NFA Notifies Members that APs Can Work from Home

NFA notified member firms that it would not pursue disciplinary actions if a firm allows associated persons ("APs") to temporarily work from home under business contingency plans, provided that the firm institutes adequate supervisory methods and meets its recordkeeping requirements and that the member firms "ensure that these procedures are documented."

NFA stated that it recognizes that member firms are considering allowing APs to work from home due to the coronavirus outbreak, and that it may be necessary to permit alternative work arrangements. As a result, NFA is allowing APs to work from home, or areas not listed as a branch office on the Member Form 7-R, as required by NFA Interpretive Notice 9002 ("Registration Requirements - Branch Offices"). NFA noted that APs must return to their ordinary office as the situation returns to normal.