October 22, 2018

October 22, 2018

Subscribe to Latest Legal News and Analysis

October 19, 2018

Subscribe to Latest Legal News and Analysis

NFA Proposes to Amend NFA Registration Rule 802

On November 30, the National Futures Association (NFA) submitted proposed amendments to NFA Registration Rule 802 to the Commodity Futures Trading Commission. The amendment is intended to ensure the language of Rule 802 is consistent with that in recently amended registration forms. Specifically, the amendments reflect changes in the language of Forms 7-R; 8-R; and 3-R.

The proposed amendments remove from the Rule the specific agreements and certifications contained in the forms. The new language instead provides that the filing of a registration form (e.g., the Form 7-R) will constitute the applicant’s applicable certifications, representations, acknowledgements, authorizations and agreements contained within the form. This change will allow NFA to make changes to the forms in the future without having to amend Rule 802.

NFA’s Board of Directors unanimously approved the proposed amendment on November 16. NFA is invoking the “ten-day” provision of Section 17(j) of the Commodity Exchange Act to allow the amendments to be effective 10 days after receipt of the proposal by the CFTC.

©2018 Katten Muchin Rosenman LLP


About this Author

Michael T. Foley, Katten, Lawyer, Finance, FINRA, Chicago
Special Counsel

Michael Foley represents broker-dealers, investment advisers and other financial services industry participants with respect to a broad spectrum of legal and regulatory matters arising under the federal securities laws.

Michael has nearly 20 years of experience in private practice and in-house at both a large, full-service broker-dealer and at an online discount broker-dealer, advising broker-dealers and other financial institutions regarding compliance with the federal securities and commodities laws, and with the regulations of the US Securities and Exchange...

Timothy Nolan, Katten Law Firm, Chicago, Corporate Law Attorney

Timothy Nolan concentrates his practice on transactional, corporate and regulatory aspects of financial services matters. Timothy is able to provide legal services to a wide variety of clients, including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, commodity trading advisers, financial institutions and general corporate clients.

Prior to joining Katten, Timothy served as the CEO and the president of the board of directors of a small commercial real estate company and spent 10 years in the scrap recycling industry, including several years as general manager of a mid-sized company. In his time in the scrap recycling industry, Timothy worked with traders, brokers, importers and exporters, and other industry professionals around the world relating to ferrous, non-ferrous and precious metal recycling, together with paper and plastic recycling.