NFA announced the effective date of rule amendments designed to clarify the applicability of certain NFA rules and interpretive notices to certain regulated entities.
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The NFA has released a compliance rule update for Rule 2-7 ("Branch Office Managers and Designated Security Futures Principals"). Rule 2-7 places limitations on who is permitted to be a branch office manager. In order to be a branch office manager, an Associate must: Have taken and passed the "NFA Branch Manager Examination," with the exception of Associates who are no longer 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 Is sponsored by a registered broker-dealer and is qualified to
The National Futures Association proposed amendments on enhanced supervisory requirements for security futures broker-dealers employing a large number of previously disciplined employees.