FCA Proposes Part 3 of NFA’s Compliance Rules Regarding Disciplinary Process Amendments and Technical Amendments to Various Rules & Interpretive Notices
NFA Proposes Amendments to Part 3 of NFA’s Compliance Rules Regarding Disciplinary Process
On May 19, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission proposed amendments to Part 3 of NFA’s Compliance Rules regarding the compliance procedures that control NFA’s disciplinary process. Specifically, the proposed amendments (1) revise NFA Compliance Rule 3-14 to increase the maximum penalty fine amount from $250,000 to $500,000 per violation; (2) modify the rules related to certain Business Conduct Committee’s practices; and (3) make minor technical amendments.
NFA has invoked the “ten-day” provision of Section 17(j) of the Commodity Exchange Act and, subject to possible CFTC review for approval, may issue a Notice to Members establishing an effective date for this proposal as early as 10 days after receipt of this submission by the CFTC.
The proposed amendments are available here.
NFA Proposes Technical Amendments to Various Rules and Interpretive Notices
On May 19, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission proposed technical amendment to several of NFA’s Rules and Interpretive Notices. In addition to correcting numerous cross-references and eliminating obsolete provisions, the proposed technical amendments add a definition of Swap Execution Facility (SEF) to NFA Compliance Rule 1-1 and require the electronic filing of certain documents and notices under NFA Compliance Rule 2-13.
The proposed technical amendments are available here.