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9 The disclosure should also be prominently displayed on the Member's web site. An adequate supervisory program should include on-site visits to branch offices and guaranteed introducing brokers that conduct forex business on behalf of the Member. Customers who decline to provide information (beyond that required by CFTC Regulation 1. External hardware components, also called peripheral components, are those items that are often externally connected to the computer to control either input or output functions. What is computer hardware. The firm's escalation procedures should also address whether and when a matter should be reported to the firm's regulator. The procedures must also be reasonably designed to handle customer complaints about order delivery, execution (if applicable), and reporting and to handle those complaints in a timely manner.

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As noted above, this section provides additional guidance on what Compliance Rule 2-36 requires. Has any firm for which the individual performed auditing, accounting, or bookkeeping been subject to an emergency action or sanctioned by NFA, the CFTC, the SEC, NASD or FINRA, the Public Company Accounting Oversight Board, or any other financial regulator for failure to comply with financial requirements or for having inadequate books and records while the individual was engaged in those activities? Further, Compliance Rule 2-4 also requires Members and Associates to exercise due care to avoid trading ahead of customer orders. Response and Recovery from Events that Threaten the Security of the Electronic Systems. Wires collectively 7 little words without. Members should consider whether appropriate supervisory procedures include periodic inquiries as to whether their employees and agents are conducting due diligence with respect to the third-party system developer's web site or advertising, and taking appropriate steps if deficiencies are found in such web site or advertising. Brokerage Commissions and Trading Fees (9)||1, 724|. Tick – the smallest price change allowed in a particular contract. Pursuant to Compliance Rule 2-29(e), FCM, IB, CPO and CTA Members must implement and enforce written supervisory procedures that are designed to achieve compliance with NFA's requirements for promotional material.

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From the creators of Moxie, Monkey Wrench, and Red Herring. The certification may, however, be limited to the applicable requirements. If a customer's name indicates that it may be engaged in the futures business, the Member should inquire as to its registration and membership status; - 4. 9 Additionally, Members whose data resides in third-party service provider systems should consider including procedures to respond to notices from a service provider that it has experienced a data breach as state laws may require the Member to notify its customers of the breach. The futures industry has traditionally met this need through risk disclosure designed to encourage the customer to make an informed decision as to whether futures trading is suitable for that customer. Wires collectively 7 little words to eat. Money laundering occurs when funds from an unlawful activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources.

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Members should monitor and regularly review the effectiveness of their ISSPs, including the efficacy of the safeguards deployed, and make adjustments as appropriate. Adorned with fine wires 7 little words. Therefore, in order to fulfill their supervisory responsibilities, Members must adopt and enforce written procedures to address the security, capacity, credit and risk-management controls, and records provided by the firm's electronic trading systems. The CPO should have a risk management program that emphasizes the importance of the firm's business principals or trading principals playing a direct and primary role in assessing and monitoring the risks posed by their particular areas. The CIP should also outline the firm's procedure for retaining records.

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Over the years, NFA has observed an undue sense of urgency conveyed through many different high-pressure tactics. Malware can also prevent users from accessing the files in the computer's hardware storage. The first thing that all firms should have is written procedures that outline their ethics training program. Staff, September 6, 1985; revised July 1, 2000; December 9, 2005; September 30, 2010 and September 23, 2021). Board of Directors, August 21, 2001 and January 1, 2020). The Member should disclose, in advance, the factors that could reasonably be expected to materially affect the system's performance (e. g., periods of stress) and the means available for contacting the Member during a system outage or slow-down. All other provisions of this notice also apply to Members and their Associates who solicit, introduce or manage forex accounts. However, if the identity of the suspect involved is unknown on the date the firm first becomes aware of the initial detection, the firm may delay filing up to an additional 30 days in order to identify the suspect.

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Guarantor FCMs must also do a due diligence inquiry before entering into a guarantee agreement. Verification that transactions involving pool funds do not violate NFA Compliance Rule 2-45, Prohibition of Loans by Commodity Pools to CPOs and Affiliated Entities. OBLIGATIONS OF MEMBERS SUBJECT TO THE ENHANCED SUPERVISORY REQUIREMENTS. Since the events of September 11, 2001, the financial services industry has devoted increased attention to issues relating to disaster recovery plans. 2 See Performance of Certain Functions by the National Futures Association Related to Notices of Swap Valuation Disputes Filed by Swap Dealers and Major Swap Participants, 81 Fed. NFA's Executive Committee also became aware of these comments and asked the Committees to study the matter and make appropriate recommendations. When you play with your Facebook friends, it's almost as good as going out on a Saturday night! Moreover, as described above, NFA Compliance Rule 2-22 prohibits a Member from, among other things, stating or implying that it has been sponsored, recommended or approved by NFA. They were created to serve you and help you advance through the hard times if winning is your agenda! NFA's Board of Directors (Board) recently reviewed information regarding the use of credit cards1 by FDM retail customers to fund their forex trading accounts, which indicates that retail forex customers overwhelmingly fund their trading accounts using a credit card. Finally, Members must periodically evaluate the effectiveness of their electronic communications review procedures and modify them as necessary. The fact pattern addressed by the Commission's Staff letter involved a developer of a computerized trading system who was registered as an associated person ("AP") of an introducing broker ("IB"). If a Member firm is participating in a consolidated entity ISSP, then the Member firm still has an obligation to ensure that the written policies and procedures relating to the program are appropriate to its information security risks, are maintained in a readable and accessible manner and can be produced upon request to NFA4 and the CFTC. Criteria that obligate an FCM, IB, CPO or CTA Member or an FDM to adopt the enhanced supervisory requirements.

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This is not intended to impose an affirmative duty on Members to include language explicitly permitting such cooperation, but merely to avoid explicit language barring it. The firm representative may communicate with the reviewer regarding a particular submission at any time during the review process by sending an electronic message through the system. A Member firm must be able to promptly produce, upon request from NFA or the CFTC, all conversations or records of electronic written communications relating to a specific AP, and only that AP, for a given date. The rules also require a broker-dealer to segregate all customer fully paid and excess margin securities carried by the broker-dealer for customers. An SD Member may not use subordinated debt to meet its capital requirement, or make a pre-payment of previously approved subordinated debt, until it receives NFA's approval. Due Diligence Review. In particular, Compliance Rule 2-50 will assist NFA in readily identifying CPO Members with pools that have been adversely impacted by a market or other event. The opaque underlying or spot market poses asset verification challenges for market participants, regulators and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket shops and pump and dump schemes. Section (b) Content of Promotional Material. Pursuant to NFA Compliance Rule 2-29 (b)(1) and (2), the ultimate test of any promotional material is whether the overall impact of the material is misleading or is likely to be deceptive. In rare and unusual circumstances, NFA's Compliance Department might determine that a shorter notice period is appropriate. The components of current assets, current liabilities, total revenue, and total expenses should be based on the requirements of generally accepted accounting principles or another internationally recognized accounting standard, consistently applied. For example, a CTA charges a monthly management fee of 2%, which equates to a $24, 000 fee earned as of March 31.

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3390 (Jan. 21, 2016). 5318(l) and the implementing regulation jointly promulgated by Treasury and the CFTC at 31 CFR 1026. The personnel who perform routine surveillance and supervision and inspections must be appropriately qualified and knowledgeable of the industry and the nature of the firm's business, and should be able to perform their work with an independent and objective perspective. This would include futures positions closed out by delivery, cash settlement, through an exchange for physicals, and as a result of the transfer to the carrying FCM from another FCM of offsetting futures contracts. 5% of the Master Account's equity, respectively, then the customers would be allocated.

Moreover, Members either directly or indirectly connect electronically with other Members, exchanges, clearinghouses, third-party service providers, NFA and the CFTC. Treatment of dividends and other corporate events affecting the underlying security may be reflected in the security futures contract depending on the applicable clearing organization rules. 37(a), which must always be obtained) may still open accounts, but NFA would expect Members to take appropriate action upon learning that an inordinate number of a particular Associate's customers apparently "decline" to provide basic information. The Member should monitor both capacity (how much volume the system can handle before it is adversely impacted or shuts down) and performance (how much volume the system can handle before response time materially increases), and should assess the electronic trading system's capacity and performance levels based on the major strains imposed on the system.

Initial Risk Assessment. An FDM must provide to NFA a copy of all quarterly and interim risk exposure reports provided to its senior management and governing body within 5 business days of providing the report to the FDM's senior management and governing body. 12 A firm may also choose to include procedures that provide for an exception for a person who has applied for a TIN. If the Member has a committee that approves the ISSP, then it must include one of these individuals. NFA Financial Requirements require each FCM for which NFA is DSRO, each RFED and each IB which is not operating pursuant to a guarantee agreement to file financial reports with NFA. This certainly applies to the preparation of advertising material.

Any Member commodity trading advisor ("CTA") or commodity pool operator ("CPO") meeting the criteria is required to maintain adjusted net capital of at least $100, 000 during the entire period for which the Member is required to adopt the enhanced supervisory requirements. Regulated exchange – a registered national securities exchange, a national securities association registered under Section 15A(a) of the Securities Exchange Act of 1934, a designated contract market, a registered derivatives transaction execution facility, or an alternative trading system registered as a broker or dealer. All security futures contracts involve risk, and there is no trading strategy that can eliminate it. A computing device can function efficiently and produce useful output only when both hardware and software work together appropriately.

However, to the extent applicable, a Member should evaluate the risk associated with becoming overly reliant on a particular Third-Party Service Provider and consider the availability of alternatives, including other service provider(s) or in-house solutions in case a viable "exit strategy" is necessary. Customer Information and Risk Disclosure. Consequently, individuals should consider how dividends and other developments affecting security futures in which they transact will be handled by the relevant exchange and clearing organization. For narrow-based security indices, the value of the contract is the price of the component securities times the multiplier set by the exchange as part of the contract terms.

It is still acceptable to obtain ethics training sponsored by independent persons, firms, or industry associations. NFA recognizes that Member firms may use different routine supervision and surveillance processes. The Board believes that recording these conversations and requiring FCM, IB, CPO and CTA Members and FDMs to maintain records of electronic written communications provides these Members with the best opportunity to monitor closely the activities of their APs and also provides these Members with complete and immediate feedback on each AP's method of soliciting customers. The Board recognizes that NFA's goal must be not only to punish such deception of customers through enforcement actions but to prevent it, or minimize its likelihood, through fair and effective regulation. Specifically, under those circumstances, a Member firm has an affirmative duty to determine if the leads were generated from a provider using any type of advertisement soliciting investments in commodity interests, one of whose business purposes is the generation and sale of the leads.

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