NFA By-Law 1101

Overview

This page provides information about NFA By-Law 1101, which generally requires both (i) that firms required to register with the CFTC also become members of the NFA and (ii) that NFA member firms determine that their customers are not improperly evading CFTC registration and NFA membership.

The NFA describes mandatory membership in the association as the cornerstone of CEA regulation. What is somewhat unusual about this regulatory requirement is that responsibility for enforcing it is largely placed on NFA members, who are required to institute meaningful compliance programs to assure that their customers and others with whom they do business are either members of the NFA or are not required to become members.

For general information as to the NFA, see the topic page on the National Futures Association.

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CFTC Rules

  • CFTC Rule 3.10 (CFTC registration process for FCMs, RFEDs, IBs, CPOs, CTAs, swap dealers, and major swap participants is conducted by filing with the NFA)
  • CFTC Rule 5.22 (CFTC-registered RFEDs must maintain NFA membership)
  • CFTC Rule 170.15 (CFTC-registered FCMs must maintain NFA membership)
  • CFTC Rule 170.16 (CFTC-registered swap dealers and major swap participants must maintain NFA membership)
  • CFTC Rule 170.17 (CFTC-registered CPOs, CTAs, and IBs must maintain NFA membership)

NFA By-Laws

 

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Excerpt from CPO/CTA Manual