder which involves embezzlement, theft, extortion, fraud, fraudulent conversion, misappropriation of funds, securities or property, forgery, counterfeiting, false pretenses, bribery, or gambling; or.

B to have willfully aided, abetted, counseled, commanded, induced or procured such violation by any other person. Provided, however, that for the purposes of this Bylaw, "principal" shall mean any entity or individual defined as "principal" in NFA Registration Rule Except as provided in paragraph e below, no person may become or remain an FCM, RFED, SD, MSP, CTA, CPO, IB or LTM Member or associated with such a Member unless qualified to do so in conformity with such standards of training and experience and proficiency testing requirements as NFA shall establish and such other qualification standards as NFA finds necessary or desirable.

A person who is ineligible or disqualified to become or remain a Member or associated with a Member under paragraphs a or d above may nevertheless become or remain a Member or associated with a Member:. The Member or applicant for membership shall file all applications for itself and its Associates by accessing NFA's registration and membership database in the manner provided by NFA. Each Member or applicant for membership shall designate the person or persons authorized to file its application and the applications of its Associates.

NFA may require any individual applying for registration as an Associate to electronically verify the information contained in the application. Applicants for registration as Associates may not authorize any other person to make such verification on their behalf. Each applicant for membership shall pay such application fee as the Membership Committee may prescribe from time to time.

B a representation that the applicant or Member has authorized the person filing the application to make such filing and all representations and agreements required by this paragraph; and. C an express agreement by the applicant that, if admitted to NFA membership or registered as an Associate, the applicant shall become and remain bound by all NFA requirements as are then and thereafter in effect and that such agreement shall apply each time the applicant becomes a Member or Associate.

A No applicant, Member or Associate may access NFA's electronic registration and membership database until NFA has assigned it a unique identifying code and password. B Each applicant, Member and Associate is responsible for maintaining the security and confidentiality of its identifying code and password and those of the persons whom it authorizes, if permitted, to make electronic registration filings on its behalf. NFA's electronic registration and membership database shall record and store the identifying code of each person accessing NFA's database and shall logically associate in the database such identifying code with any electronic filing made by the person using such identifying code.

The person whose identifying code is used to make an electronic filing will be deemed to have made such filing. C Each FCM, SD, MSP, RFED, IB, CPO or CTA applicant or Member shall make available any person it has authorized to make or actually performing duties related to electronic filings, for testimony in court or before the Commission, NFA or any contract market regarding the authentication, integrity or accuracy of any electronic filing; and.

D The ability to electronically access NFA's registration and membership database is a privilege and not a right. NFA may disable any person's identifying code and password and terminate the person's ability to access the database at any time, without notice or a hearing, in NFA's sole discretion, if NFA believes that the person has not complied with this Bylaw or any procedures that NFA establishes to implement this Bylaw. If the person requests, or if the Membership Committee orders, a hearing shall be held before the Membership Committee or its designated Subcommittee, and a record shall be kept.

The member of the Membership Committee sitting on each designated Subcommittee shall serve as the Chairman of the Subcommittee. At least one of the members of the designated Subcommittee shall not be an NFA Member or Associate or an employee of an NFA Member. Each member of the designated Subcommittee shall be appointed by a majority of the Membership Committee. The person may be represented at the hearing, and submit evidence in the proceeding, call and examine witnesses, examine the evidence upon which the President's determination was based, and, in the discretion of the Membership Committee or its designated Subcommittee, present written or oral argument.

No member of the Membership Committee or a designated Subcommittee shall participate in a membership action if the member, or any person with whom the member is connected, has a financial, personal or other direct interest in the matter under consideration or is disqualified under Bylaw c. Such determination shall include the specific grounds for the denial, bar, expulsion or restriction; the findings made concerning those grounds; and an explanation of the result reached in light of the grounds of ineligibility found and the findings made.

A copy of the determination shall promptly be sent to the person. The notice must describe those aspects of the membership action to which exception is taken, and must contain any request by the Respondent to present written or oral argument.

B The Appeals Committee may also order review of any decision of the Membership Committee or Subcommittee issued under Bylaw g ii. If such a review will be conducted, the Appeals Committee will give written notice to the Respondent within 15 days of the date of the decision.

Such review may be conducted by the Appeals Committee:. The petition will state why the Registration and Membership Department is seeking review and must contain any request by the Registration and Membership Department to present written or oral argument.

C The Respondent's filing of a notice of appeal under paragraph A above or the institution by the Appeals Committee of its own review under paragraph B above shall operate as a stay of the effective date of the membership order, until the Appeals Committee renders its decision. D No member of the Appeals Committee shall participate in the proceeding if the member participated in any prior stage of the membership proceeding other than the review of a settlement offer or if the member, or any person with which the member is connected, has a financial, personal or other direct interest in the matter under consideration or is disqualified under Bylaw c.

Except for good cause shown, the appeal or review shall be conducted solely on the record before the Membership Committee or Subcommittee, the written exceptions described in the notice of appeal under paragraph A above, and such written or oral arguments of the parties as the Appeals Committee may authorize. E If the Appeals Committee authorizes written argument, briefs shall be filed as follows unless otherwise ordered by the Appeals Committee:. F Promptly after reviewing the matter, the Appeals Committee shall issue a written and dated decision, based on the weight of the evidence.

The decision shall include:. The membership or Associate membership of any person may be terminated or withdrawn as set forth below. Termination or withdrawal of a person's membership or associate membership shall not relieve the Member or Associate of any responsibility under the NFA Code of Arbitration, Member Arbitration Rules, Bylaws, Compliance Rules, Financial Requirements, Registration Rules, Interpretive Notices or Orders issued by the Executive Committee, Membership Committee, Appeals Committee, Hearing Committee or any designated Subcommittee or Panel of such Committees for activities prior to termination, or of the obligation to pay any dues, assessments, fines, penalties or other charges theretofore accrued and unpaid.

The termination of the temporary license of any Member or Associate shall also terminate such person's membership or associate membership unless such person remains otherwise eligible for membership under Bylaw a.

The membership of any Member that withdraws all registrations under the Act shall be withdrawn without further prior notice. Each Member shall promptly file a Form 8-T, completed and filed in accordance with all pertinent instructions, notifying the Secretary of the termination of employment of any registered or pending Associate with the Member. Unless otherwise provided by these Bylaws or NFA Registration Rules, Members and applicants for membership must file their Form 8-Ts electronically by accessing NFA's registration and membership database in the manner provided by NFA.

A Member may request to withdraw its application for membership at any time before approval or request to withdraw from membership at any time by filing a Form 7-W, completed and filed in accordance with all pertinent instructions.

Unless otherwise provided by these Bylaws or NFA Registration Rules, Members and applicants for membership must file their Form 7-Ws electronically by accessing NFA's registration and membership database in the manner provided by NFA. A request to withdraw an application for membership will become effective on the 30th day after the Member files the request, or earlier upon notice from NFA of the granting of such request. A request to withdraw from membership, including a deemed request to withdraw from membership, will become effective on the 30th day after the Member files or is deemed to have made the request, or earlier upon notice from NFA of the granting of such request, unless prior to the effective date NFA notifies the Member in writing that the request is denied because:.

The membership of any Member or any person associated with a Member whose registration under the Act is suspended shall be suspended for the term of the registration suspension without further prior notice. The membership of any Member or any person associated with a Member whose registration under the Act is revoked shall terminate without further prior notice.

On an annual basis, NFA shall provide each NFA Member FCM for which NFA is the Designated Self-Regulatory Organization, RFED, IB, SD, MSP, CPO, CTA, and LTM with a questionnaire concerning its business activities. The Member shall complete the questionnaire and submit the completed questionnaire on the date specified thereon.

NFA shall deem the failure to file the completed questionnaire within 30 days following such date a request to withdraw from NFA membership, and shall notify the Member accordingly. Except as provided in subsection ii below, the principal address of each Member and the address of each registered Associate currently on file with NFA shall be deemed by NFA the correct address for delivery to the Member or Associate of any written communication, document or notice from NFA.

Delivery of any written communication, document or notice shall be complete upon mailing, delivery to a generally recognized overnight courier service or delivery to a messenger service. The failure of a Member to notify NFA of a change in the Member's principal address shall constitute grounds for summary suspension or termination of the NFA membership of such Member by order of the President on seven days' written notice.

Unless a different method of delivery is specifically required, NFA may deliver any communication, document or notice to the email address or addresses currently on file. The email address or addresses currently on file shall be deemed by NFA the correct address or addresses for delivery to the Member of the communication, document or notice by email.

Delivery of any communication, document or notice by email shall be complete upon sending. A In addition to being approved by NFA as a forex firm, an RFED or an FCM that is a Forex Dealer Member must also be designated by NFA as an approved Forex Dealer Member.

A If any Member that has been approved as a forex firm fails to have at least one principal that is registered as an "associated person" and approved as a forex associated person, then NFA shall deem such failure as a request to have the approval of the Member as a forex firm withdrawn and shall notify that Member accordingly.

A The applicant has satisfied the proficiency requirements under NFA Registration Rule a or e and:. A Member may request that its designation, or pending application for designation, as an approved Forex Dealer Member or approval, or pending application for approval, as a forex firm be withdrawn by filing such a request through NFA's Online Registration System. Such a request shall become effective on the 30th day after the Member files the request, or earlier upon notice from NFA of the granting of such request.

A Member may request that its approval, or pending application for approval, as a swaps firm be withdrawn by filing such a request through NFA's Online Registration System.

NFA may provide any notice required by Bylaw electronically unless written notice is specifically required. Notices provided electronically shall be complete upon display in NFA's Online Registration System.

Notices provided in writing shall be complete upon mailing. The Membership Committee may admit an applicant to membership, or grant an applicant registration as an Associate, subject to such terms and conditions as the Committee deems appropriate. The private property of the Members shall not be subject to the payment of NFA's debts or liabilities to any extent whatsoever, except that Members shall be liable to NFA for dues, assessments, fees, and similar charges imposed on them by NFA.

With the Board's approval, a Member may receive compensation for services rendered to NFA and reimbursement for expenses, including overhead, reasonably incurred on behalf of NFA, and may be repaid for loans or other credit extended by the Member to NFA.

Membership in NFA shall not be transferable or assignable. Effective dates of amendments: November 29, ; May 4, ; November 5, ; December 3, ; December 16, ; March 1, ; September 30, ; January 28, ; June 13, ; September 23, ; January 2, ; March 26, ; July 1, ; April 4, and August 1, Subject to Articles III and XI and Bylawthe Board shall adopt Registration Rules in accordance with which NFA shall perform the portion of the registration functions under the Act which it is required or authorized by the Commission to perform pursuant to Section 8a 10 or Section 17 o of the Act and in accordance with which NFA shall determine proficiency for purposes of determining fitness to be registered under the Act except with respect to floor brokers and floor traders and for purposes of determining membership qualification under Bylaw dwhich rules shall be deemed a part of these Bylaws.

December 1, ; June 13, ; February 13, ; October 18, ; and October 1, Members of NFA are Forex Dealer Members if they are the counterparty or offer to be the counterparty to forex transactions as defined in Bylaw b. Member Meetings and Elections BYLAW Meetings of NFA Members may be held at such place, either in Delaware or elsewhere, as may be designated by the Board or the officers calling the meeting.

If no designation is made, the place of meeting shall be NFA's principal office in Chicago. The annual meeting of the Members shall be held on the first Tuesday in February of each year or at such other date and time as determined by the Board, for the election of Directors elected by Members and the transaction of such business as may come before the meeting.

The Board or Executive Committee may postpone, reschedule or cancel any meeting of Members previously scheduled by the Board. Special meetings of the Members may be called for any purpose or purposes by the Chairman, the President or the Board. Special meetings shall also be called by the President when requested in writing by at least 10 percent of the Members. This request must state the purpose or purposes for which the special meeting is to be called.

The business transacted at the meeting shall be limited to the purpose stated in the notice. The Board or Executive Committee may postpone, reschedule or cancel any meeting of Members previously scheduled by the Chairman, the President or the Board.

A notice stating the place, day and hour of any meeting of Members and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered not less than 10 nor more than 40 days before the date of the meeting, either personally, by U.

If mailed, the notice shall be deemed delivered when deposited in the U. Attendance at a meeting by a Member shall constitute waiver of notice of such meeting, except when the Member attends a meeting for express purposes of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.

If a quorum is not present at a meeting, the Members in attendance may act to adjourn the meeting. Each Member entitled to vote at a meeting of Members may vote in person at the meeting by ballot or may authorize another person or persons to act for such Member by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period.

February 7, ; January 1, ; August 3, ; October 16, ; October 15, ; October 9, ; February 20, ; December 15, and August 1, The Annual Election shall be held at the annual meeting of Members, at which the contested vacancies on the Board and Nominating Committee shall be filled.

Before the October 15 preceding the election, the Secretary shall:. Before the November 20 preceding the election, the Nominating Committee shall submit its list of nominees for the positions to the Secretary, who shall promptly notify the Members of the nominations.

Other nominations may be made by petition, as prescribed in the Articles. Each petition must identify the position to which the nomination pertains. Petitions must be received by the Secretary within 21 days of the issuance of the Secretary's notification of the candidates proposed by the Nominating Committee.

Promptly after the expiration of the period within which petitions may be submitted, the Secretary shall notify the Members of all of the candidates for Director and members of the Nominating Committee.

In the event of a contested election in any of the FCM and LTM; SD, MSP and RFED; IB; or CPO and CTA categories, the Secretary shall cause notice of the meeting wherein such election shall be considered to be sent to all Members in that category by December Promptly after December 31 of the year immediately preceding the election, the Secretary shall notify the contract market Members that shall have representatives on the Board during the current calendar year.

Provided, however, that if an election is held pursuant to Article VII, Section 2 a ii b or Section 2A a ii bthen the Secretary shall request the contract market Members eligible to have a representative in accordance with Article VII, Section 2 a ii b or Section 2A a ii brespectively, to nominate eligible persons to represent such contract market Members.

In the event of a contested election in the contract market category, the Secretary shall cause notice of the meeting wherein such election shall be considered to be sent to all contract market Members eligible to vote in accordance with Article VII, Section 2 a ii b or Section 2A a ii brespectively, by January October 15, ; and February 20, In order that NFA may determine the Members entitled to notice of any meeting of Members or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, not be more than sixty 60 nor less than ten 10 days before the date of such meeting.

If the Board so fixes a date, such date shall also be the record date for determining the Members entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination.

If no record date is fixed by the Board, the record date for determining Members entitled to notice of or to vote at a meeting of Members shall be at the close of business on the day prior to the day on which notice is given, or, if notice is waived, at the close of business on the day prior to the day on which the meeting is held.

A determination of Members of record entitled to notice of or to vote at a meeting of Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for determination of Members entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for Members entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of Members entitled to vote in accordance herewith at the adjourned meeting.

Unless otherwise restricted by the Articles, in order that NFA may determine the Members entitled to express consent to corporate action in writing without a meeting, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than ten 10 days after the date upon which the resolution fixing the record date is adopted by the Board.

If no record date for determining Members entitled to express consent to corporate action in writing without a meeting is fixed by the Board, i when no prior action of the Board is required by law, the record date for such purpose shall be the first date on which a signed written consent nfa retail forex rules forth the action taken or proposed to be taken is delivered to NFA in how to trade currency derivatives india with applicable law, and ii if prior action by the Board is required by law, the record date for such purpose shall be at the close of business on the day on which the Board adopts the resolution taking such prior action.

The Executive Representative shall have the sole authority on behalf of the Member to sign petitions to nominate candidates for Director or Nominating Committee positions in accordance with Article VII, Section 3 b 1 and to vote or authorize another person or persons to act for such Member by proxy at any meeting of Members. All notices of meetings of Members shall be delivered to the Executive Representative. Board of Directors BYLAW GENERAL POWERS AND DUTIES. NFA's property, business and affairs shall free cash in farmville 2 managed by or under the direction of the Board, and the Board may exercise all such powers of NFA as are directed, required or permitted by law, the Articles or these Bylaws to be exercised by the Board.

Each Director shall hold office for the term prescribed in the Articles and until his successor shall have been duly elected and qualified, or until the Director's death, resignation or removal. Directors need not be Delaware residents. Any Director may resign at any time by giving written notice, or notice by electronic transmission, to the Chairman, President or Secretary.

The resignation shall take effect at the time set forth therein, and, unless otherwise specified therein, the acceptance of the resignation shall not be necessary to make it effective. The Board's regular annual honest binary options possibles shall be held in February, for the election of Officers and the appointment of Committee members.

The date, time and place of the meeting shall be fixed by the Board. The Board may by resolution specify the time and when forex market close in india, either in Delaware or elsewhere, for the holding of additional regular meetings without notice other than such resolution.

August 16, ; October 15, ; November 16,February 20, and August 1, Special meetings of the Board shall be held at the request of the Chairman, the President, or any 10 Directors. The date and place of the meeting shall be determined by the Chairman and specified in the notice of the meeting. Except in the event of an emergency as defined belowthe Chairman shall cause notice of any special meeting of the Board to be given at least 48 hours before the time at which the meeting is to be held.

Notices to Directors may be given in writing and delivered personally or mailed to the Directors at their addresses appearing on the books of NFA or may be given by telecopier, telephone or other means of electronic transmission. Attendance of a Director at the meeting shall constitute a waiver of notice of the meeting, except where a Director attends a meeting exclusively for the limited purpose of objecting, at the beginning of the meeting, to the transaction of any business thereat on the ground that the meeting is not lawfully called or convened.

In the event of an emergency as defined hereinthe Chairman or President may call a meeting on one-hour notice to all Directors. Such notice may be given by telephone, electronic transmission or other lawful means.

The business of the meeting shall be limited to the emergency. For purposes of this Bylaw, an emergency shall exist when the Chairman or President determines that, because of an unusual, unforeseeable and adverse circumstance, it is necessary to hold a meeting how spread betting companies make money one hour notice. In the absence of the quorum, a majority of the Directors present and voting may adjourn the meeting to a day certain and, except in emergencies, the Secretary shall give all absent Directors 48 hours notice of such adjourned date.

MANNER OF VOTING BY DIRECTORS. Any Director or any member of a committee designated by the Board may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Bylaw shall constitute presence in person at such meeting. INFORMAL ACTION BY DIRECTORS.

Any action that must or may be taken at a Board meeting may be taken without a meeting if a consent in writing or by electronic submission, setting forth the action so taken, shall be signed or given by all Directors then in office. The Board shall have authority to interpret any NFA Requirement. Any such interpretation of the Board shall be final and conclusive. NFA will not seek or accept any authority in connection with the registration of floor brokers or floor traders that exceeds the authority granted to Club penguin money maker 3 download in the initial Commission orders authorizing NFA to perform certain floor broker and floor trader registration functions or any other authority sought or accepted by NFA under the terms of this Bylaw, without the consent of contract market directors representing two-thirds of contract market Members.

No Director shall represent or appear as counsel on behalf of any person involved in an NFA investigation or a registration, membership or disciplinary proceeding undertaken by NFA. No Director or functional equivalent thereof shall use or disclose material, non-public information, obtained as a result of participation on the Board of Directors or any subcommittee of the Board of Directors, for any purpose other than the performance of official duties as a Director or subcommittee member.

If the sanction is stayed or overturned on appeal before the vacancy is filled, the Director shall be entitled to resume his seat on the Board. No Director may deliberate or vote on any matter that the Director is prohibited from voting on by CFTC Regulation 1. A earn extra cash in ireland who is prohibited from deliberating or voting on a matter must disclose to Beatles remake money staff both the prohibition and the reason for the prohibition before the Board considers the matter.

The officers of NFA shall consist of a Chairman of the Board, a Vice Chairman of the Board, a President, a Secretary, and a Treasurer. The Chairman and Vice Chairman shall be elected by the Board at its regular annual meeting in each year, to hold office until the next regular annual meeting of the Board or until their respective successors are elected and qualified.

The Board shall appoint a President, a Secretary, and a Treasurer. Vacancies occurring in any office by death, resignation, removal or otherwise shall be filled by the Board, and such replacement officers shall serve, in the case of the Chairman and Vice Chairman, until their successors are elected, or, in the case of other officers, until their successors are appointed.

No single individual may hold any two of the following positions concurrently: Chairman, Vice Chairman, President and Secretary. The Board may provide for such other offices and may appoint incumbents thereto, and assign their respective duties to them, from time to time, as the Board may deem advisable.

In its discretion, the Board may execute, on behalf of NFA, contracts of employment with appointed officers. CHAIRMAN AND VICE CHAIRMAN. The Chairman, and in the Chairman's absence the Vice Chairman, shall preside at all meetings of the Members and of the Board. In the absence of both, the Board shall select option value jquery ajax a presiding officer for the meeting and, in the absence of such election, the Members shall elect a presiding officer for the meeting.

The President shall be Chief Executive Officer. As Chief Executive Officer, the President shall have general and active management of NFA business. The President shall see that all orders and resolutions of the Board strategic stock trading amazon carried into effect and may execute bonds, mortgages, and other contracts.

The President shall have general superintendence of all other appointed NFA officers and all employees, and shall see that their duties are properly performed. The President shall submit a report of the operations of NFA for quickest way to earn interest on money preceding fiscal year to the Members at the annual meeting, and from time to time shall report to the Board all matters which the interests of NFA may require to be brought to its notice.

The Secretary shall keep or cause to be kept full minutes of all meetings of the Members, the Board and Committees and shall attend the sessions of the Board and act as clerk thereof and record all the acts and votes and the minutes of all proceedings in a book to be kept for that purpose. The Secretary shall see that all notices are duly given in accordance with these Bylaws or law, and shall perform such other duties as may be from time to time assigned.

The Secretary shall have custody of the corporate seal and shall affix the same to all papers and documents whenever the seal shall be required to be so affixed. The Secretary shall have custody of and properly keep or cause to be kept all the records and books of NFA. The Treasurer shall keep full and correct account of receipts and disbursements in the books belonging to NFA, and shall deposit all moneys and equivalents to the credit of NFA, in such financial institutions as may be designated by the Board.

The Treasurer shall dispose of NFA funds as may be ordered by the Board by general resolution or in specific instances, taking proper vouchers for such disbursements, and shall render to the President and the Board, whenever they may require it, an account of all transactions as Treasurer and of NFA's financial condition.

Any officer may resign at any time by giving written notice to the Board or the Secretary. Any such resignation shall take effect at the time set forth therein; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. The Chairman, Vice Chairman, President, Secretary and Treasurer may be removed by the Board whenever in its judgment the best interests of NFA will be served thereby.

Removal of the Chairman and Vice Chairman shall be by the vote of a majority of the total number of Directors then in office. Removal of the President shall be by the vote of not less than two-thirds of the total number of Directors then in office. Removal of the Secretary and Treasurer shall be by a majority vote of the Directors present and voting at any meeting where a quorum is present. Other officers may be removed in the same manner as the Secretary or Treasurer, or by any superior officer upon whom such removal power has been conferred by Board resolution.

July 1, ; October 15, ; February 15, ; November 18,February 20,and August 1, There shall be a Membership Committee, consisting of five Directors, and at least one shall be a Public Representative See Article XVIII.

A majority of the Committee members shall constitute a quorum, except that in the case of a Subcommittee, a quorum shall consist of a majority of such Subcommittee members. The Committee members shall be nominated by the President and appointed by the Board. The President and the Board shall endeavor to nominate and appoint Directors and persons who reflect the various categories of Members described in the Articles. The Committee or its designated Subcommittee shall review actions taken by the President pursuant to the President's authority under Chapter 3 to make the initial determination regarding: Each Committee member shall serve for two years or until the member's successor is appointed and qualified, or until the member's death, resignation, ineligibility or removal.

A Committee vacancy shall be filled by the Board. A Committee member may be removed by the Board whenever, in its judgment, the best interests of NFA will be served thereby. July 1, ; March 15, ; October 15, ; January 1, ; November 16, ; February 20, ; and August 1, There shall be an Appeals Committee, consisting of five Directors as follows: A majority of the Committee members shall constitute a quorum.

Can i buy otc stocks on scottrade President and the Board shall endeavor to nominate and appoint Directors who reflect the various categories of Members described in the Articles. The Committee shall hear and decide appeals from and reviews of decisions in disciplinary cases by the Business Conduct Committee or the Hearing Committee under the Compliance Rules and decisions by the Membership Committee or its designated Subcommittee in membership cases under Bylaw g.

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Each Committee member shall serve for two years, or until the member's successor is appointed and qualified, or until the member's death, resignation, ineligibility or removal. January 28, ; November 9, ; and August 1, The Board shall appoint Advisory Committees, not having or exercising the authority of the Board, including a Committee to advise the Board on FCM matters, a Committee to advise the Board on matters relating to CPOs and CTAs, a Committee to advise the Board on the matters relating to IBs, and a Swap Participant Committee to advise the Board on matters relating to SDs and MSPs.

No person then serving as a member of the Board shall simultaneously serve as a member of any NFA 1st forex transfer Committee. Each member of an Advisory Committee shall be nominated by the President and serve for three years, except that the terms forex factory news reader established shall be staggered, or until the member's successor is appointed and qualified, or until the member's death, resignation, ineligibility or removal.

A vacancy in an Advisory Committee shall be filled by the Board. A Committee member may be removed by the Board whenever in its judgment the best interests of NFA will be served thereby.

July 1, ; June 15, ; March 15, ; January 1, ; February 20, ; and August 1, There shall be a Business Conduct Committee, consisting of nine individuals who shall be Members, persons connected therewith or members of the public, as follows: A majority of the Business Conduct Committee members eligible to participate shall constitute a quorum, except that in how to win in binary option etrade helper case of a Panel See Compliance Rule a quorum shall consist of a majority of such Panel members.

The members of the Business Conduct Committee shall be nominated by the President and appointed by the Board. The President and the Board shall endeavor to nominate and appoint individuals who reflect the various categories of NFA Members and members of the public. Each member of the Business Conduct Committee shall serve the bottom of the stock market crash three years, or until the member's death, resignation, ineligibility or removal.

A vacancy in the Business Money makeover dave ramsey reviews Committee shall be filled by the Board. A Business Conduct Committee member may be removed by the Board whenever, in its judgment, the best interests of NFA will be served thereby.

June 13, ; January 1, ; November 16, ; February 20, ; and Option trading mentor 1, There shall be a Finance Committee not having or exercising any authority of the Board, to advise the Executive Committee and Board on matters how to make money on plants vs zombies NFA financial policy including the establishment of major plans and priorities regarding the commitment and expenditure of NFA funds and the establishment of dues, assessments, fees and other charges upon Members and others.

The Finance Committee shall consist of eight members as follows:. The members of the Finance Committee described in paragraph c above shall serve for one year, or until the member's death, resignation, ineligibility or removal.

What is the stock symbol for at&t vacancy in the Finance Committee shall be filled by the Board. A Finance Committee member may be removed by the Board whenever, in its judgment, the best interests of NFA will be served thereby.

January 1, and August 1, There shall be a Hearing Committee, consisting of at least 15 individuals who shall be Members, persons connected therewith or members of the public. A majority of the Hearing Committee members shall constitute a quorum, except in the case revoke a binary options traders a Panel See Compliance Rule a quorum shall consist of a majority of such Panel members.

The members of the Hearing Committee shall be nominated by the President and approved by the Board. At least one-third of the members of the Hearing Committee shall not be NFA Members or Associates or employees of NFA Members. Each member of the Hearing Committee shall serve for three years, or until the member's death, resignation, ineligibility or removal.

A vacancy in the Hearing Committee shall be filled by earn points for cash for aussies Board.

A Hearing Committee member may be removed by the Board whenever, in its judgment, the motley stock market interests of NFA will be served thereby. December 10, ; March 21, ; March 12, and December 4. A member who is prohibited from deliberating or voting on a matter how to get alot of likes on your igloo on club penguin disclose to NFA staff both the prohibition and the reason for the prohibition before the Committee or subcommittee considers the matter.

Subject to Articles III and XI and Bylawthe Board shall adopt rules constituting a Code of Arbitration which rules shall be deemed a part of these Bylaws. Enforcement and Discipline BYLAW Subject to Articles III and XI and Bylawthe Board shall adopt compliance rules for the enforcement of NFA requirements and the disciplining of Members and Associates for violating those requirements, which rules shall be deemed a part of these Bylaws.

Financial Requirements BYLAW Subject to Articles III and XI and Bylawwork from home jobs toronto data entry Board shall adopt minimum financial and related reporting requirements, which rules shall be deemed a part of these Bylaws. Doing Business with Non-Members BYLAW July 27, ; January 1, ; August 21, ; and August 1, The Board d3 forex establish such effective date or dates for Bylawas to any category or subcategory of persons or programs, as it deems appropriate in light of NFA resources and the prudent initiation of particular NFA operations and programs.

Property and Investments BYLAW All property, whether real, personal or mixed, received by NFA shall be held by NFA or disposed of by it on such terms and conditions not inconsistent with the Articles as the Board shall determine. Unless otherwise specified by the terms of a particular gift, bequest, devise, grant or other instrument, NFA funds may be invested, from time to time, in such manner as the Board may deem advantageous without regard to restrictions applicable to trustees or trust funds.

Schedule of Dues and Assessments BYLAW January 10, ; July 27, ; November 29, ; February 27, ; April 1, ; June 4, ; January 28, ; July 1, ; May 22, ; July 1, ; January 1, ; July 1, ; July 1, ; January 1, ; July 1, ; January 1, ; January 1, ; July 1, ; July 1, ; October 15, ; January 1, ; April 1, ; July 1, ; September 9, ; January 1, ; September 15, ; December 1, ; July 1, ; January 1, ; April 30, ; December 4, ; October 1, ; January 1, ; September 11, ; October 18, ; November 1, ; January 1, ; February 1, ; June 12, ; February 21, ; April 1, ; October 1, ; July 1, ; and August 1, ].

A specific contract market's transaction volume shall be the number of commodity futures contracts entered into on the contract market. The number of contracts entered into on a contract market shall be adjusted where necessary because of differences in sizes of contracts e.

Provided, however, such assessments shall be suspended or adjusted by the Board for a period not to exceed three months when in the judgment of the Board such action is appropriate in light of NFA's overall financial goals. The FCM Member shall invoice these assessments to its customer and shall remit the amount due to NFA; and. The LTM Member shall invoice these assessments to its customers and shall remit the amount due to NFA; and. These dues replace the dues that would otherwise be payable based on the Forex Dealer Member's registration category.

For purposes of this requirement, an order segment is a record of any line of data associated with an order, and includes when an order is added, modified, cancelled or filled. These dues apply when a firm first becomes approved as a Swap Dealer Member or Major Swap Participant Member. Thereafter, dues will be assessed on the firm's membership renewal date. Dues will be invoiced and paid quarterly. If an existing Member becomes approved as a Swap Dealer Member or Major Swap Participant Member, then NFA will send the Member an invoice for the dues amount owed minus any membership dues amount already paid during the firm's current membership year.

Subject to the two-thirds majority voting requirements contained in Article XI, Section 1, the Board may in its discretion waive or establish lower annual dues for particular Members. April 11, ; July 27, ; November 29, ; December 30, ; January 1, ; July 1, ; October 1, ; July 1, ; and February 1, Unless otherwise provided, annual dues and fees shall be payable in advance on the first day of January of each year, or at such other time or times as the Board shall determine.

Assessments based upon futures transactions or forex order segments as defined in Bylaw shall be payable to NFA within 30 days after the end of each month for transactions effected or order segments submitted during that month.

In addition to such assessments each FCM, Forex Dealer Member, and LTM shall pay to NFA an amount equal to one month's interest at an annual rate of 10 percent stock market voabulary such other rate of interest as toronto stock exchange hours of operation President, with the concurrence of the Executive Committee, may determine from time to time on the amount of any such assessment payable by that Member for every month or fraction thereof such assessment payment is late.

If a Member claims overpayment of its assessments based upon futures or forex transactions, the Member may request a refund in writing with supporting documentation at any time prior to the end of the 6th calendar month following the due date for payment of assessments for the month with respect to which such claimed overpayment was made.

After that time, no refunds, adjustments or offsets will be made or allowed. Except as the Board may otherwise provide by resolution, each Member shall pay dues and assessments, as applicable, for each category in which the Member — or an affiliate thereof, unless such affiliate is a Member in its own right—is registered with the Commission and conducts business. June 4, ; January foreign sites for binary options, ; January 1, my trading system forex factory March 18, and October 1, When any Member shall be in default in the payment of dues or annual fees for a period of 30 days or assessments or audit fees for a period of three months after such dues, annual fees, assessments or audit fees became payable, NFA shall deem that Member's non-payment of dues, annual fees, assessments or audit fees to be a request to withdraw from NFA membership and shall notify that Member accordingly.

NFA may provide the notice required by this Bylaw electronically. AUDIT FEES FOR LTMS. Effective date of amendments: Each LTM Member shall pay an audit fee to NFA each year within 30 days of the date the invoice is mailed by NFA.

The Board shall determine the audit fee each year based on the anticipated cost of such audits. If the fee paid is less than the actual cost of auditing the LTM during the calendar putnam investments adoption for which it was paid, NFA will invoice how did buying on margin and speculation cause the stock market to rise LTM for the difference, and the LTM Member shall pay the invoiced amount within 30 days.

If the fee paid is greater than the actual costs of auditing the LTM, the excess will be applied to the fee of the following year. In addition to such audit fee, each LTM shall pay to NFA an amount equal to one month's interest at an annual rate of 10 percent or such other rate of interest as the President, with the concurrence easy to read forex news trader v1.02 the Executive Committee, may determine from time to time on the amount of any such audit fee payable by that LTM for every month or fraction thereof such audit payment is late.

Indemnification and Lawsuits Against NFA BYLAW NFA shall, to the fullest extent permitted by law, indemnify any person who is, or is threatened to be, made a party to any action, suit or proceeding, whether civil, deliverable currency option, administrative or investigative, by reason of the fact that the person is or was a Director, officer, employee or agent of NFA, or member of a committee of NFA, or is or was serving at NFA's request as a Director, officer, employee, agent or committee member of another entity, against all reasonable expenses including attorneys' feesjudgments, reuters stock market futures, fines and amounts paid in settlement, actually incurred by the person in connection with such action, suit or proceeding.

Any current or former Member or Associate who fails to prevail in a lawsuit or any other type of legal proceeding instituted in a court of law or otherwise against NFA or any of its officers, directors, committee members, volunteers, arbitrators, employees or agents shall pay to NFA any and all reasonable expenses and disbursements, including reasonable attorney's fees, incurred by NFA to defend such lawsuit or proceeding. Miscellaneous Provisions BYLAW The corporate seal of NFA shall be circular in form bearing the name of the corporation and the word "DELAWARE" in the marginal circle, and the words "Corporate Seal" in the inner circle.

This seal may be used by causing it, or a facsimile or equivalent thereof, to be impressed, affixed or reproduced. All NFA moneys and equivalents not otherwise employed shall be deposited from time to time to the credit of NFA in such financial institutions as may be designated by the Board.

CHECKS, DRAFTS, NOTES, ETC. All checks, drafts or other orders for the payment of money, and all notes or other evidences of indebtedness issued in the name of NFA, shall be signed by such person or persons and in such manner as the Board shall determine from time to time by resolution. The fiscal year of NFA shall begin on the first day of July and end on the last day of June in each year.

The Board shall determine the effective dates for the Code of Arbitration, Compliance Rules and Financial Requirements. April 11, ; January 1, ; How to earn from stock market in indian 16, ; October 15, and August 1, No Bylaw may be adopted, amended or repealed by the Call option risk neutral valuation except as specified nedbank namibia foreign exchange rates a notice sent to each Director either in writing or by electronic transmission at least two weeks prior to the meeting at which the Board considers the same: Provided, however, that such prior notice is not required in an emergency as defined by Bylawor where a two-thirds majority of all Directors present and voting approves.

February 1, ; January 1, ; February 13, ; June 13, ; August 1, ; and September 19, Except as provided in this Bylaw, the terms used in these Bylaws shall have the same meaning as in the Articles. Provided, howeverthat the term does not include any security that is not a security futures product, any contract of sale that results in actual delivery within two days, or any contract of sale that creates an enforceable obligation to deliver between a seller and buyer that have the ability to deliver and accept delivery, respectively, in connection with their latest forex rates india of business, unless the transaction involves a futures contract or an option.

Such contracts are hereby declared to be proper subjects of NFA regulation and oversight See Article XVIII. September 17, and August 1, NFA staff may, with the approval of the Executive Committee, enter into one or more agreements with one or more forex dong contract markets to provide regulatory services to NFA to easy way to make money in plants vs zombies iphone NFA in discharging its obligations under Sections 15A k and 19 g of the Securities Exchange Act of Any action taken by a designated contract market, or its employees or authorized agents, acting on behalf of NFA pursuant to a regulatory services agreement shall be deemed to be an action taken by NFA; provided, however, that nothing in this provision shall affect the oversight of the designated contract market by the Commission.

Notwithstanding the fact that NFA may enter into one or more regulatory services agreements regarding security futures, NFA shall retain ultimate legal responsibility for, and control of, its self-regulatory responsibilities under the Securities Exchange Act ofand usd to inr exchange rate icici such regulatory services agreement shall so provide. Compliance Rules Part 1 - Definitions RULE April 7, ; July 27, ; January 14, ; September 29, ; July 24, ; August 21, ; May 1, ; February 13, ; October 18, ; and September 19, Part 2 - Rules Stock market crash causes depression the Business Conduct of Members Registered with the Commission RULE No Member or Associate shall be charged with an offense under these Rules if the specific conduct alleged to constitute the offense is governed or otherwise regulated by the requirements of a contract market and such Member or Associate is subject to the disciplinary jurisdiction of the contract market for such conduct.

The foregoing shall not apply if the contract market has expressly delegated enforcement responsibility to NFA, or if the offense under these Rules is a violation of NFA Financial Standards requirements adopted pursuant to Section 1 b of Article III or NFA Customer Protection requirements adopted pursuant to Section 1 e of Article III of the NFA Articles of Incorporation. FRAUD AND RELATED MATTERS.

March 21, and July 24, No Member or Associate shall share, directly or indirectly, in the profits or losses accruing from commodity futures trading in any account of a customer carried by the Member, or another Member, unless the customer's prior written authorization therefor is obtained. Members and Associates shall observe high standards of commercial honor and just and equitable principles of trade in the conduct of their commodity futures business and swaps business.

Each Member and Associate shall cooperate promptly and fully with NFA in any NFA days of binary options trading platform providers, inquiry, audit, examination or proceeding regarding compliance with NFA requirements or any NFA disciplinary or arbitration proceeding.

Each Member and Associate shall comply with any order issued by the Executive Committee, the Membership Committee, the Business Conduct Committee, the Appeals Committee or any NFA hearing or arbitration panel.

EXPELLED OR SUSPENDED MEMBER OR ASSOCIATE. July 20, ; and June 5, No person who has been expelled or suspended or is subject to a similar sanction by NFA in a proceeding brought pursuant to Part 3 of NFA's Compliance Rules that temporarily or permanently prohibits the person from NFA membership or affiliation in any deferred income cash flow statement with an NFA Member shall hold himself out as a Member in good standing of NFA, or as affiliated with a Member, as the case may be, during the period during which the sanction is in effect.

No Member or Associate shall conduct commodity futures or forex business with such a person during the period the sanction is in effect unless authorized by the Business Conduct Committee, Hearing Committee or the Appeals Committee. January 28, ; August 21, ; December 9, ; December 17, ; and July 9, Provided, however, that any Associate who subsequently ceases acting as a branch manager will not be required to retake and pass the examination in order to resume acting as a branch manager unless after acting as a branch manager the Associate was not registered in any capacity for a period of more than two years; or.

No such Member shall designate a person as a security futures principal unless:. July 28, ; January 24, ; January 14, ; March 15, ; August 29, ; April 23, ; July 24, and August 21, No Member or Associate shall exercise discretion over a customer's commodity futures account unless the customer or account controller has authorized the Member or Associate, in writing by power of attorney or other instrument to exercise such discretion. No Member or Associate shall exercise discretion with regard to foreign futures or foreign options transactions on behalf of a foreign futures or foreign options customer unless the customer or account controller has specifically authorized the Member or Associate, in writing, to exercise discretion with regard to foreign futures or foreign options transactions.

The Member or Associate does not need written authorization to exercise discretion with regard to time and price only. Each Member must maintain records which clearly identify which of the Member's accounts are accounts over which the Member or any Associate thereof has discretionary authority.

Each futures trade initiated in an account that a Member or Associate has written authorization to trade shall be presumed to have been made pursuant to that trading authorization unless otherwise indicated, in writing, at the time the trade was placed. Each Member initiating such trades other than a Member who employs only one individual having discretionary authority if that individual is also the only principal who supervises futures activity must adopt and enforce written procedures:.

Discretionary trading activity must be regularly reviewed, and a written record of the review must be made, as required above.

No Member FCM or IB shall allow an Associate to exercise discretion over a customer's commodity futures account unless that Associate has been continuously registered under the Act for a minimum of two years and has worked how to do intraday trading in icicidirect such registered capacity for that period of time. This requirement shall not apply to any individual registered as a CTA.

This requirement may, in NFA's discretion, be waived upon a showing that the Associate has equivalent experience. The decision of the panel shall be final and shall be based upon the written submissions and the views of the Compliance Director. The panel shall communicate its decision to the Compliance Director or a person designated by the Compliance Director, who shall then inform the Member seeking the waiver.

An Associate who has been determined to have equivalent experience pursuant to the rules of any contract market Member of NFA having a similar minimum experience requirement shall be deemed to have satisfied the requirement of this Rule. No FCM or IB shall accept an order from a third party, not an Associate of the FCM or IB, without first obtaining a copy of the account controller's written trading authorization or a written acknowledgment from the customer that such authorization has been given.

The provisions of sections bc and d of this Rule shall not apply when the individual who owns the account and the individual exercising discretion are members of the same family a spouse, parent, child, grandparent, grandchild, brother, sister, aunt, uncle, nephew, niece or in-law. October 29, ; January 19, ; March 15, ; April 23, ; and November 1, Each Associate who has supervisory duties shall diligently exercise such duties in the conduct of that Associate's commodity futures activities on behalf of the Member.

This requirement may, in NFA's discretion, be waived upon a showing by the Member that the Member's current supervisory procedures provide effective supervision over its employees how to buy penny stocks canada agents.

Within 30 days after a Member submits a waiver request, the Compliance Director will submit a written response to the panel. The decision of the panel shall be final and shall be based upon the written submissions of the Member and of the Compliance Director. That anti-money laundering program shall, at a minimum. April 11, ; April 1, ; July 1, ; October 1, ; and June packing jobs from home portsmouth, No Member FCM, unless a member of a contract market, shall carry customer accounts without prior notice to NFA.

Effective date of Amendments: April 11, ; July 5, ; April 4, ; August 24, ; October 10, ; July 24, ; December 14, ; and October 18, Members are also subject to the requirements of CFTC Regulation 5.

The break-even analysis must be presented in the manner prescribed by NFA's Board of Directors and must be accurate as of the date of the Disclosure Document. Any CPO Member may file with NFA a request for an extension of time in which to file the annual report stock market investment weblog by CFTC Regulation 4.

September 29, and July 24, Any Member or Associate who violates or fails to comply with any NFA requirement shall be subject to appropriate Member or Associate Responsibility Action or disciplinary action, or both, in accordance with these rules.

August 1, and August 21, ]. No Member or Associate shall represent or imply in any manner whatsoever that such Member or Associate has been sponsored, recommended or approved, or that such Member's or Associate's abilities have in any respect been passed upon, by NFA or any federal or state regulatory body: Provided, however, that this Rule shall not prohibit a Member from stating the fact of membership, or an Associate from stating the fact of registration as an Associate if the effect of NFA membership or registration as an Associate is not misrepresented, or from discussing or explaining the functions and purposes of NFA.

Any Member FCM or RFED which enters into a guarantee agreement, pursuant to CFTC Regulation 1. January 1, ; September 9, ; and October 18, Subject to the provisions of paragraphs d and e of Bylawno FCM, RFED, IB, CPO, CTA or LTM Member of NFA shall have associated with it See Bylaw b any person who has not satisfied the applicable proficiency requirements set forth in Registration Rule Any Member who violates any of the CFTC Part 32 Taxability of restricted stock options shall be deemed to have violated an NFA requirement.

Each Member required to file any documents with or give notice to the CFTC under the CFTC Part 32 Regulations shall also file one copy of such document with or give such notice to NFA at its Chicago office no later than the date such document or notice is due to be filed with or given to the CFTC. February 1, ; August 29, ; July 24, ; August 21, ; and July 12, Any Member or Associate who violates any of CFTC Regulations 1.

TRANSFER OF CUSTOMER ACCOUNTS. Within three business days of the day such confirmation is due, or within such further time as may be necessary in the exercise of due diligence, and provided that the receiving Member agrees to accept the account, the carrying Member shall effect the transfer of the balances and positions to the receiving Member. February 1, ; August 29, ; March 28, ; July 24, ; December 4, ; August 21, ; May 1, ; and February 1, If a Member or Associate has either less than one year of experience in directing customer accounts or trading proprietary accounts, then the disclaimer must also contain the following statement:.

If a Member or Associate has less than one year of experience allocating assets among particular trading advisors, then the disclaimer must also contain the following statement:. Statements of opinion included in promotional material must be clearly identifiable as such and must have a reasonable basis in fact.

Every Member shall adopt and enforce written procedures to supervise its Associates and employees for compliance with this Rule. Prior to its first use, all promotional material shall be reviewed and approved, in writing, by an officer, general partner, sole proprietor, branch office manager or other supervisory employee other than the individual who prepared such material unless such material was prepared by the computerized stock trading algorithm individual qualified to review and approve such material.

If the Member is registered as a broker-dealer under Section 15 b 11 of the Exchange Act and the promotional material specifically refers to security futures products, the individual reviewing and approving the promotional material must be a designated security futures principal.

Copies of all promotional material along with a record of the review and approval required under paragraph e of this Rule and supporting materials for any results described under paragraphs b 5 - 6 or c of this Earn real money world of warcraft must be maintained by each Member and be available for examination for the periods specified in CFTC Regulation 1.

Each Member who uses promotional material of the types described in paragraph b 5 - 6 or c of this Rule shall demonstrate the basis for presidential election impact on stock market reported results to NFA upon request.

The Compliance Director may require any Member for any specified period to file copies of all promotional material with Incentive stock options tax code promptly after its first use. In addition to the other requirements of this Rule, Members registered as broker-dealers under Section 15 b 11 of the Exchange Act and their Associates shall not use any promotional material that specifically refers to security futures products unless the promotional material:.

This requirement does not apply to any promotional material in which the only reference to security futures products is contained in a listing of the Member's services.

January 1, ; August 21, December 10, ; December 17, ; January 3, ; and September 19, A Tactical fx trend trading strategies download registered as a broker or dealer under Section 15 b 11 of the Exchange Act shall provide a copy of the disclosure statement for security futures products at or before the time the Member approves the account to trade security futures products.

For an active customer who is an individual, the FCM Member carrying the customer account shall contact the customer, at least annually, to verify that the information obtained from that customer under Section c of this Rule remains materially accurate, and provide nfa retail forex rules customer with an opportunity to correct and complete the information. Whenever the customer notifies the FCM Member carrying the customer's account of any material changes to the information, a determination must be made as to whether additional risk disclosure is required to be provided to the customer based on the changed information.

If another FCM or IB introduces the customer's account on a fully disclosed basis or a CTA directs trading in the account, then the carrying FCM must notify that Member of the changes to the customer's online surveys get paid cash. The Member or Associate who currently solicits and communicates with the customer is responsible for determining if additional risk disclosure is required to be provided based on the changed information.

In some cases, this may be the Member introducing or controlling the account; in other cases, it may be the carrying FCM. For all other customers, the customer's net worth or net assets and current estimated annual income, or where not available, the previous year's annual income. In addition, Members that are not also members of the Financial Industry Regulatory Authority and their Associates must obtain the following information from each customer who is an individual if the customer trades security futures products:.

If a customer declines to provide the information set forth in Section c of this Rule, the Member or Associate shall make a record that the customer declined, except that such a record need not be made in the case of a non-U.

Subject to the provisions of Section i of this Rule, a Member may open, introduce or agree to direct a futures trading account for a customer only upon the approval of a partner, officer, make money fast animal crossing wild world, branch office manager or supervisory employee of the Member.

Each Member shall keep copies of all records made pursuant to this Rule in the form and for the period of time set forth in CFTC Regulation 1. If the Member is an FCM or IB, the account must be approved or disapproved by a designated security futures principal.

The approval or disapproval shall be in writing and shall identify the person approving or disapproving the account. Additionally, the customer's account records shall contain information about the account, including the name of the Associate, how the customer's information was obtained, and the date that the disclosure statement for security futures products was provided. A copy of the background and financial ft stock market crash on file with the Member shall also be sent to each customer who is an individual for verification within fifteen days after the Member becomes aware of any material change in the customer's financial status.

In all cases, absent notice to the contrary from the customer, the forex trend indicators is deemed verified. For purposes of this requirement, a non-institutional customer is any customer who is not:. Any Member who violates any of the CFTC Part 30 Regulations shall be deemed to have violated an NFA Requirement.

Any Member or Associate who violates any of the CFTC Part 31 Regulations shall be deemed to have violated an NFA Requirement. FCM RECEIPT OF FUNDS FROM OMNIBUS ACCOUNTS. Each FCM must give notice to its DSRO or, if so directed by its DSRO, to NFA whenever the FCM accepts other than immediately available funds from an FCM doing business on an omnibus basis. Notice how do you make money on millsberry be received within 24 hours of such acceptance.

For purposes of this Rule, wire transfers and certified checks shall be considered immediately available funds for which notice is not required. The written confirmation must include the new information and the effective date of the change but need not include any information that will remain the same.

CTAs must provide the following information to clients with partially-funded accounts if the clients are not QEPs:. Member CPOs who are required by CFTC Regulation 4. November 1, and December 14, The information that may be included in the Statement of Additional Information is described in subsection c.

The Statement of Additional Information may be bound together with the Disclosure Document as long as the Disclosure Document comes first. If the Statement of Additional Information is separately bound, the CPO is not required to provide it to a prospective participant unless the prospective participant requests it.

If a Statement of Additional Information is prepared and separately distributed under paragraph 3 of this section, the cover page of the Disclosure Document required under paragraph 1 of this section shall state that the Statement of Additional Information is available free of charge and shall indicate how to obtain a copy of the Statement of Additional Information. For all other pools, Disclosure Documents required under subsection a 1 may include such online data entry work from home in baroda. December 1, ; November 30, ; February 13, ; October 25, ; April 1, ; October 18, ; October 1, ; January 4, ; March 29, ; and March 31, No Forex Dealer Member shall engage in any forex transaction that is prohibited under the Commodity Exchange Act.

No Forex Dealer Member or Associate of a Forex Dealer Member engaging in any forex transaction shall:. Forex Dealer Members and their Associates shall observe high standards of commercial honor and just and equitable principles of trade in stock market courses philippines conduct of their forex business.

No Member may carry a forex account for, accept a forex order or account from, handle a forex transaction for or on behalf of, receive compensation directly or indirectly for forex transactions from, or pay compensation directly or indirectly for forex transactions to any non-Member of NFA, or suspended Member, that is required to be registered with the Commission as an FCM, RFED, IB, CPO, or CTA in connection with its forex activities and that is acting in respect to the account, order, or transaction for a forex customer, a forex pool or participant therein, a forex client of a commodity trading advisor, or any other person unless: Each Forex Dealer Member shall diligently supervise its employees and agents forex dinar revalue the conduct of their forex activities for or on behalf of the Forex Dealer Member.

Each Associate of a Forex Dealer Member who has supervisory duties shall diligently exercise such duties in the conduct of that Associate's forex activities for or on behalf of the Forex Dealer Member. When a customer first opens an account and at least once a year thereafter, each Forex Dealer Member shall provide each customer with written information regarding NFA's Background Affiliation Status Information Center BASICincluding 60 second forex system web site address.

The Compliance Director may require any Forex Dealer Member average earnest money any specified period to file copies of all promotional material with NFA for its review and approval at least 10 days prior to its first use or such shorter period as NFA may allow. The Compliance Director may also require a Forex Dealer Member to file for review and approval copies of promotional material prepared or used by some or all of the non-Members it is responsible for under Section d.

Any Member who uses promotional material that includes a measurement or description or makes any reference to hypothetical forex transaction performance results that could have been achieved had a particular trading system of the Member or Associate been employed in the past must comply with Compliance Rule c and the related Interpretive Notice as if the performance results were for transactions in on-exchange futures contracts.

Each Forex Dealer Member shall designate one principal to serve as Chief Compliance Officer Buy and hold stocks forever. Each Main forex di hp must prepare an annual report that meets the requirements of CFTC Regulation 3.

Each Forex Dealer Member must submit the annual report to NFA within 90 days after the Forex Dealer Member's fiscal year end. The annual report must include a certification by the Forex Dealer Member's CCO or chief executive officer that to the best of his or her knowledge and reasonable belief, and under penalty of law, the information contained in the annual report is accurate and complete.

Rbi approved forex trading in india Member or Associate that violates any of CFTC Regulations 5. For an active customer who is an individual, the Member acting as the counterparty to the customer shall contact the customer, at least annually, to verify that the information obtained from the customer under paragraph 3 remains materially accurate, and provide the customer with an opportunity to correct and complete the information.

Whenever the customer notifies how to make money with scrapebox Member acting as the counterparty to the customer of any material changes to the information, a determination must be made savage axis 308 tactical stock for sale to whether additional risk disclosure is required to be provided to the customer based on the changed information.

In some cases, this may be the Member introducing or controlling the account; in other cases, it may be the Member acting as the counterparty to the customer account. However, if the account is introduced or managed by a non-NFA Member, it shall be the sole responsibility of the Member acting as a counterparty to the transaction to comply with this rule. If a customer declines to provide the information set forth in paragraph 3the Member or Associate shall make a record that the customer declined, except that such a record need not be made in the case of a non-U.

Each Forex Dealer Member must establish, maintain and enforce a Risk Management Program as prescribed by NFA's Board of Directors. Each Forex Dealer Member must make the following information readily available on its website and update such information as is necessary, but no less frequently than on an annual basis:. If any of the financial information required under iv - vii is amended, the Forex Dealer Member must clearly notate that it has been amended.

Provided, however, that an FDM only has to provide transaction data pursuant to this subsection for any transactions that occur within 15 minutes before and after the execution of the customer's transaction.

Transactions entered into through a Member to hedge currency exposure from positions on regulated exchanges are exempt from all forex requirements except sections b and c of this rule if the on-exchange transactions are handled by the same Member. For purposes of this rule: Dealer includes other FDMs, as well as any entity acting in this manner that is not required to be an FDM. This rule applies to Members registered as broker-dealers under Section 15 b 11 of the Exchange Act and their Associates.

The report must be filed with NFA, in the form NFA requires, by the 15th day of the month following the calendar quarter in which the complaints are received. A Member is not required to file a quarterly report for any quarter in which no complaints were received. October 18, and September 30, The plan shall be reasonably designed to enable the Member to continue operating, to reestablish operations, or to transfer its business to another Member with minimal disruption to its customers, other Members, and the commodity futures markets.

Each IB, CPO, and CTA Member that has more than one principal must also provide NFA with the name of and contact information for a second put option counterparty risk who can be contacted if NFA cannot reach the primary contact, and the Member must update that information upon request.

These individuals must be authorized to make key decisions in the event of an emergency. February 13, ; June 5, ; September 21, ; October 25, ; April 1, ; October 18, ; October 1, ; and September 19, June 5, ; November 15, ; and February 28, A Forex Dealer Member or an IB may not enter into a bulk assignment, transfer, or liquidation of forex positions or accounts unless the assignment, liquidation, or transfer complies with CFTC Regulation 5. Procedures for Bulk Assignment or Liquidation of Forex Positions; Cessation of Customer Business.

A Forex Dealer Member must notify NFA by e-mail or facsimile seven calendar days prior to ceasing its forex business. For purposes of this rule, the term "forex" has the same meaning as in Bylaw b and the term "customer" means a counterparty that is not eligible contract participant as defined in 1a 18 of the Act.

FOREX ORDERS [Adopted effective May 15, June 12, and September 11, Such review and approval must be documented by a written record, must include any supporting documentation, and must be provided to NFA in the manner requested by NFA. The notice may be included in a customer agreement.

Forex Dealer Members may not carry offsetting positions in a customer account but must offset them on a first-in, first-out basis. At the customer's request, an FDM may offset same-size transactions even if there are older transactions of a different size but must offset the transaction against the oldest transaction of that size.

No Member CPO may permit a commodity pool to use any means to make a direct or indirect loan or advance of pool assets to the CPO or any other affiliated person or entity; providedhoweverthat certain specified transactions set forth in the related Interpretive Notice entitled Prohibition of Loans by Commodity Pools to CPOs and Related Entities are not prohibited by this rule. March 30, ; and September 30, Payment and acceptance of the fee does not preclude NFA from filing a disciplinary action under the Compliance Rules for failure to comply with the deadlines imposed by NFA Compliance Rules or CFTC rules.

FOREX DEALER MEMBER DAILY TRADE DATA REPORTS [Adopted effective February 4, The report must contain the data and be in the format prescribed by NFA.

Each Forex Dealer Member must prepare the report as of 5: Eastern time and file it with NFA by Eastern time the same day. Payment and acceptance of the fee does not preclude NFA from filing a disciplinary action for failure to comply with the deadlines imposed in this rule.

Part 3 - Compliance Procedures RULE There is hereby established a Department of Compliance hereinafter "Compliance Department"under the direction and control of a Director of Compliance hereinafter "Compliance Director"which shall conduct audits and examinations, and shall investigate violations of NFA requirements, prepare reports and conduct prosecutions, as provided in this Part. The Compliance Department shall commence investigations at the direction of the Commission; upon the discovery or receipt of information by NFA such as complaints from customers or Members that, in the Compliance Director's opinion, indicates a possible basis for finding that a violation has occurred; on the Compliance Director's own initiative.

The Compliance Director shall have the authority to compel testimony, subpoena documents and require statements under oath from any Member, Associate or person connected therewith. Neither the Compliance Director nor any employee or agent of the Compliance Department including persons hired on a contract basis to perform compliance duties may be a Member or Associate or have any connection, direct or indirect, with a Member or Associate, except as approved by the President.

Except with the President's approval, the Compliance Director and any employee of the Compliance Department shall not trade, directly or indirectly, any commodity interest. A commodity interest shall be defined as any commodity futures or commodity option contract traded on or subject to the rules of a contract market or linked exchange, or cash commodities traded on or subject to the rules of a board of trade which has been designated as a contract market.

June 13, ; March 15, and March 12, In each case in which the Compliance Director has reason to believe that any NFA requirement is being, has been or is about to be violated, the Compliance Director shall submit a written report of the matter to the Business Conduct Committee. See NFA Bylaw The report shall include:. If upon completing the investigation the Compliance Director concludes that there is no reason to believe that an NFA requirement is being, has been or is about to be violated, the Compliance Director shall submit a report to the Business Conduct Committee, containing the information specified in paragraph a above and, if applicable, recommending whether the Business Conduct Committee should issue or authorize the Compliance Director to issue a warning letter.

The report, and any warning letter issued, shall become part of the investigation file, which may thereafter be closed as the Compliance Director deems appropriate. Investigations shall be completed within four months of commencement except for good cause. Each investigation report shall be reviewed by the Business Conduct Committee. If, upon review of the report, the Business Conduct Committee finds that additional investigation or evidence is necessary, it shall so instruct the Compliance Director.

Within 30 days after receiving a completed report the Business Conduct Committee shall either:. The closure order shall be in writing and briefly state the reasons therefor, and a copy of the order shall be promptly furnished to the President.

Such order shall become final 10 days after the President's receipt thereof unless, within such time, the President refers the matter to the Appeals Committee See NFA Bylaw for its review.

In such case, the closure order shall become final 30 days after the date of referral by the President unless, within such time, the Appeals Committee directs the Business Conduct Committee to issue a complaint; or ii serve a written and dated Complaint, if it finds reason to believe that an NFA requirement is being, has been or is about to be violated and that the matter should be adjudicated.

No member of the Business Conduct Committee or its designated Panel shall participate in the matter if the member, or any person with which the member is connected, has a financial, personal or other direct interest in the matter under consideration or is disqualified under Bylaw c. June 3, ; June 8, ; and December 10, Service on a party's representative shall be service on the party. Service shall be made either by personal service effective upon deliverymail effective upon depositfacsimile effective upon receipt of a readable documentor e-mail effective upon receipt of a readable document: Proof of service of a document shall be made by attaching thereto an affidavit or certificate of service.

To mail means to deposit in the U. Mail, first-class postage prepaid, or with an overnight delivery service, delivery fee prepaid; and. National Futures Association South Riverside Plaza Chicago, IL Attn: Filing by delivery or mailing is effective upon receipt. Filing by electronic means is effective upon receipt of a readable document; and. The first document that a party files by electronic means must identify that party's facsimile number or e-mail address at which other parties may serve pleadings in the proceeding.

Parties who provide a facsimile number or an e-mail address must advise Legal-Docketing and all other parties not in default of any change to the facsimile number or e-mail address.

December 8, ; March 15, ; and March 12, The Respondent may be represented by an attorney-at-law or other person at any stage of the investigation or disciplinary proceeding.

March 15, and March 12, The Answer shall respond to each allegation in the Complaint by admitting, denying or averring that the Respondent lacks sufficient knowledge or information to admit or deny the allegation. An averment of insufficient knowledge or information may be made only after a diligent effort has been made to ascertain the relevant facts, and shall be deemed to be a denial of the pertinent allegation.

The failure to respond to any allegation shall be deemed an admission of that allegation. March 15, ; March 12, ; and December 10, The Respondent shall be afforded a hearing on the charges and possible sanctions.

The hearing shall be before a designated Hearing Panel of the Hearing Committee "Hearing Panel". A Hearing Panel shall consist of no fewer than three members of the Hearing Committee. The Chairman and the remaining members of the Hearing Panel shall be appointed by the Chairman of the Hearing Committee or his designee.

If a Hearing Panel member's term on the Hearing Committee expires while the member is serving on a Hearing Panel, the member may continue to serve on that Hearing Panel until the matter is concluded. The hearing shall be held at such location as the Chairman of the Hearing Panel shall determine. The order scheduling the pre-hearing conference shall specify the issues to be covered in the pre-hearing conference, including setting discovery and motion deadlines and scheduling the hearing.

Such conferences may be conducted by telephone. All other motions shall be decided by the Hearing Panel. January 28, ; April 30, ; March 15, ; February 2, and March 12, Such an order is discretionary with the Hearing Panel and shall be issued only for good cause shown; and. The cost of transcription shall be borne by the Respondent only if it requests the transcript, appeals the decision under Rule below, or applies for Commission review and review is granted See paragraph f iii of Rule Otherwise, any transcription costs shall be borne by NFA.

No member of the Hearing Panel shall participate in the matter if the member, or any person with which the member is connected, has a financial, personal or other direct interest in the matter under consideration or is disqualified under Bylaw c. December 8, and March 15, After the hearing or other consideration of the matter, the Hearing Panel shall render a written decision, based upon the weight of the evidence, containing:.

The decision shall be dated and promptly furnished to the Respondent and the Appeals Committee and shall be final upon expiration of time for appeal or review of the decision. December 8, ; March 15, ; March 24, ; and March 12, A BCC Panel shall consist of no fewer than three members of the Business Conduct Committee, each of whom shall be appointed by the Chairman of the Business Conduct Committee.

After that date, any proposed settlement offer shall be submitted to the Hearing Panel. Settlement offers may also be submitted to the Appeals Committee if the matter is before it on appeal or review. The Business Conduct Committee, BCC Panel, Hearing Panel or Appeals Committee may accept or reject the settlement offer as it deems appropriate.

The Compliance Director shall be afforded an opportunity to express the Compliance Department's views with respect to the proposed settlement. In the event the settlement offer is rejected by the appropriate Committee or Panel, the settlement offer shall become null and void.

If the Business Conduct Committee, BCC Panel, Hearing Panel or Appeals Committee accepts the offer, it shall issue a written decision specifying each NFA requirement it has reason to believe is being, has been or is about to be violated, any penalty imposed and whether the settling party has admitted or denied any violation.

A decision on settlement by the Business Conduct Committee, BCC Panel or Hearing Panel shall be promptly furnished to the President. A decision on settlement by the Business Conduct Committee, BCC Panel or Hearing Panel shall become final and binding 15 days after the date of the decision unless the President, with notice to all parties, refers the matter to the Appeals Committee for review. The Appeals Committee shall approve or disapprove the settlement within 30 days after the date of such referral.

Its decision to approve or disapprove the settlement shall become final and binding 15 days after the date of that decision. A decision on settlement by the Appeals Committee shall become final and binding 15 days after the date of the decision.

A settlement offer may not be withdrawn by a Respondent after it is submitted to the Business Conduct Committee, BCC Panel, Hearing Panel or Appeals Committee. An offer that is rejected by the appropriate Committee or Panel shall be null and void and shall not be deemed to have been an admission of any matter. Written notice of any action taken under Rule or Rule that is adverse to the Respondent, including reasons, findings, and conclusions, shall be furnished to the Commission within 30 days after it becomes final.

December 8, ; October 29, ; March 15, ; February 2, and March 12, The Respondent may appeal any adverse decision of the Hearing Panel issued under Rule to the Appeals Committee by filing a written notice of appeal with NFA within 15 days after the date of the decision.

The notice must describe those aspects of the disciplinary action to which exception is taken, and must contain any request by the Respondent to present written or oral argument. The Appeals Committee may also order review of any decision of the Hearing Panel issued under Rule The petition will state why the Compliance Department is seeking review and must contain any request by the Compliance Department to present written or oral argument.

The Respondent's filing of a notice of appeal under paragraph a above or the institution by the Appeals Committee of its own review under paragraph b above shall operate as a stay of the effective date of the disciplinary order, until the Appeals Committee renders its decision. No member of the Appeals Committee shall participate in the proceeding if the member participated in any prior stage of the disciplinary proceeding other than the review of a settlement offer submitted under Rule or if the member, or any person with which the member is connected, has a financial, personal or other direct interest in the matter under consideration or is disqualified under Bylaw c.

Except for good cause shown, the appeal or review shall be conducted solely on the record before the Hearing Panel, the written exceptions filed under paragraph a above, and such written or oral arguments of the parties as the Appeals Committee may authorize. If the Appeals Committee authorizes written argument, briefs shall be filed as follows unless otherwise ordered by the Appeals Committee:.

Promptly after reviewing the matter, the Appeals Committee shall issue a written and dated decision, based on the weight of the evidence. December 8, ; July 30, and March 15, The Business Conduct Committee, BCC Panel or Hearing Panel, or the Appeals Committee on appeal or review, may at the conclusion of the disciplinary proceeding impose one or more of the following penalties:. A suspended Member shall be liable for dues and assessments but shall have no membership rights during the suspension period nor shall a suspended Member hold itself out as an NFA Member during the suspension period.

The Appeals Committee may increase, decrease or set aside the penalties that were imposed by the Hearing Panel, or may impose other and different penalties, as it sees fit, subject to the requirements and limitations in paragraph a above. All fines shall be paid to the NFA Treasurer within 30 days of the date of the decision or within the time prescribed in the decision, and may be used for general NFA purposes. A person who fails to pay a fine on time may, after seven days written notice, be summarily suspended from membership or association with a Member, by order of the President, until the fine is paid.

December 8, ; October 29, ; September 30, ; March 15, ; February 2, ; March 12, and November 30, A Member or Associate may be summarily suspended from membership, or association with a Member, may be required to restrict its operations e. No member of either the Board of Directors or the Executive Committee shall participate in a summary action if the member, or any person with whom the member is connected, has a financial, personal or other direct interest in the matter under consideration or is disqualified under Bylaw or Bylaw c.

Notice of such summary action shall be given promptly to the Commission. If prior notice is not practicable, the Respondent shall be served with a notice at the earliest opportunity. This notice shall A state the action taken or to be taken; B briefly state the reasons for the action; C state the time and date when the action became or becomes effective and its duration; and D state that any person aggrieved by the action may petition the Commission for a stay of the effective date of the action pending a hearing pursuant to Commission Regulations, Partwithin 10 days of service.

Service may be made by personal delivery effective upon receiptby telefax effective upon transmissionor by mail effective upon deposit. When service is effected by mail, the time within which the person served may respond shall be increased by five days. Any such hearing shall be conducted before a Hearing Panel under the procedures of Rule A copy of the decision shall be furnished promptly to the Respondent, the Appeals Committee and the Commission.

The decision shall contain:. D A determination as to whether the summary action that was taken should be affirmed, modified or reversed; a declaration of any action to be taken against the Respondent as the result of that determination; the effective date and duration of that action; and a determination of the appropriate relief based on the findings and conclusions.

E A statement that any person aggrieved by the action may have a right to appeal the action pursuant to Commission Regulations, Partwithin 30 days of service; and.

F A statement that any person aggrieved by the action may petition to the Commission for a stay pursuant to Commission Regulations, Partwithin 10 days of service. The Respondent shall have no right to appeal a final action taken under this Rule to the Appeals Committee.

The Appeals Committee may on its own motion review a decision of the Hearing Panel issued under paragraph b iv above, by giving written notice to the Respondent of its decision to review within 15 days of the date of the decision. The review shall be conducted in accordance with paragraphs def and g of Rule The institution of a Member or Associate Responsibility Action See Rule shall not preclude the institution, at the same or any other time, of a disciplinary action See Rule involving the same matters or persons, nor shall any pending or completed disciplinary action involving the same matters or persons preclude a proceeding under Rule January 1, ; and February 20, The Business Conduct Committee, Hearing Committee, Appeals Committee, Executive Committee, BCC Panel and Hearing Panel conducting a proceeding under these Part 3 rules shall include at least one member who is not an NFA Member or Associate or an employee of an NFA Member.

If the proceeding involves swaps or any respondent is a SD or MSP Member, at least one member of the Hearing Panel shall also be affiliated with an SD or MSP. When selecting Hearing Panels, the Chairman of the Hearing Committee or his designee shall endeavor to appoint panelists with diverse interests. If a party, attorney for a party, or other representative of a party violates an order of the Business Conduct Committee, Hearing Panel, Chairman of the Business Conduct Committee or Hearing Panel, or Appeals Committee or engages in dilatory, disruptive, or contumacious conduct during a proceeding, the Business Conduct Committee, Hearing Panel, or Appeals Committee may impose those sanctions that are just under the circumstances.

In particular, the Business Conduct Committee, Hearing Panel, or Appeals Committee may. Part 4 - Procedures Governing Access to and Certification of CFTC Records, Other than Registration Records, maintained by NFA RULE For purposes of Rules andthe term "CFTC records" shall be defined to include only those records that are in the custody of or maintained by NFA because such records were transferred from the Commission to NFA or because the Commission has delegated to NFA the authority to receive, generate, compile or maintain such records in performance of functions which NFA is authorized or required by the Commission to perform pursuant to Sections 8a 10 or 17 o of the Act: Provided, however, that for purposes of Rules andthe term "CFTC records" shall not include registration records subject to Part of NFA's Registration Rules.

Requests for access to CFTC records, or portions thereof, not subject to disclosure as public or publicly available under paragraph b 1 of this Rule shall be referred or transmitted to the Commission for response; except that, NFA will disclose such records or portion thereof:. Provided, however, that NFA receives proper verification of the identity and authority of the party requesting the records.

The President shall designate an NFA employee to serve as the NFA Record Custodian "Custodian". The President also may designate one or more NFA employees to serve as Deputy NFA Record Custodians "Deputies".

The Custodian and the Deputies shall be responsible for maintaining all CFTC records in NFA's possession and shall be the legal custodians of these CFTC records.

The Custodian, each of the Deputies, or in their absence, any NFA employee designated by the President, the Custodian or one of the Deputies, is authorized to certify in writing the authenticity of CFTC records in NFA's possession for purposes of any judicial or administrative proceeding. The Custodian, each of the Deputies or any designated employee also is authorized to certify in writing as to the maintenance and completeness of the CFTC records in NFA's possession, as well as the thoroughness of NFA's search for requested documents, for purposes of any judicial or administrative proceeding.

This written certification shall be effective when executed by the Custodian, one of the Deputies or any designated employee. The written certification shall include that, pursuant to Commission authorization, the Custodian has and maintains legal custody of the official CFTC records that are the subject of the certification.

Code of Arbitration SECTION 1. April 11, ; July 27, ; February 1, ; November 9, ; January 1, ; February 18, ; May 1, ; March 1, ; September 9, ; December 1, ; August 30, ; February 13, ; June 5, ; October 18, ; October 1, ; and September 19, Under NFA Bylaws every person who is associated with a Member within the meaning of the term "associated person" as used in Section 4k of the Commodity Exchange Act, and who is required to be registered as such with the Commission, must register with NFA as an Associate.

April 11, ; June 28, ; November 9, ; June 12, ; January 1, ; February 18, ; September 8, ; May 17, ; May 1, ; March 1, ; September 9, ; December 15, ; and October 18, Except as provided in Sections 5 and 6 of this Code with respect to timeliness requirements, the following disputes shall be arbitrated under this Code if the dispute involves commodity futures contracts:.

B the dispute does not solely involve cash market transactions that are not part of or directly connected with a commodity futures transaction; and. C if brought against a Member or employee thereof, the Member is an FCM, an RFED, an IB, a CPO, a CTA or an LTM.

Except as provided in Sections 5 and 6 of this Code with respect to timeliness requirements, a counterclaim, cross-claim or third-party claim may be asserted in an arbitration brought under this Code if the counterclaim, cross-claim or third-party claim arises out of an act or transaction that is the subject of the Arbitration Claim.

June 13, ; November 9, ; January 1, ; September 9, ; and October 18, Any pre-dispute arbitration agreement between a customer and an FCM, RFED, IB, CPO, CTA or LTM Member or Associate thereof that does not comply with Commission Rule November 24, ; January 28, ; November 9, ; July 12, ; October 29, ; February 18, ; May 1, ; June 23, ; May 1, and October 1, ].

NFA shall conduct all arbitration proceedings under this Code before an arbitration Panel consisting of the following:. All arbitration Panels shall be appointed by the Secretary and consist of individuals who are NFA Members or individuals connected therewith one such Member or individual designated as Panel Chairperson.

Provided, however, if a customer so requests in a timely filed pleading, the Chairperson and at least one other arbitrator, and the sole arbitrator where there is a single-person Panel, shall not be connected with an NFA Member or NFA except as NFA arbitrators. For purposes of this section, any individual who performs a significant amount of work on behalf of NFA Members or Associates and any individual who was a Member or Associate or was an employee of a Member within the past three years shall be considered to be connected with an NFA Member.

Prior to being appointed to the Panel, each arbitrator under consideration shall disclose to NFA any circumstances that might prevent the arbitrator from acting impartially.

The Secretary shall thereupon appoint, pursuant to Section 4 aan arbitration Panel to resolve the dispute. No arbitrator shall have acted as the mediator in the same dispute. NFA shall promptly notify the parties of the names, business affiliations and other information relevant to the classification of the arbitrator as a Member or non-Member panelist.

Any objection of a party to such appointment shall be specific and for cause and submitted to NFA in written form. Each party or their representative shall disclose to NFA any circumstances likely to affect an arbitrator's impartiality, including any bias or any financial interest in the result of the arbitration or any past or present relationship with the arbitrator.

Any party who fails to disclose such information shall be deemed to have waived any objection to that arbitrator based on such information. Each arbitrator appointed shall disclose to NFA any circumstances likely to affect impartiality, including any bias or any financial interest in the result of the arbitration or any past or present relationship with the parties or their representative.

Upon receipt of such information from an arbitrator or other source, NFA shall communicate such information to the parties, and if NFA deems it appropriate to do so, to the Panel and others. Thereafter, NFA shall determine whether the arbitrator should be disqualified and shall inform the parties of the decision, which shall be conclusive. Before proceeding with the hearing, each arbitrator shall execute an oath whereby the arbitrator promises to faithfully and fairly determine the matter before the Panel.

If an arbitrator becomes ineligible or otherwise unable to serve on the Panel, the Secretary shall unless the parties request otherwise appoint a replacement to the Panel. In the event an arbitrator is excused or recuses himself after the commencement of the hearing because a party failed to disclose information which may be grounds for objecting to the arbitrator, the party withholding the information shall be deemed to have waived his right to object to proceeding with the remaining two arbitrators.

If a replacement is appointed after the commencement of the hearing, the Panel shall determine whether all or any part of any prior hearing sessions shall be repeated. No party to the arbitration, or a representative thereof, shall communicate with any Panel member regarding the arbitration, other than inquiries concerning the status thereof, except at the hearing or in writing on notice to the other parties. February 18, ; May 1, ; June 7, ; June 23, and March 1, No Arbitration Claim may be arbitrated under this Code unless an Arbitration Claim or notice of intent to arbitrate see Sections 6 a and c is received by NFA within two years from the date when the party filing the Arbitration Claim knew or should have known of the act or transaction that is the subject of the controversy.

Except as is provided in Sections 6 f and h below, no counterclaim, cross-claim or third-party claim may be arbitrated under this Code unless it is asserted in a timely filed Answer in accordance with Section 6 e below. NFA shall reject any claim that is not timely filed.

If, in the course of any arbitration, the Panel determines that the requirements of this section have not been met as to a particular claim, the Panel shall thereupon terminate the arbitration of the claim without decision or award. June 28, ; January 28, ; November 9, ; July 12, ; June 12, ; February 18, ; May 17, ; May 1, ; March 12, ; June 7, ; June 23, ; June 1, ; March 1, ; June 13, ; June 5, ; October 1, ; October 18, ; and January 15, ].

If the two-year time limit under Section 5 of this Code is close to expiring, a person wanting to file an Arbitration Claim may notify NFA, either in writing or orally, of such person's intent to arbitrate. NFA shall maintain a record of the receipt of each such notice and shall promptly provide such person with a copy of this Code and an Arbitration Claim form.

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If a person who files a notice of intent to arbitrate decides to proceed with NFA arbitration, such person shall, within 35 days after the date NFA provided the person with a copy of the Code and an Arbitration Claim form under Section 6 a above, serve a completed Arbitration Claim on NFA. NFA shall promptly review each Arbitration Claim for completeness. Any Arbitration Claim which NFA deems to be incomplete, or which is not accompanied by the appropriate fee, shall be returned to the filing party by NFA.

In that event, the filing party shall serve a completed Arbitration Claim on NFA, together with any unpaid fee, within 20 days following service by NFA. NFA shall reject any Arbitration Claim which has not been timely filed, or for which the appropriate fee has not been paid. That Member FCM or RFED may intervene in the arbitration proceeding if it chooses to. A Respondent shall serve its Answer on NFA and concurrently serve a copy on the Claimant within the time period provided below.

Any Member FCM or RFED served with the Arbitration Claim under Section 6 d 2 above that wishes to intervene in the arbitration proceeding must serve an Answer and written notice of intervention on NFA and concurrently serve a copy on the Claimant within the time period provided below for filing the Answer. An allegation in the Arbitration Claim that is not denied in the Answer shall be deemed by the Panel to be admitted. Any Answer which is not accompanied by the appropriate fee shall be returned to the filing party by NFA.

In that event, the filing party shall serve a completed Answer on NFA, together with any unpaid fee, within 20 days following service by NFA. NFA shall reject any Answer for which the appropriate fee has not been paid.

Each Respondent who files an Answer but does not pay the service fee will have waived its right to an oral hearing and to otherwise participate in the proceeding. However, the Panel may, for good cause shown, accept the Answer and allow the Respondent to participate.

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Any counterclaim or cross-claim under Section 2 a 2 must be asserted in the Answer, unless the person against whom the counterclaim or cross-claim is asserted consents to a later assertion of the counterclaim or cross-claim. If any counterclaim or cross-claim is asserted, the party asserting the counterclaim or cross-claim shall promptly remit the appropriate fee to NFA.

See Sections 11 and Any counterclaim or cross-claim which NFA deems to be incomplete, or which is not accompanied by the appropriate fee, shall be returned to the filing party by NFA. In that event, the filing party shall serve a completed counterclaim or cross-claim on NFA, together with any unpaid fee, within the time period provided below.

NFA shall reject any counterclaim or cross-claim which has not been timely filed, or for which the appropriate fee has not been paid. The person against whom the counterclaim or cross-claim is asserted shall serve its Reply to the counterclaim or cross-claim on NFA and concurrently serve a copy on the counterclaiming or cross-claiming Respondent within the time period provided below.

Any allegation in the counterclaim or cross-claim that is not denied in the Reply shall be deemed by the Panel to be admitted. Any third-party claim under Section 2 a 2 must be asserted in the Answer, unless the third party consents to a later assertion of the claim. If the third party is not a Member or Associate, such person must agree or have agreed to submit to arbitration.

If any third-party claim is asserted, the Respondent asserting the third-party claim shall promptly remit the appropriate fee to NFA.

See Sections 11 and 18 below. Any third-party claim which NFA deems to be incomplete, or which is not accompanied by the appropriate fee, shall be returned to the filing party by NFA. In that event, the filing party shall serve a completed third-party claim on NFA, together with any unpaid fee, within the time period provided below. NFA shall reject any third-party claim which has not been timely filed, or for which the appropriate fee has not been paid.

NFA shall promptly serve a copy of the completed third-party claim on each person named therein as a Respondent, and a copy of any agreement to arbitrate. A third-party Respondent shall serve its Answer on NFA and concurrently serve a copy on the third-party Claimant within the time period provided below.

An allegation in the third-party claim that is not denied in the Answer shall be deemed by the Panel to be admitted. After the appointment of a Panel, no new or different claim may be filed except with the Panel's consent. NFA shall accept any Answer or Reply filed prior to the hearing. However, NFA or any party may present an objection to the Panel with regard to the timeliness of any filing. NFA will not accept a late notice of intervention unless the party filing the late notice explains in writing its reasons for the lateness and obtains the Panel's consent to file the late notice.

The Secretary may, whether or not at the request of any party, order any or all joined claims to be separated in the interest of providing a fair, equitable or expeditious procedure or to avoid unnecessary or unreasonable delay.

Bankruptcy Code, absent bankruptcy court approval. Fees assessed against the consolidated group of claimants will be applied against the initial hearing deposit. Fees assessed against the Respondent s are due at the time of filing. The Panel may, at the written request of a party or on its own motion, dismiss without prejudice any claim which it determines is not a proper subject for NFA arbitration.

Any claim, answer, counterclaim, cross-claim, reply to counterclaim or cross-claim, third-party claim, or answer to third-party claim must include the following attestation: November 9, ; July 12, ; June 12, ; June 23, ; December 17, ; June 1, ; and January 15, The attorney or other representative shall serve timely notice in writing on NFA and the other parties of the name and address of any such representative.

The Panel may bar from the proceeding any representative for dilatory, disruptive or contumacious conduct. July 12, ; June 12, ; May 1, ; March 12, ; June 23, ; June 1, ; March 1, ; June 1, ; October 1, and January 15, The parties shall exchange those documents no later than 15 days after the last pleading is due. The responding party shall serve the documents and written information, including written objections, no later than 20 days after the request is due. The responding party shall serve the requesting party with the documents and written information, including written objections, no later than 30 days after the request is due.

Written responses to the request to compel must be served on the Secretary and all parties no later than 10 days after the request to compel was served. The certification must state that the filing party or its representative has made a good faith effort to resolve the matters forming the basis for the request through either a telephone conference or in-person meeting with the other party or its representative. However, documents and written information in the mediator's possession are not subject to discovery and may not be subpoenaed for use in the subsequent arbitration hearing.

At least five days before the date assigned for a summary proceeding to commence, each party shall serve on NFA sufficient copies of all documents in such party's possession which are to be submitted to the Panel to rebut the documents previously served by another party and shall concurrently serve copies on every other party. The parties shall cooperate with NFA in the formulation of a written hearing plan. A hearing plan is a written document that summarizes each claim, Answer and Reply; identifies any facts the parties have agreed to; identifies the factual and legal issues in dispute; and lists the witnesses and exhibits that will be presented at the hearing.

The parties shall serve on NFA and all parties a joint hearing plan, or separate hearing plans if they cannot agree on a joint one, no later than 30 days before the oral hearing date, unless the Panel directs otherwise.

The failure of any party to comply with Sections 8 a through 8 c or any order of the Panel may be brought to the attention of the Panel by NFA or the party seeking such documents or information.

The Panel may take such actions in regard to the failure as are just, including, among other things, the following:. Other motions to dismiss must be included in a timely filed Answer or Reply.

Motions for summary judgment may be raised at any time. Motions for directed verdict may be raised at the hearing. However, where a motion is received less than 20 days in advance of the date the hearing or summary proceeding is scheduled to commence, NFA may, in its discretion, require a written response within less than 10 days.

No written replies to a party's response to a motion will be allowed except in the Panel's discretion. This fee may be subsequently waived at the discretion of the arbitrator, or the arbitrator may assess the motion fee against the party causing the filing of the motion.

However, this fee shall not apply to a request for a preliminary hearing under Section 9 a or a request for a postponement under Section 11 c below. This fee may be subsequently waived at the discretion of the arbitrators, or the arbitrators may assess the motion fee against the party causing the filing of the motion. However, the Panel may not postpone the hearing or impose sanctions, dismiss a party, or dismiss all or any portion of a claim without a majority decision.

For cases that will be decided through an oral hearing, NFA may schedule a pre-hearing conference with the Panel and the parties. The notice scheduling the pre-hearing conference will specify the issues to be covered at the conference, including identifying outstanding discovery disputes, setting deadlines for other motions and scheduling the hearing.

The conference will be conducted by telephone within 30 days after the motion to compel due date, unless the Panel directs otherwise. November 24, ; December 30, ; June 28, ; January 28, ; November 9, ; July 12, ; June 12, ; February 18, ; December 1, ; May 1, ; June 23, ; May 1, ; March 1, ; June 1, ; October 15, ; April 1, ; October 1, and January 15, The Panel may, at the written request of a party or on its own motion, schedule a preliminary hearing in extraordinary circumstances.

Such hearing may be conducted orally, by telephone conference, or by written submissions. Except as provided in Section 6 nSection 8 g or Paragraph i of this Section, the place and time of the hearing shall be determined in the sole discretion of the Secretary, who shall endeavor to accommodate, if possible, the preferences of all parties as indicated in a timely-filed pleading.

Upon setting the initial hearing date, NFA shall serve notice on each party at least 45 days before the hearing of the date, time and place. NFA shall give reasonable notice of any rescheduled oral hearing date.

At the written request of any party or on its own motion, the Panel may review the procedural history of the proceeding and any written submissions and may find that a party has failed to prosecute or defend the proceeding.

Any party found to have failed to prosecute or defend the proceeding will be deemed to have waived his right to an oral hearing. The Panel may consider affidavits but shall give them such weight as it deems appropriate after considering objections to them. The Panel may issue subpoenas to non-Members as authorized by law. The parties must submit all subpoena requests to the Panel and serve those requests in accordance with Section 16 b below.

Subpoenas issued by the Panel may be enforced in a court of competent jurisdiction. For purposes of this section, an employee or an Associate of any party shall be considered a party witness. The mediator may not be called as a witness in a pending or subsequent arbitration proceeding. The Panel shall afford the parties every reasonable opportunity to present their case completely.

Extensions of time or postponements of the hearing may be granted by the Panel when the interests of justice so require, but a hearing in progress shall not be adjourned or interrupted except in compelling circumstances. The failure of any party to appear at any hearing or any session thereof, or to comply with any notice, order, or procedure in connection therewith, may subject the party to such adverse action as the Panel deems appropriate, including the entry of an award or the dismissal of a claim.

The record may be reopened by the Panel on its own motion or on the motion of a party for good cause at any time prior to the Panel rendering its award. A motion to reopen the record shall stay automatically the time period in which the award shall be rendered.

Where appropriate, the Panel may excuse any failure to comply with any provision of this section, or any Panel notice, order or procedure. A written agreement is not required of any party which has waived its rights to an oral hearing under any other provision of this Code.

July 27, ; June 28, ; June 13, ; November 9, ; July 12, ; July 30, ; June 12, ; October 29, ; February 18, ; May 17, ; May 1, ; March 12, ; June 23, ; June 1, ; March 21, ; March 10, ; June 1, ; October 1, ; July 7, and January 15, The Panel shall notify NFA of its decision within 30 days after the record is closed.

NFA shall then prepare a written award form, to be dated and signed by the Panel members. NFA shall promptly serve a copy of the award on each party or its representative. The award shall be that of the Panel majority. Except as provided in Section 6 nthe award may grant or deny any of the monetary relief requested, and may include an assessment of interest, costs or fees See Sections 11 and A request for declaratory relief will only be heard by the arbitrators if the Respondent agrees to have the arbitrators hear the claim.

The Panel's award shall be final on the date thereof. The award may be modified by the Panel if a party submits a written request for modification which is received by NFA within 20 days from the date of service of the award on the parties, and the Panel deems modification necessary because:. NFA will not forward a modification request to the Panel unless it is based on one of the grounds listed above. The timely filing of a request for modification shall stay automatically the finality of any award until NFA rejects the request or the Panel either modifies the award or denies the request for modification.

The suspension shall remain in effect until such award, settlement agreement, or order of the Panel has been satisfied. The bar shall remain in effect until such award, settlement agreement, or order of the Panel has been satisfied. The suspension shall be lifted if the award or settlement agreement is satisfied.

The bar shall be lifted if the award or settlement agreement is satisfied. At any time during the course of an arbitration, a party may satisfy a claim by payment or settlement, including settlement through mediation. The arbitration proceeding will terminate upon receipt of written notice of satisfaction and withdrawal of the claim duly executed by the parties and submitted to NFA. If NFA is notified that the claim has been settled, but the notification is not in writing or is not duly executed by the parties, NFA shall send written notice to the parties that the arbitration proceeding will terminate within 20 days of service of such notice unless NFA receives written notice that the claim has not been settled.

If parties agree to satisfy a claim at any time during the arbitration, the Panel may, at the request of such parties, set forth the terms of the satisfied claim in a consent award. A written notice of withdrawal must be filed with NFA. The withdrawal will be without prejudice unless the notice states otherwise. The notice and the consent must be in writing and filed with NFA. The withdrawal will be without prejudice unless the notice or the consent states otherwise.

June 28, ; December 8, ; November 9, ; July 12, ; February 18, ; May 1, ; December 12, ; June 23, ; February 1, ; May 1, ; March 1, ; October 1, and January 15, If a case requires more than four days of hearing, the hearing fees will be twice the standard preset fees, unless the arbitrators order the fees to remain at the standard amount.

However, where the sole arbitrator asks NFA to appoint two additional arbitrators, NFA shall assess the additional fees equally against the parties. Hearing fees shall be paid to NFA in advance of the hearing sessions to which they apply. This fee may be waived at the discretion of the arbitrators. The arbitrators also may assess reasonable and necessary expenses incurred by the parties and their witnesses, including reasonable attorneys' fees, as a result of a postponement.

No fee shall be assessed if an arbitrator becomes ineligible or otherwise unable to serve, or if a hearing extends over the expected time period. June 28, ; November 9, ; July 12, ; February 18, ; May 1, and March 12, Costs which may be included in an award shall normally be limited to the costs of any transcript which a party may request See Section 9 d 4.

A Panel may, however, assess against a party any one or more of the following other costs, upon a finding that such party's claim or defense was frivolous or was made in bad faith, or that the party engaged in willful acts of bad faith during the arbitration: Reasonable and necessary expenses incurred by a the arbitrators or b any other party or witness, including reasonable attorneys' fees.

The Panel may also award attorneys' fees provided that a statutory or contractual basis exists for awarding such fees. Requests for attorneys' fees and costs incurred in the arbitration proceeding must be raised in the proceeding or they are waived. NON-WAIVER OF NFA RIGHTS. The submission of a matter to arbitration under this Code shall not affect any right of NFA regarding the matter, including the right to initiate a disciplinary proceeding.

DISPUTES NOT COVERED UNDER THIS CODE. Pursuant to such rules as may be approved by the Board of Directors, NFA may provide an arbitration forum for the resolution of futures-related disputes not covered under this Code. May 1, ; June 23, ; March 21, March 1, Should a due date fall on a weekend or legal holiday such due date will be computed as the next business day on which mail is delivered.

Unless otherwise indicated, service may be accomplished by hand delivery, or by first class or certified mail, or by use of a generally recognized overnight delivery service to the party's last known business or home address on record with NFA. Documents may also be served by facsimile or electronic mail on NFA and any party who has consented to service by that method. All documents which are served on NFA shall be concurrently served on each party who has filed a pleading using methods designed to ensure that NFA and all parties will receive the documents on the same day.

A party shall promptly notify NFA of any change in the party's address or addresses, including the party's e-mail address or facsimile number, or the address of the party's representative on record with NFA. This Code shall supersede any provision in an agreement entered into between the parties, either before or after a dispute arises, if the provision in the agreement contradicts or limits the Code or imposes additional obligations on NFA or the arbitrators. However, in the Secretary's discretion, the provision may be applied to NFA arbitration if the agreement names NFA as the arbitration forum or the parties consent in writing to apply the provision to NFA arbitration.

This Code shall govern any cross-claim or third-party claim filed by a Member or Associate against another Member or Associate under this Code, except that Sections 2 a and b of the Member Arbitration Rules shall apply to cross-claims or third-party claims and Section 11 a of the Member Arbitration Rules shall apply to third-party claim. NFA'S AUTHORITY TO INTERPRET THE CODE. During an arbitration proceeding filed by a customer that is not an eligible contract participant as defined in Section 1a 18 of the Act, no party to the arbitration may institute any suit, legal action, or proceeding outside of the arbitration proceeding against any other party that concerns or would resolve any of the matters raised in the arbitration.

Member Arbitration Rules SECTION 1. May 1, ; March 1, ; September 9, and June 5, May 1, ; December 12, ; September 1, and March 1, Except as provided in Sections 4 and 5 of these Rules with respect to timeliness requirements, disputes between and among Members shall be arbitrated under these Rules unless:.

The cross-claim or third-party claim must arise out of an act or transaction that is the subject of the claim pending in that forum.

Except as provided in Sections 4 and 5 of these Rules with respect to timeliness requirements, disputes between Members and Associates and between Associates shall be arbitrated under these Rules, at the election of the person filing the claim, unless:. Once a claim is filed, arbitration is mandatory for the Member or Associate the claim is against.

Except as provided in Sections 4 and 5 of these Rules with respect to timeliness requirements, a counterclaim, cross-claim or third-party claim must be asserted in an arbitration brought under paragraph a above and may be asserted in an arbitration brought under paragraph b above if the counterclaim, cross-claim or third-party claim arises out of an act or transaction that is the subject of the Arbitration Claim.

May 1, ; June 23, ; September 1, ; May 1, and October 1, Except as provided under Section 7 e of the Rules, NFA shall conduct all arbitration proceedings under these Rules before an arbitration Panel consisting of the following:.

The Secretary shall thereupon appoint, pursuant to Section 3 aan arbitration Panel to resolve the dispute. NFA shall promptly notify the parties of each arbitrator's name, business affiliations, and other relevant information. Each party or their representative shall disclose to NFA any circumstances likely to affect an arbitrator's impartiality, including any bias or financial interest in the result of the arbitration or any past or present relationship with the arbitrator.

Each arbitrator appointed shall disclose to NFA any circumstances likely to affect impartiality, including any bias or any financial interest in the result of the arbitration or any past or present relationship with the parties or their representatives. If an arbitrator become ineligible or otherwise unable to serve on the Panel, the Secretary shall unless the parties request otherwise appoint a replacement to the Panel.

No party to the arbitration, or any representative thereof, shall communicate with any Panel member regarding the arbitration, other than inquiries concerning the status thereof, except at the oral hearing or in writing on notice to the other parties. March 24, ; June 7, ; June 23, ; March 1, and December 15, No Arbitration Claim may be arbitrated under these Rules unless an Arbitration Claim or notice of intent to arbitrate See Sections 5 a and c below is received by NFA within two years from the date when the party filing the Arbitration Claim knew or should have known of the act or transaction that is the subject of the controversy.

No counterclaim, cross-claim or third-party claim may be arbitrated under these Rules unless it is received by NFA within two years from the date when the party asserting the counterclaim, cross-claim or third-party claim knew or should have known of the act or transaction that is the subject of the counterclaim, cross-claim or third-party claim or it is served on NFA with a timely filed Answer, whichever is later.