This letter from the National Futures Association to the Commodity Futures Trading Commission proposes amendments to NFA rules regarding forex registration requirements and branch offices. The NFA Board approved the proposal in August 2008 and August 2010. The NFA is invoking a 10-day review period before implementing the changes unless the CFTC notifies them it will conduct a full review and approval of the proposals.
Manner of achieving minimum public shareholding regulation 38 Sebi lodr GAURAV KR SHARMA
The Securities and Exchange Board of India (SEBI) issued a circular to listed entities regarding achieving the minimum public shareholding level. SEBI outlined seven methods that listed entities can use to increase their public shareholding to the minimum level specified in relevant rules: 1) issuing shares to the public through a prospectus, 2) offer for sale of promoter shares through a prospectus, 3) sale of promoter shares in the secondary market, 4) institutional placement program, 5) rights issue with promoters foregoing entitlements, 6) bonus issues with promoters foregoing entitlements, or 7) other methods approved by SEBI on a case by case basis. Stock exchanges must inform listed entities of these requirements and publish the circular on their websites.
The document contains multiple choice questions about the Federal Investigation Agency Act of 1974 in Pakistan. It tests knowledge of various sections of the act that define key terms, establish the agency and its structure, and grant it investigative powers. The agency was established in 1974 by the federal government to investigate offenses specified in schedules of the act. It is headed by a Director General appointed by the federal government.
The document summarizes a memorandum of understanding between the Japan-Taiwan Exchange Association and the Interchange Association regarding the application of competition laws. Key points:
1) The memorandum aims to strengthen cooperation between Taiwan's Fair Trade Commission and Japan's Fair Trade Commission regarding enforcement of competition laws.
2) It provides for notification when enforcement activities in one region could affect the other, and cooperation in investigations and sharing information related to anti-competitive activities.
3) The associations will consult annually to exchange economic information, discuss competition policies, and cooperation in bilateral and multilateral forums.
SEBI Circular dated Feb 22, 2018 with regard to manner of achieving minimum p...GAURAV KR SHARMA
The document outlines additional methods allowed by the Securities and Exchange Board of India (SEBI) for listed entities to comply with minimum public shareholding requirements. Specifically:
SEBI will allow open market sale of up to 2% of shares by promoters/promoter groups and allotment of eligible securities through Qualified Institutions Placement. For open market sales, listed entities must announce details in advance and promoters cannot purchase shares on sale dates. SEBI reiterates prior methods and provides a compilation of all allowed methods to achieve minimum public shareholding levels.
Announcement MiFID II Main Changes for authorisationsAtoZForex.com
CySEC highlights the main changes introduced by MiFID II, MiFIR, and the relevant delegated and implementing regulations, which affect the authorisation
requirements for CIFs.
The document provides an overview of the Foreign Exchange Management Act (FEMA) of 1999 in India. It discusses that FEMA was introduced to replace the previous Foreign Exchange Regulation Act (FERA) of 1973 to facilitate external trade and payments. FEMA regulates all foreign exchange transactions in India and aims to promote an orderly foreign exchange market. It consolidates various rules and regulations pertaining to foreign exchange under the Reserve Bank of India. FEMA also introduced a more liberal and investor-friendly framework compared to the previous FERA.
Format of Sebi Baord meeting 48 hours shareholders Voting rightsGAURAV KR SHARMA
The Securities and Exchange Board of India (SEBI) has specified a new format that listed entities must use to submit voting results from general meetings to stock exchanges within 48 hours. The format includes details of shareholders present, voting categories, modes of voting, number of votes cast, and percentage of votes for and against each resolution. Listed entities must use this format to provide transparency around voting results to stock exchanges and shareholders.
Manner of achieving minimum public shareholding regulation 38 Sebi lodr GAURAV KR SHARMA
The Securities and Exchange Board of India (SEBI) issued a circular to listed entities regarding achieving the minimum public shareholding level. SEBI outlined seven methods that listed entities can use to increase their public shareholding to the minimum level specified in relevant rules: 1) issuing shares to the public through a prospectus, 2) offer for sale of promoter shares through a prospectus, 3) sale of promoter shares in the secondary market, 4) institutional placement program, 5) rights issue with promoters foregoing entitlements, 6) bonus issues with promoters foregoing entitlements, or 7) other methods approved by SEBI on a case by case basis. Stock exchanges must inform listed entities of these requirements and publish the circular on their websites.
The document contains multiple choice questions about the Federal Investigation Agency Act of 1974 in Pakistan. It tests knowledge of various sections of the act that define key terms, establish the agency and its structure, and grant it investigative powers. The agency was established in 1974 by the federal government to investigate offenses specified in schedules of the act. It is headed by a Director General appointed by the federal government.
The document summarizes a memorandum of understanding between the Japan-Taiwan Exchange Association and the Interchange Association regarding the application of competition laws. Key points:
1) The memorandum aims to strengthen cooperation between Taiwan's Fair Trade Commission and Japan's Fair Trade Commission regarding enforcement of competition laws.
2) It provides for notification when enforcement activities in one region could affect the other, and cooperation in investigations and sharing information related to anti-competitive activities.
3) The associations will consult annually to exchange economic information, discuss competition policies, and cooperation in bilateral and multilateral forums.
SEBI Circular dated Feb 22, 2018 with regard to manner of achieving minimum p...GAURAV KR SHARMA
The document outlines additional methods allowed by the Securities and Exchange Board of India (SEBI) for listed entities to comply with minimum public shareholding requirements. Specifically:
SEBI will allow open market sale of up to 2% of shares by promoters/promoter groups and allotment of eligible securities through Qualified Institutions Placement. For open market sales, listed entities must announce details in advance and promoters cannot purchase shares on sale dates. SEBI reiterates prior methods and provides a compilation of all allowed methods to achieve minimum public shareholding levels.
Announcement MiFID II Main Changes for authorisationsAtoZForex.com
CySEC highlights the main changes introduced by MiFID II, MiFIR, and the relevant delegated and implementing regulations, which affect the authorisation
requirements for CIFs.
The document provides an overview of the Foreign Exchange Management Act (FEMA) of 1999 in India. It discusses that FEMA was introduced to replace the previous Foreign Exchange Regulation Act (FERA) of 1973 to facilitate external trade and payments. FEMA regulates all foreign exchange transactions in India and aims to promote an orderly foreign exchange market. It consolidates various rules and regulations pertaining to foreign exchange under the Reserve Bank of India. FEMA also introduced a more liberal and investor-friendly framework compared to the previous FERA.
Format of Sebi Baord meeting 48 hours shareholders Voting rightsGAURAV KR SHARMA
The Securities and Exchange Board of India (SEBI) has specified a new format that listed entities must use to submit voting results from general meetings to stock exchanges within 48 hours. The format includes details of shareholders present, voting categories, modes of voting, number of votes cast, and percentage of votes for and against each resolution. Listed entities must use this format to provide transparency around voting results to stock exchanges and shareholders.
This document provides a prospectus for Hibernia REIT p.l.c. regarding the issue of 364,600,000 ordinary shares at a price of €1.00 per share and admission to the official lists of the Irish Stock Exchange and UK Listing Authority, as well as admission to trading on the Irish Stock Exchange and London Stock Exchange. The prospectus has been approved by the Central Bank of Ireland. Credit Suisse Securities (Europe) Limited is acting as joint bookrunner and sole UK sponsor, and Goodbody is acting as joint bookrunner and sole Irish sponsor. Stabilization measures may be implemented to support the market price of the shares. The distribution and issue of shares is subject to certain
Chapter V: Customs administration and trade facilitation chapterBalo English
This document outlines customs procedures and trade facilitation between parties to an agreement. Key points include:
- The parties shall ensure predictable, consistent and transparent customs procedures.
- The parties shall cooperate on significant customs issues, provide advance notice of changes, and share information to achieve compliance with customs laws and regulations.
- The parties shall provide advance rulings on tariff classification, customs valuation, rules of origin, and other matters within 150 days of a request. Advance rulings remain valid for at least three years.
- The parties shall provide advice or information on quotas, duty drawback programs, country of origin marking, and other customs matters upon request. Importers have the right to review and appeal
The document discusses the legal authority and personal liability of procurement officers according to the Public Procurement Act of 2005 and 2011 in Tanzania. It states that the Act establishes a Procurement Management Unit in every entity with various responsibilities including managing procurement activities, supporting the tender board, and maintaining procurement records. The Act also outlines offenses related to procurement that make individuals personally liable, such as providing false information, interfering with officers, or causing loss of public funds through negligence. Finally, it addresses the authority of supplier representatives in the tender process such as being present at tender openings.
The document summarizes key changes to foreign exchange laws in India regarding foreign direct investment in Limited Liability Partnerships (LLPs). It outlines eligibility requirements for foreign investors and LLPs to receive foreign investment, including that the LLP must operate in a sector that allows 100% foreign ownership. It also details pricing requirements, payment methods, reporting obligations, restrictions on downstream investments, and other conditions like ECB restrictions. Foreign investment in LLPs now requires prior government or Foreign Investment Promotion Board approval.
This document provides an overview of provisions relating to Non-Resident Indians (NRIs) under the Foreign Exchange Management Act (FEMA) and the Income Tax Act, 1961. It discusses key topics such as the definitions of NRIs under both acts, residential status, transactions permitted for NRIs like acquiring shares/property and remittances. The presentation also outlines professional opportunities for NRIs under FEMA regulations. Key sections of FEMA governing NRI transactions and related schedules specifying permitted, prohibited and restricted transactions are summarized.
The document outlines insider trading laws and regulations in India. It summarizes the key provisions of the Companies Act, 2013 and SEBI (Prohibition of Insider Trading) Regulations, 2015. Some of the important details include definitions of insiders, connected persons and unpublished price sensitive information; restrictions on trading and communication of insider information; requirements for trading plans; initial and continual disclosure obligations; and the need to establish and disclose a code of practices for fair disclosure of unpublished price sensitive information. Violations can result in fines up to Rs. 25 crore or three times the profit from insider trading and imprisonment of up to 5 years.
This document is Vietnam's Law on Foreign Investment, which aims to expand economic cooperation with foreign countries and modernize Vietnam's economy. It establishes the legal framework for foreign direct investment in Vietnam. Key points:
- It encourages foreign investment that respects Vietnam's independence and laws, and benefits both sides. Vietnam will protect investors' capital and legal rights.
- It defines terms like foreign investor, joint venture, business cooperation contract, capital contribution, and reinvestment.
- It allows three main forms of foreign investment: business cooperation, joint ventures, and 100% foreign-owned enterprises.
- It guarantees foreign investors will be treated fairly and their property protected from expropriation. Investors can
The document discusses the Insurance Regulatory and Development Authority (IRDA) of India. Some key points:
- IRDA is the national regulatory body for India's insurance industry, established by an act of Parliament in 1999.
- Its mission is to protect policyholders' interests, promote and regulate the orderly growth of the insurance industry, and ensure insurance businesses operate ethically.
- IRDA has duties like protecting policyholders, promoting the industry's growth, enforcing high standards, and ensuring proper conduct in financial markets dealing with insurance.
- It is composed of 10 members - a Chairman, 5 whole-time members, and 4 part-time members, all appointed by the Indian government.
This document provides key information about the IDFC Mutual Fund, including contact details, the purpose of the Key Information Memorandum, and how to access additional fund documents. It notes that the units being offered have not been approved by SEBI and outlines the risks. The document also describes the IDFC Gilt 2028 Index Fund, including its objective to track the CRISIL Gilt 2028 Index, the NFO dates, ongoing subscription details, and that it is suitable for investors seeking income over the target maturity period by investing in similar constituents to the index.
FCA publishes near final rules on MiFID IIAtoZForex.com
The UK Financial Conduct Authority publishes an update on FCA Markets in Financial Instruments Directive (MiFID) II implementation rules and encourages firms to submit applications for MiFID II authorization.
This document provides an overview of the legal and regulatory framework for foreign investment in post-sanctions Iran. It discusses the Iranian legal system, commercial and criminal codes, and opportunities and challenges for public-private partnerships, joint ventures, intellectual property, and other forms of investment. The document also examines the Foreign Investment Promotion and Protection Act, which protects foreign investors' rights and covers non-commercial risks. Potential investors are advised to familiarize themselves with relevant Iranian laws and regulations and pursue partnerships with reputable local firms. Over time, Iran's banking, finance and contracting systems will continue developing to better facilitate foreign investment.
HTML es el lenguaje de marcado utilizado para crear páginas web. Se refiere al lenguaje de marcado de hipertexto que sirve como estándar para el desarrollo de páginas web, permitiendo definir la estructura y presentación del contenido.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Swissquote saw a 36.1% increase in revenues and a 29.9% increase in net profit in the first half of 2011 despite the tense global economic situation. Trading operations revenues increased the most at 125.6% due to the acquisition of ACM. Growth slowed in the second quarter with a 1.6% increase in the number of accounts and a 7.9% decrease in assets under custody. Swissquote announced new cooperative ventures with BLKB for online mortgages and Swiss Life for banking products that could provide significant future potential.
El documento habla sobre los drivers, las videoconferencias, los avatares y la encriptación. Los drivers permiten la interacción entre el sistema operativo y los periféricos. Las videoconferencias permiten reuniones entre personas separadas geográficamente mediante el intercambio de audio, video e información. Los avatares son representaciones gráficas que identifican a los usuarios. La encriptación codifica la información para hacerla ilegible a terceros y proteger datos privados.
The document provides details about the Stick to the Mitten project, which aims to decrease student debt in Michigan by connecting students and businesses through internship opportunities. Key points:
- The project will offer tax incentives to businesses that provide internships and tuition credit to students as part of their compensation to help lower student debt.
- It will launch initially at Michigan's 15 state universities for junior and senior students and expand to community colleges after the first year.
- A project charter, scope, budget, timeline, and other documents are included that outline the goals, deliverables, acceptance criteria, stakeholders, and plans for implementing and measuring the success of the Stick to the Mitten program.
India Gadget Expo 2015 At Hitex Exhibition Centre Will Showcase Innovative Ga...EventsNow
Are you vehement of learning new technologies? Then be there at premier gadget show of Hyderabad called India Gadget Expo 2015 that facilitates an array of tech-innovators to showcase their innovative gadgets. Book event tickets from http://www.eventsnow.com/hyderabad-event/india-gadget-expo-2015/2823
Developing a Weather Forecasting Web-Service using ArcGIS API for JavaScriptAlexa Guertin
This document outlines the development of a web-based weather forecasting service using ArcGIS for Server and the ArcGIS API for JavaScript. The Applied Geomatics Research Group collected weather data from various sources like Weather Underground and Environment Canada to build a proof of concept tool for planning LiDAR surveys. The web service pulls weather forecast data and radar images to provide a visual interface for checking weather conditions. Future work may include automated data updates and additional analysis to determine optimal times for LiDAR acquisition.
This document provides a prospectus for Hibernia REIT p.l.c. regarding the issue of 364,600,000 ordinary shares at a price of €1.00 per share and admission to the official lists of the Irish Stock Exchange and UK Listing Authority, as well as admission to trading on the Irish Stock Exchange and London Stock Exchange. The prospectus has been approved by the Central Bank of Ireland. Credit Suisse Securities (Europe) Limited is acting as joint bookrunner and sole UK sponsor, and Goodbody is acting as joint bookrunner and sole Irish sponsor. Stabilization measures may be implemented to support the market price of the shares. The distribution and issue of shares is subject to certain
Chapter V: Customs administration and trade facilitation chapterBalo English
This document outlines customs procedures and trade facilitation between parties to an agreement. Key points include:
- The parties shall ensure predictable, consistent and transparent customs procedures.
- The parties shall cooperate on significant customs issues, provide advance notice of changes, and share information to achieve compliance with customs laws and regulations.
- The parties shall provide advance rulings on tariff classification, customs valuation, rules of origin, and other matters within 150 days of a request. Advance rulings remain valid for at least three years.
- The parties shall provide advice or information on quotas, duty drawback programs, country of origin marking, and other customs matters upon request. Importers have the right to review and appeal
The document discusses the legal authority and personal liability of procurement officers according to the Public Procurement Act of 2005 and 2011 in Tanzania. It states that the Act establishes a Procurement Management Unit in every entity with various responsibilities including managing procurement activities, supporting the tender board, and maintaining procurement records. The Act also outlines offenses related to procurement that make individuals personally liable, such as providing false information, interfering with officers, or causing loss of public funds through negligence. Finally, it addresses the authority of supplier representatives in the tender process such as being present at tender openings.
The document summarizes key changes to foreign exchange laws in India regarding foreign direct investment in Limited Liability Partnerships (LLPs). It outlines eligibility requirements for foreign investors and LLPs to receive foreign investment, including that the LLP must operate in a sector that allows 100% foreign ownership. It also details pricing requirements, payment methods, reporting obligations, restrictions on downstream investments, and other conditions like ECB restrictions. Foreign investment in LLPs now requires prior government or Foreign Investment Promotion Board approval.
This document provides an overview of provisions relating to Non-Resident Indians (NRIs) under the Foreign Exchange Management Act (FEMA) and the Income Tax Act, 1961. It discusses key topics such as the definitions of NRIs under both acts, residential status, transactions permitted for NRIs like acquiring shares/property and remittances. The presentation also outlines professional opportunities for NRIs under FEMA regulations. Key sections of FEMA governing NRI transactions and related schedules specifying permitted, prohibited and restricted transactions are summarized.
The document outlines insider trading laws and regulations in India. It summarizes the key provisions of the Companies Act, 2013 and SEBI (Prohibition of Insider Trading) Regulations, 2015. Some of the important details include definitions of insiders, connected persons and unpublished price sensitive information; restrictions on trading and communication of insider information; requirements for trading plans; initial and continual disclosure obligations; and the need to establish and disclose a code of practices for fair disclosure of unpublished price sensitive information. Violations can result in fines up to Rs. 25 crore or three times the profit from insider trading and imprisonment of up to 5 years.
This document is Vietnam's Law on Foreign Investment, which aims to expand economic cooperation with foreign countries and modernize Vietnam's economy. It establishes the legal framework for foreign direct investment in Vietnam. Key points:
- It encourages foreign investment that respects Vietnam's independence and laws, and benefits both sides. Vietnam will protect investors' capital and legal rights.
- It defines terms like foreign investor, joint venture, business cooperation contract, capital contribution, and reinvestment.
- It allows three main forms of foreign investment: business cooperation, joint ventures, and 100% foreign-owned enterprises.
- It guarantees foreign investors will be treated fairly and their property protected from expropriation. Investors can
The document discusses the Insurance Regulatory and Development Authority (IRDA) of India. Some key points:
- IRDA is the national regulatory body for India's insurance industry, established by an act of Parliament in 1999.
- Its mission is to protect policyholders' interests, promote and regulate the orderly growth of the insurance industry, and ensure insurance businesses operate ethically.
- IRDA has duties like protecting policyholders, promoting the industry's growth, enforcing high standards, and ensuring proper conduct in financial markets dealing with insurance.
- It is composed of 10 members - a Chairman, 5 whole-time members, and 4 part-time members, all appointed by the Indian government.
This document provides key information about the IDFC Mutual Fund, including contact details, the purpose of the Key Information Memorandum, and how to access additional fund documents. It notes that the units being offered have not been approved by SEBI and outlines the risks. The document also describes the IDFC Gilt 2028 Index Fund, including its objective to track the CRISIL Gilt 2028 Index, the NFO dates, ongoing subscription details, and that it is suitable for investors seeking income over the target maturity period by investing in similar constituents to the index.
FCA publishes near final rules on MiFID IIAtoZForex.com
The UK Financial Conduct Authority publishes an update on FCA Markets in Financial Instruments Directive (MiFID) II implementation rules and encourages firms to submit applications for MiFID II authorization.
This document provides an overview of the legal and regulatory framework for foreign investment in post-sanctions Iran. It discusses the Iranian legal system, commercial and criminal codes, and opportunities and challenges for public-private partnerships, joint ventures, intellectual property, and other forms of investment. The document also examines the Foreign Investment Promotion and Protection Act, which protects foreign investors' rights and covers non-commercial risks. Potential investors are advised to familiarize themselves with relevant Iranian laws and regulations and pursue partnerships with reputable local firms. Over time, Iran's banking, finance and contracting systems will continue developing to better facilitate foreign investment.
HTML es el lenguaje de marcado utilizado para crear páginas web. Se refiere al lenguaje de marcado de hipertexto que sirve como estándar para el desarrollo de páginas web, permitiendo definir la estructura y presentación del contenido.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Swissquote saw a 36.1% increase in revenues and a 29.9% increase in net profit in the first half of 2011 despite the tense global economic situation. Trading operations revenues increased the most at 125.6% due to the acquisition of ACM. Growth slowed in the second quarter with a 1.6% increase in the number of accounts and a 7.9% decrease in assets under custody. Swissquote announced new cooperative ventures with BLKB for online mortgages and Swiss Life for banking products that could provide significant future potential.
El documento habla sobre los drivers, las videoconferencias, los avatares y la encriptación. Los drivers permiten la interacción entre el sistema operativo y los periféricos. Las videoconferencias permiten reuniones entre personas separadas geográficamente mediante el intercambio de audio, video e información. Los avatares son representaciones gráficas que identifican a los usuarios. La encriptación codifica la información para hacerla ilegible a terceros y proteger datos privados.
The document provides details about the Stick to the Mitten project, which aims to decrease student debt in Michigan by connecting students and businesses through internship opportunities. Key points:
- The project will offer tax incentives to businesses that provide internships and tuition credit to students as part of their compensation to help lower student debt.
- It will launch initially at Michigan's 15 state universities for junior and senior students and expand to community colleges after the first year.
- A project charter, scope, budget, timeline, and other documents are included that outline the goals, deliverables, acceptance criteria, stakeholders, and plans for implementing and measuring the success of the Stick to the Mitten program.
India Gadget Expo 2015 At Hitex Exhibition Centre Will Showcase Innovative Ga...EventsNow
Are you vehement of learning new technologies? Then be there at premier gadget show of Hyderabad called India Gadget Expo 2015 that facilitates an array of tech-innovators to showcase their innovative gadgets. Book event tickets from http://www.eventsnow.com/hyderabad-event/india-gadget-expo-2015/2823
Developing a Weather Forecasting Web-Service using ArcGIS API for JavaScriptAlexa Guertin
This document outlines the development of a web-based weather forecasting service using ArcGIS for Server and the ArcGIS API for JavaScript. The Applied Geomatics Research Group collected weather data from various sources like Weather Underground and Environment Canada to build a proof of concept tool for planning LiDAR surveys. The web service pulls weather forecast data and radar images to provide a visual interface for checking weather conditions. Future work may include automated data updates and additional analysis to determine optimal times for LiDAR acquisition.
In-Flight Wi-Fi is a revolutionary service that enables people to remain connected and updated with the latest activities all across the globe even while travelling above 3,000 meters in the air. The global in-flight Wi-Fi connectivity market is projected to register a substantial compound annual growth rate (CAGR) of 14.50% over the forecast period.The global in-flight Wi-Fi market is likely to be fuelled by increasing number of commercial aircrafts all over the world, which are anticipated to reach to 40,020 by 2032.
Aruvil proudly introduces its ornamental fence systems in steel
as well as aluminum to its valued customers. The addition
of ornamental fence systems compliments our wide range of color coated and galvanized chain link products.
Emergency: “No-pain No-gain”
Standard: “Plan Do Check & Act”
Pathfinders: B1: “Don’t Use & Don’t Tell”; no more!
B2: Every vertex can be a Tipping Point
G1: Same and Similar
G2: Synthesis & Analysis
The document proposes amendments to NFA Compliance Rule 2-30 regarding customer information and risk disclosure. It outlines additions to the information that must be obtained from individual customers, including approximate age, employment status, estimated liquid net worth, marital status and dependents for those trading security futures. It also requires annual verification that customer information remains accurate and notification if any changes are made. The proposed amendments are submitted to the CFTC for review and approval.
SEBI Registrars to an Issue and Share Transfer Agents RegistrationCorpseed
An application by a registrar to an issue or a share transfer agent for grant of a certificate of registration shall be made to the Board in Form A. An application for registration made under sub-regulation.
The depository is an organization which holds of investors in electronic form at the request of the investors through a depository participant registered. It also provides services related to transactions in securities.
How to register as a foreign venture capital investor in indiabrijshakun
The document outlines the registration process for foreign venture capital investors seeking to register with SEBI in India. Applicants must meet eligibility criteria, submit the required application form along with documents and fees, appoint a designated bank and custodian in India, and provide details on their investment strategy and experience. Once all requirements are met and approvals received, SEBI will grant registration and certification as a Foreign Venture Capital Investor. The process aims to expedite registration while ensuring all regulatory requirements are fulfilled.
This document contains the by-laws of Constellation Energy Group, Inc. It outlines the company's name and headquarters location in Article I. Article II describes procedures for stockholder meetings, including requiring at least 10 days notice for annual meetings and specifying the information that must be provided for any stockholder-proposed nominations or business to be addressed. It also establishes that a majority of outstanding shares constitutes a quorum for voting purposes.
Periodic Reporting - Ask Securities Lawyer 101Brenda Hamilton
Companies become subject to the SEC’s periodic reporting requirements a number of ways including by filing a registration under the Securities Act of 1933, as amended or pursuant to the Securities Exchange Act of 1934. The SEC periodic reporting rules require that publicly traded companies disclose a wealth of information to the public. Periodic reporting also requires that these reports… Read More
Invest Georgia Exemption - Sec of state invest ga exemptionZ Research
This document outlines various exemptions from securities registration requirements in Georgia. It includes exemptions for federal covered securities, offerings under SEC Rule 506, the Georgia Uniform Limited Offering Exemption (Georgia ULOE), non-issuer transactions if listed in designated securities manuals, and nonpublic offerings. The exemptions have certain requirements such as notice filings, consent to service of process, and limits on number and type of purchasers. The document provides the rules for using each exemption.
How to register a venture capital fund in indiabrijshakun
This document provides guidance on how to get registered as a venture capital fund in India with the Securities and Exchange Board of India (SEBI). It outlines the application process and documents required, including a Form A application, memorandum and articles of association or trust deed, investment management agreement, details on the sponsor/settlor, trustees, investment manager, and investment strategy. Once all requirements are met, including fit and proper person criteria, and fees are paid, SEBI will grant registration as a venture capital fund. The process depends on the applicant providing all necessary information in a timely manner.
The document is a proxy statement from Fifth Third Bancorp providing information for its upcoming annual shareholder meeting. It details five items of business to be voted on, including the election of four Class II directors. It provides background information on the director nominees and the process by which directors are nominated. It also discloses shareholders known to own over 5% of the company's stock.
The document is a proxy statement from Fifth Third Bancorp providing information for its upcoming annual shareholder meeting. It details five items of business to be voted on, including the election of four Class II directors. It provides background information on the director nominees and the process by which directors are nominated. It also discloses shareholders known to own over 5% of the company's stock.
The document discusses regulations around insider trading and price sensitive information in Bangladesh. It defines price sensitive information and insider trading, and prohibits the latter. The Securities and Exchange Commission is responsible for regulating the capital market and protecting investors. It can investigate companies, inspect records, audit intermediaries, and prohibit fraudulent practices. The document also discusses prospectuses, listing and delisting of companies, restrictions on securities dealings, and information that must be included in directors' reports. Insider trading is prohibited, and insiders are defined as those who possess non-public material information.
Issuers using Form S-1 registration statements followed by Rule 15c2-11 applications to go public qualify for the "OTCQB" tier. The QTCQB tier is only available to issuers who file reports with the SEC. These issuers are not required to provide additional disclosures to the OTCMarkets.
IPOs in India, USA and Europe along with the valuation using FCFE and FCFF mo...Saurabh Trivedi
Comparative Analysis of IPOs in India, USA and Europe. Valuation of 6 firms which went for the IPOs recently in these countries using FCFE and FCFF valuation techniques.
This document provides details about the recent notification issued by the Ministry of Corporate Affairs (MCA) regarding approval of startups for income tax exemption on investments received from angel funds under Section 56 of the Income Tax Act of 1961. Key points include:
1. Startups recognized by the Department for Promotion of Industry and Internal Trade (DIPP) can apply for approval if their paid up capital and premium is less than Rs. 10 crores and the investor has an income over Rs. 50 lakhs and a net worth over Rs. 2 crores.
2. The application process involves submitting Form 2 to DIPP along with documents including startup accounts and investor tax returns and net worth proof. DIP
The document discusses listing Eurobonds on the Channel Island Stock Exchange (CISX). Key points:
- The CISX is a recognized stock exchange where Eurobonds can be listed, enabling interest to be paid without tax deduction.
- Listing Eurobonds on the CISX offers advantages like fast turnaround, competitive pricing, and less disclosure requirements compared to other exchanges.
- The CISX takes a flexible approach to listing requirements. For example, it may waive financial statement requirements for special purpose vehicles (SPVs) issuing intra-group debt. SPVs just need to disclose terms and conditions of the debt issue.
- Listing fees are typically £3,925 with additional £125 per issue. Sponsor fees
Commodity Trading Advisor & Commodity Pool Operator 101ManagedFunds
Commodity Trading Advisors (CTA) and Commodity Pool Operators (CPO) have long been vital to the alternative investment industry. The presentation allows those new to the alternative investment industry to better understand how CTAs and CPOs function, how they are regulated, and how the Dodd-Frank legislation and recent CFTC rulemakings have affected these entities.
The FDIC is proposing regulations for foreign currency futures, options, and similar transactions ("retail forex transactions") that insured depository institutions engage in with retail customers. The regulations would impose disclosure, recordkeeping, capital, margin, reporting, business conduct, and documentation requirements. The regulations are proposed pursuant to the Dodd-Frank Act and are modeled after similar regulations issued by the CFTC, to promote consistent treatment of retail forex transactions regardless of the dealer. The FDIC seeks comment on whether the proposed rule and existing NDIP Policy Statement could cause confusion and if any issues need to be addressed.
This document provides an overview of binary options trading on forex currency pairs. It discusses how binary options work, including call and put options, and notes that the risk is predetermined since traders only need to predict the direction of the currency price. The document also summarizes some of the advantages of binary options over spot forex trading, such as lower risk since the magnitude of price fluctuations is not a factor. Strategies like hedging options are described to limit potential losses. The Tradologic platform and OptionXP site are highlighted for their intuitive interface and advanced trading tools.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The Foreign Exchange Committee released the results of its twelfth survey of North American foreign exchange volume. The survey found that average daily volume in over-the-counter FX instruments totaled $754 billion in April 2010, an 11.8% increase from October 2009 and just below the record of $762 billion in October 2008. Spot transactions accounted for 55% of total volume while swaps and forwards saw new highs. The survey collects data from leading financial institutions on FX activity in North America.
The document appears to be a legal case filing containing 20 pages of information without any clear headings or summaries of the purpose and details of the case. It is difficult to extract a concise summary without more context about the nature and subject of the legal proceeding.
This document provides a financial review and outlook for Saxo Bank for the first half of 2010. Key points include:
- Saxo Bank generated record earnings of DKK 551 million in the first half of 2010, compared to DKK 41 million in the same period of 2009.
- Operational developments included launching a new equity platform and expanding CFD offerings. Acquisitions included the Nordic activities of E*Trade.
- Assets under management and client deposits increased to DKK 51 billion as of June 30, 2010 compared to DKK 36 billion as of December 31, 2009.
- The outlook for 2010 expects continued development and expansion of existing business areas and products as well as cost control and capital
This document is Saxo Bank's 2009 annual report which summarizes their financial performance and strategic developments that year. The report indicates that while 2009 presented economic uncertainty, Saxo Bank was able to achieve satisfactory financial results including operating income of DKK 2.2 billion and net profit of DKK 201 million. It also details Saxo Bank's participation in the Danish state guarantee scheme, its continued restructuring efforts, and outlines its new strategic direction targeting four categories of clients.
This document is Saxo Bank's 2010 annual report. The summary provides:
1) Saxo Bank had its most profitable year ever in 2010, with operating income reaching DKK 3,338 million and net profit of DKK 644 million, up significantly from 2009.
2) Key drivers such as number of clients, number of trades, and trading volumes increased. Assets under management and client deposits grew to DKK 62.5 billion from DKK 34.5 billion in 2009.
3) Saxo Bank continued executing its transformation plan focused on efficiency, and expanded into the Danish retail banking sector through acquisitions. New products, platforms and offices were also developed.
FXCM is a global online provider of forex trading and related services. In 2010, FXCM saw strong growth in key metrics such as active client accounts, trading volumes, and revenues. FXCM went public on the NYSE in December 2010. The annual report summarizes FXCM's global operations and presence, performance highlights for 2010 showing increases in accounts and trading volumes, and a letter to shareholders outlining FXCM's strategic initiatives and accomplishments in 2010 such as new platforms, products, and expansion into new markets.
The document appears to be a legal case filing that spans 15 pages. It discusses a criminal case against an unnamed individual but provides no other contextual details about the nature of the alleged crime or parties involved. The document references court documents and case numbers but does not include any substantive information in the brief excerpts provided.
Public Report on the Registration Program of the National Futures AssociationFinance Magnates
The document summarizes a report by the Division of Clearing and Intermediary Oversight on the registration program of the National Futures Association. It finds that NFA's registration department has sufficient procedures for most registrants but identifies some key areas for improvement. These include developing a procedures manual, validating registrant names and addresses, indicating pending withdrawal statuses, standardizing notice registration withdrawals, improving Part 30 processes, and enhancing communication between NFA departments. The report makes recommendations in each area and notes actions taken or planned by the Division and NFA to address the issues.
IG Group reported a 16% increase in revenue for the third quarter of 2010 compared to the same period last year. Revenue was strong in the first half of the quarter but slowed later as low volatility in asset classes reduced trading volumes. The UK and Australian offices saw 8.5% and 12% revenue growth respectively while European offices grew 46% overall. The Group has now acquired the South African business Ideal CFDs and launched its first iPhone application. While future volatility is hard to predict, the expanded product offerings and growing customer base position IG Group well for further growth.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness and well-being.
Questions and Answers Regarding Final Retail Foreign Exchange RuleFinance Magnates
The document summarizes new rules issued by the Commodity Futures Trading Commission (CFTC) regarding regulation of retail foreign exchange transactions. Key points include:
1) The CFTC Reauthorization Act of 2008 and Dodd-Frank Act gave the CFTC authority to regulate retail forex and require entities offering retail forex to register.
2) Eligible counterparties for retail forex are now limited to regulated entities like futures commission merchants, retail foreign exchange dealers, US financial institutions, and SEC-registered brokers.
3) The final rules issued by the CFTC require registration of parties involved in retail forex, disclosure documents, recordkeeping, minimum capital requirements, and other standards
FXCM is the largest retail forex broker by volume according to the report. It is a publicly traded company with over 139,900 clients and a reported monthly retail volume of $311 billion. FXCM has aggressively expanded through acquisitions and now has regulatory licenses from major financial authorities including the NFA/CFTC, UK FSA, HK SFC, and ASIC.
This document provides an overview of trading foreign currency (forex) in the retail off-exchange market. It explains what foreign currency exchange rates are, how the off-exchange forex market works, how currencies are quoted and priced, typical transaction costs, how to open and close positions, calculate profits and losses, minimum account sizes and margin requirements. The key points are that forex can be traded off-exchange directly with a dealer; transactions involve buying one currency while selling another; prices are quoted in currency pairs; and high leverage is available but also carries high risk of losses.
This class action lawsuit alleges that Forex Capital Markets (FXCM) engaged in fraudulent and deceptive practices that systematically depleted customers' trading accounts. The complaint alleges that FXCM used aggressive marketing to attract unsuspecting retail traders but manipulated prices and prevented customers from closing profitable trades, allowing FXCM to profit instead. The lawsuit seeks monetary and injunctive relief on behalf of customers nationwide for violations of RICO, state consumer protection laws, and breach of contract.
L'indice de performance des ports à conteneurs de l'année 2023SPATPortToamasina
Une évaluation comparable de la performance basée sur le temps d'escale des navires
L'objectif de l'ICPP est d'identifier les domaines d'amélioration qui peuvent en fin de compte bénéficier à toutes les parties concernées, des compagnies maritimes aux gouvernements nationaux en passant par les consommateurs. Il est conçu pour servir de point de référence aux principaux acteurs de l'économie mondiale, notamment les autorités et les opérateurs portuaires, les gouvernements nationaux, les organisations supranationales, les agences de développement, les divers intérêts maritimes et d'autres acteurs publics et privés du commerce, de la logistique et des services de la chaîne d'approvisionnement.
Le développement de l'ICPP repose sur le temps total passé par les porte-conteneurs dans les ports, de la manière expliquée dans les sections suivantes du rapport, et comme dans les itérations précédentes de l'ICPP. Cette quatrième itération utilise des données pour l'année civile complète 2023. Elle poursuit le changement introduit l'année dernière en n'incluant que les ports qui ont eu un minimum de 24 escales valides au cours de la période de 12 mois de l'étude. Le nombre de ports inclus dans l'ICPP 2023 est de 405.
Comme dans les éditions précédentes de l'ICPP, la production du classement fait appel à deux approches méthodologiques différentes : une approche administrative, ou technique, une méthodologie pragmatique reflétant les connaissances et le jugement des experts ; et une approche statistique, utilisant l'analyse factorielle (AF), ou plus précisément la factorisation matricielle. L'utilisation de ces deux approches vise à garantir que le classement des performances des ports à conteneurs reflète le plus fidèlement possible les performances réelles des ports, tout en étant statistiquement robuste.
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1. September 7, 2010
Via Federal Express
Mr. David A. Stawick
Office of the Secretariat
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st
Street, N.W.
Washington, DC 20581
Re: National Futures Association: Forex Registration Requirements –
Proposed Amendments to NFA's Bylaw 301; Registration Rules and the
Interpretive Notice Regarding Registration Requirements; Branch Offices
Dear Mr. Stawick:
Pursuant to Section 17(j) of the Commodity Exchange Act, as amended,
National Futures Association (“NFA”) hereby submits to the Commodity Futures Trading
Commission (“CFTC” or “Commission”) proposed amendments to NFA Bylaw 301 and
Registration Rules regarding Forex Registration Requirements and the Interpretive
Notice regarding Registration Requirements for branch offices. NFA’s Board of
Directors (“Board”) approved the proposal on August 21, 2008. NFA's Executive
Committee, as authorized by the Board, approved additional amendments on August
31, 2010, to conform the proposal to the CFTC's Forex rules issued on August 30,
2010. The Board will ratify the Executive Committee's action at its November 18, 2010
meeting.
NFA is invoking the “ten-day” provision of Section 17(j) of the Commodity
Exchange Act (“CEA”) and will make these proposals effective ten days after receipt of
this submission by the Commission unless the Commission notifies NFA that the
Commission has determined to review the proposals for approval.
PROPOSED AMENDMENTS
(additions are underscored and deletions are stricken through)
BYLAWS
* * *
2. Mr. David A. Stawick September 7, 2010
2
CHAPTER 3
MEMBERSHIP AND ASSOCIATION WITH A MEMBER
* * *
BYLAW 301. REQUIREMENTS AND RESTRICTIONS.
* * *
(d) Qualification
Except as provided in paragraph (e) below, no person may become or remain an FCM,
RFED, CTA, CPO, IB or LTM Member or associated with such Member unless qualified
to do so in conformity with such standards of training and experience and proficiency
testing requirements as NFA shall establish and such other qualification standards as
NFA finds necessary or desirable.
* * *
(f) Application
* * *
(iv) Database Security
* * *
(c) Each FCM, RFED, IB, CPO or CTA applicant or Member shall make
available any person it has authorized to make or actually performing
duties related to electronic filings, for testimony in court or before the
Commission, NFA or any contract market or DTF regarding authentication,
integrity or accuracy of any electronic filing; and
* * *
(h) Suspension and Termination of Membership and Associate Membership
* * *
(viii) Failure to Submit Annual Questionnaire
3. Mr. David A. Stawick September 7, 2010
3
On an annual basis, NFA shall provide each NFA Member FCM for which
NFA is the Designated Self-Regulatory Organization, RFED, IB, CPO,
CTA, and LTM with a questionnaire concerning its business activities.
The Member shall complete the questionnaire and submit the completed
questionnaire on the date specified thereon. NFA shall deem the failure to
file the completed questionnaire within 30 days following such date a
request to withdraw from NFA Membership, and shall notify the Member
accordingly.
* * *
(j) Eligibility to Conduct Forex Activities
(i) No Member that is required to be registered with the Commission as an FCM,
RFED, IB, CPO, or CTA in connection with its forex activities may commence
forex activities unless approved as a forex firm by NFA.
(1) In addition to being approved by NFA as a forex firm, an RFED or an
FCM that is a Forex Dealer Member must also be designated by NFA as
an approved Forex Dealer Member.
(A) No FCM may be designated as an approved Forex Dealer
Member unless such FCM provides NFA with satisfactory evidence
that it meets the requirements in NFA Financial Requirements
Section 11.
(ii) No person associated with a Member that is required to be registered with the
Commission as an FCM, RFED, IB, CPO, or CTA in connection with its forex
activities may commence forex activities on behalf of such Member unless
approved as a forex associated person by NFA.
(iii) No Member may be approved as a forex firm unless at least one of its
principals is registered as an "associated person" and approved as a forex
associated person.
(1) If any Member that has been approved as a forex firm fails to have at
least one principal that is registered as an "associated person" and
approved as a forex associated person, then NFA shall deem such failure
as a request to have the approval of the Member as a forex firm withdrawn
and shall notify that Member accordingly.
4. Mr. David A. Stawick September 7, 2010
4
(iv) Any request for designation as an approved Forex Dealer Member or
approval as a forex firm or forex associated person must be filed electronically
through NFA's Online Registration System.
(v) Any individual applying for designation as an approved Forex Dealer Member
or approval as a forex firm or forex associated person shall not be granted
designation as an approved Forex Dealer Member or approval as a forex firm or
forex associated person unless:
(1) The applicant has satisfied the proficiency requirements under NFA
Registration Rule 401(a) or 401(e) and:
(A) NFA has received satisfactory evidence that the applicant has
taken and passed the Retail Off-Exchange Forex Examination
(Series 34) on a date which is no more than two years prior to the
date the application is received by NFA;
(B) NFA has received satisfactory evidence that the applicant has
taken and passed the Retail Off-Exchange Forex Examination
(Series 34) and since the date the applicant last passed such
examination, there has been no period of two consecutive years
during which the applicant has not been either registered as a FB,
AP or principal of an FCM, RFED, IB, CTA, CPO, or LTM; or
(C) the applicant was duly registered under the Act as a FB, AP or
sole proprietor FCM, IB, CTA, CPO or LTM on May 22, 2008, and
there has been no period of two consecutive years since May 22,
2008, during which the applicant has not been registered as a FB,
AP or principal of an FCM, RFED, IB, CTA, CPO or LTM.
(k) Withdrawal of Designation as an Approved Forex Dealer Member or Approval
as a Forex Firm
A Member may request that its designation, or pending application for designation, as
an approved Forex Dealer Member or approval, or pending application for approval, as
a forex firm be withdrawn by filing such a request through NFA's Online Registration
System. Such a request shall become effective on the 30th
day after the Member files
the request, or earlier upon notice from NFA of the granting of such request.
5. Mr. David A. Stawick September 7, 2010
5
(i) Withdrawal of the approval of a Member as a forex firm shall also result in the
withdrawal of the designation of the Member as an approved Forex Dealer
Member.
(j l) Notice.
* * *
REGISTRATION RULES
* * *
PART 100 DEFINITIONS
Rule 101 Definitions
* * *
(c) "Applicant" – means a person seeking registration under the Act as an FCM,
RFED, IB, CPO, CTA or LTM, an associated person of any of the foregoing, color
broker ("FB") or floor trader ("FT").
* * *
(i) "Forex" – has the same meaning as in NFA Bylaw 1507(b).
(I j) "Form 7-R"-means the entire Form 7-R or any portions of the Form 7-R that NFA
requires an applicant to file to obtain registration as an FCM, RFED, IB, CPO, CTA or
LTM.
(j k) "Form 8-R"-means the entire Form 8-R or any portions of the Form 8-R that NFA
requires to be filed for an individual to obtain registration as an AP, FB or FT or because
an individual is a principal of an applicant or registrant.
(k l) "Form 3-R"-means the entire Form 3-R or any portions of the Form 3-R that NFA
requires to be filed to correct any inaccuracy or deficiency in an applicant's or
registrant's registration information.
(l m) "Form 7-W"-means the entire Form 7-W or any portions of the Form 7-W that NFA
requires a registrant to file to withdraw from registration or to withdraw an application for
registration as an FCM, RFED, IB, CPO, CTA or LTM.
6. Mr. David A. Stawick September 7, 2010
6
(m n) "Form 8-T"-means the entire Form 8-T or any portions of the Form 8-T that NFA
requires an applicant or registrant to file to notify NFA that an individual did not become
or is no longer associated or affiliated with it as an AP, Branch Office Manager or
principal.
(n o) "Form 8-W"-means the entire Form 8-W or any portions of the Form 8-W that
NFA requires a registrant to file to withdraw from registration as a FB or FT.
(o p) "Membership Committee"-means an NFA Committee formed pursuant to NFA
Bylaw 701.
(p q) "NFA"-means National Futures Association.
(q r) "NFA Requirements"-means NFA Bylaws, Compliance Rules, Registration Rules,
Financial Requirements, Code of Arbitration and Member Arbitration Rules.
(r s) "Person"-means an individual, association, partnership, corporation, trust or any
other form of business organization.
(s t) "Principal"-means, with respect to an applicant, a registrant, or a person required
to be registered under the Act:
(1) an individual who is:
(A) a proprietor of a sole proprietorship;
(B) a general partner of a partnership;
(C) a director, president, chief executive officer, chief operating officer,
chief financial officer or a person in charge of a business unit, division or
function subject to regulation by the Commission of a corporation, limited
liability company or limited liability partnership; or
(D) a manager, managing member or a member vested with the
management authority for a limited liability company or limited liability
partnership; or
(2) an individual who directly or indirectly, through agreement, holding
companies, nominees, trusts or otherwise:
(A) is the owner of 10% or more of the outstanding shares of any class of
an applicant or registrant's stock;
(B) is entitled to vote 10% or more of any class of an applicant or
7. Mr. David A. Stawick September 7, 2010
7
registrant's voting securities;
(C) has the power to sell or direct the sale of 10% or more of any class of
an applicant or registrant's voting securities; (D) has contributed 10% or
more of an applicant or registrant's capital;
(E) is entitled to receive 10% or more of an applicant or registrant's net
profits;
(F) or has the power to exercise a controlling influence over an applicant
or registrant's activities that are subject to regulation by the Commission;
or
(3) an entity that:
(A) is a general partner of a partnership;
(B) is the direct owner of 10% or more of any class of an applicant or
registrant's securities; or
(C) has directly contributed 10% or more of an applicant or registrant's
capital unless such capital contribution consists of subordinated debt
contributed by:
(i) an unaffiliated bank insured by the Federal Deposit Insurance
Corporation;
(ii) a United States branch or agency of an unaffiliated foreign bank
that is licensed under the laws of the United States and regulated,
supervised and examined by United States government authorities
having regulatory responsibility for such financial institutions; or
(iii) an insurance company subject to regulation by any State.
(t u) "Registrant"-means a person registered under the Act as an FCM, RFED, IB,
CPO, CTA, LTM, an AP of any of the foregoing, FB or FT.
(u v) "Rules"-means NFA Registration Rules.
(v w) "Sponsor"-means the applicant or registrant FCM, RFED, IB, CPO, CTA or LTM
that files a Form 8-R for an individual associated with it to become registered as an AP
or for an individual principal.
(w x) "Supplemental Guarantor Certification Statement ("SGCS")"-means a
statement executed by an IB's guarantor wherein the guarantor indicates that it meets
the requirements set forth in Rule 509(b)(5) to sponsor a conditioned IB and its
8. Mr. David A. Stawick September 7, 2010
8
willingness to supervise the IB subject to certain conditions imposed by NFA's President
or its Membership Committee under these Rules or by the Commission.
(x y) "Supplemental Sponsor Certification Statement ("SSCS")"-means a statement
executed by an AP's, FB's or FT's sponsor wherein the sponsor indicates that it meets
the requirements set forth in Rule 509(b)(5) to sponsor a conditioned AP, FB or FT and
its willingness to supervise the AP, FB or FT subject to certain conditions imposed by
NFA's President or its Membership Committee under these Rules or by the
Commission.
* * *
PART 200 REGISTRATION REQUIREMENTS AND PROCEDURES
* * *
RULE 203. REGISTRATION FEES.
* * *
(9) Annual Registration Records Maintenance Fee: $100 for each registration
category as an FCM, RFED, IB, CPO, CTA or LTM.
* * *
(15) Retail Foreign Exchange Dealer: $500 for each Form 7-R filed for
registration as an RFED.
* * *
RULE 204. REGISTRATION OF FUTURES COMMISSION MERCHANTS, NOTICE
FUTURES COMMISSION MERCHANTS, RETAIL FOREIGN EXCHANGE DEALERS,
INTRODUCING BROKERS, NOTICE INTRODUCING BROKERS, COMMODITY
POOL OPERATORS, COMMODITY TRADING ADVISORS AND LEVERAGE
TRANSACTION MERCHANTS AND CONFIRMATION OF EXEMPTION FROM
REGISTRATION PURSUANT TO COMMISSION REGULATION 30.5.
(a) Application for Registration or Exemption from Registration.
(1)(A) Each person applying for registration as an FCM, RFED, IB, CPO, CTA or
LTM must:
9. Mr. David A. Stawick September 7, 2010
9
(i) file a Form 7-R, completed and filed in accordance with all
pertinent instructions;
(ii) pay the fee required by Rule 203(a); and
(iii) file an Acknowledgement of Conditioned Registration executed
by the sponsor if the applicant is subject to a Commission or NFA
order imposing conditions on its registration.
(B) Each application for registration as an FCM or an IB also must be
completed and filed in accordance with CFTC Regulation 1.10.
(C) Each application for registration as a CPO also must be completed
and filed in accordance with CFTC Regulation 4.13(c).
(D) Each application for registration as an LTM also must be completed
and filed in accordance with CFTC Regulation 31.13.
(E) Each application for registration as an RFED also must be completed
and filed in accordance with CFTC Regulation 5.12.
(2)(A) Each applicant for registration as an FCM, RFED, IB, CPO, CTA or LTM
must have at least one individual principal affiliated with it and for each of its
individual principals must:
(i) file a Form 8-R completed and filed in accordance with all
pertinent instructions;
(ii) pay the fee required by Rule 203(a); and
(iii) file the fingerprints of each individual principal on a fingerprint
card provided by NFA for that purpose, unless the principal
qualifies for an exemption from the fingerprinting requirement
pursuant to Rule 209.
(B) Each individual principal must verify the completeness and accuracy of
the information contained in his Form 8-R.
(C) The provisions of paragraphs (a)(2)(A)(ii) and (iii) and (a)(2)(B) do not
apply to an individual principal who has a current active status at the time
the applicant files the individual principal's Form 8-R.
10. Mr. David A. Stawick September 7, 2010
10
(3) When NFA determines that an applicant for registration as an FCM, RFED,
IB, CPO, CTA or LTM and all of its principals appear fit for registration, NFA will
provide notification to the applicant that the applicant's registration is granted.
* * *
(c) Duration of Registration.
(1) A person who becomes registered as an FCM, RFED, IB, CPO, CTA or LTM
in accordance with this Rule shall continue to be so registered until the effective
date of any revocation or withdrawal of such registration. Such person is
prohibited from engaging in activities requiring registration under the Act or from
representing himself to be a registrant under the Act or the representative or
agent of a registrant during the pendency of any suspension of such registration.
(2) A person registered as an IB who was a party to a guarantee agreement with
an FCM or an RFED in accordance with CFTC Regulation 1.10(j) will be deemed
to have requested a withdrawal of its registration effective 30 days after the
termination of such guarantee agreement unless the procedures set forth in
CFTC Regulation 1.10(j)(9) are followed.
(d) Annual Filing and Registration Records Maintenance Fees.
(1) On an annual basis, NFA shall send a notice to each FCM, RFED, IB, CPO,
CTA, and LTM registered in accordance with paragraph (a)(1) of this Rule
advising each that it must electronically file an Annual Registration Update by a
specified date. NFA shall also send an invoice to each FCM, RFED, IB, CPO,
CTA, and LTM registered in accordance with paragraph (a)(1) of this Rule or
confirmed as exempt from registration in accordance with paragraph (a)(5) of this
Rule or pursuant to CFTC Regulation 30.10 requesting payment of the annual
registration records maintenance fee set forth in Rule 203(a) and any other
outstanding registration fees. NFA shall deem the failure to file the Annual
Registration Update or to pay the required annual registration records
maintenance fee and any other outstanding registration fees within 30 days
following the specified date a request to withdraw from registration or to withdraw
the confirmation of the exemption pursuant to CFTC Regulation 30.5 or CFTC
Regulation 30.10, and shall notify the registrant or IB, CPO or CTA confirmed as
exempt from registration pursuant to CFTC Regulation 30.5 or CFTC Regulation
30.10 accordingly.
11. Mr. David A. Stawick September 7, 2010
11
(2) Each FCM, RFED, IB, CPO, CTA, and LTM registered in accordance with
paragraph (a)(1) of this Rule or confirmed as exempt from registration in
accordance with paragraph (a)(5) of this Rule or pursuant to CFTC Regulation
30.10 whose registration or confirmation of exemption is withdrawn pursuant to
this Rule may request, within 60 days of the withdrawal date, to have its
registration or confirmation of exemption reinstated. Reinstatement requests
received between 30 and 60 days from the withdrawal date are subject to the
Reinstatement Fee as set forth in Rule 203(a). Provided that NFA receives all
fees, including the required reinstatement fee and the annual registration records
maintenance fee as set forth in Rule 203(a), and any other outstanding
registration fees within 60 days of the withdrawal date, NFA shall reinstate the
registration or confirmation of exemption. If the withdrawal was due in whole or in
part to the failure to file the Annual Registration Update, the registration will be
reinstated but will be subject to a deemed request to withdraw such registration.
The failure to file the Annual Registration Update within 30 days following the
reinstatement date shall result in the withdrawal of registration. Only one request
for reinstatement may be made annually.
* * *
RULE 206. REGISTRATION OF ASSOCIATED PERSONS OF FUTURES
COMMISSION MERCHANTS, RETAIL FOREIGN EXCHANGE DEALERS
INTRODUCING BROKERS, COMMODITY POOL OPERATORS, COMMODITY
TRADING ADVISORS AND LEVERAGE TRANSACTION MERCHANTS.
* * *
RULE 207. MULTIPLE ASSOCIATIONS.
* * *
(d) if an individual is associated with an FCM, RFED, or an IB and he directs customers
seeking a managed account to use services of a CTA(s) approved by the FCM, RFED,
or IB and all such customers' accounts solicited or accepted by that AP are carried by
the FCM or RFED or introduced by the IB with which the AP is associated, such
individual shall be deemed to be associated solely with the FCM, RFED, or IB and may
not register as an AP of the CTA(s).
* * *
RULE 208. REPORTING OF PRINCIPALS.
12. Mr. David A. Stawick September 7, 2010
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(a) Unless otherwise provided in this Rule:
(1) an applicant for registration as an FCM, RFED, IB, CPO, CTA or LTM must
comply with the provisions of Rule 204(a)(2) for each individual who is a principal
of the applicant at the time the applicant files its application for registration; and
* * *
RULE 209. ALTERNATIVE TO THE FINGERPRINT FILING REQUIREMENT IN
CERTAIN CASES.
* * *
(c) In lieu of submitting a fingerprint card in accordance with the provisions of Rules
204(a)(2) and 208, any FCM, RFED, IB, CTA, CPO or LTM that has a principal who is a
director but is not also an officer or employee of the firm ("outside director") may file with
NFA a Notice Pursuant to CFTC Regulation 3.21(c). A firm that has filed a Notice
Pursuant to CFTC Regulation 3.21(c) with respect to an outside director described
therein must file with NFA on behalf of such outside director a Form 8-R completed in
accordance with all pertinent instructions and verified by the outside director.
* * *
RULE 210. DEFICIENCIES, INACCURACIES AND CHANGES TO APPLICATION INFORMATION
MUST BE REPORTED.
(a) Each applicant or registrant as an FCM, RFED, IB, CPO, CTA, LTM, FB or FT must
promptly correct any deficiency or inaccuracy in a Form 7-R or Form 8-R which no
longer renders accurate the information contained therein. Each such correction must
be made on a Form 3-R and must be completed and filed in accordance with all
pertinent instructions. Except when changing to or from a sole proprietorship, an
applicant or registrant may file a Form 3-R for purposes of reporting a change in its form
of organization. If a Form 3-R is filed to report a change in the applicant's or registrant's
form of organization, the newly formed organization will be liable for all obligations of the
pre-existing organization which arose out of the Act or the Regulations thereunder. A
registrant or applicant that is changing form of organization to or from a sole
proprietorship must file a Form 7-R for the newly formed organization and a Form 7-W
for the pre-existing organization
* * *
13. Mr. David A. Stawick September 7, 2010
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RULE 212. REGISTRATION IN ONE CAPACITY DOES NOT INCLUDE REGISTRATION IN ANY
OTHER CAPACITY.
(a) Except as may be otherwise provided in the Act or in any Rule, Regulation, or order
of the Commission, each AP, FB, FT, FCM, RFED, IB, CPO, CTA and LTM must
register as such under the Act. Registration in one capacity under the Act shall not
include registration in any other capacity.
* * *
PART 300 TEMPORARY LICENSES
* * *
RULE 302. TEMPORARY LICENSING FOR GUARANTEED INTRODUCING
BROKERS.
* * *
(a) Qualifications. Notwithstanding any other provisions of these Rules, and pursuant
to the terms and conditions of this Rule, NFA may grant a TL to any applicant for
registration as an IB. To be eligible for a TL:
* * *
(2) The If an FCM that will be the guarantor it:
(A) must be eligible in accordance with all NFA Requirements to enter into
such an agreement;
(B) must file with NFA:
(i) a properly completed guarantee agreement (Form 1-FR Part B);
(ii) a certification stating that to the best of the FCM's knowledge,
information, and belief, all of the publicly available information
supplied by the applicant and its principals on the Forms 7-R and 8-
R is accurate and complete;
(iii) and if the IB's registration is subject to conditions, an
Acknowledgement of Conditioned Registration signed by the FCM
14. Mr. David A. Stawick September 7, 2010
14
(who must meet the requirements set forth in Rule 509(b)(5)) that
contains all of the conditions required by the order imposing them;
(3) If an RFED will be the guarantor it:
(A) must be eligible in accordance with all NFA Requirements to enter into
such an agreement;
(B) must file with NFA:
(i) a properly completed guarantee agreement (Form 1-FR Part B);
(ii) a certification stating that to the best of the RFED's knowledge,
information, and belief, all of the publicly available information
supplied by the applicant and its principals on the Forms 7-R and
8-R is accurate and complete;
(iii) and if the IB's registration is subject to conditions, an
Acknowledgement of Conditioned Registration signed by the RFED
(who must meet the requirements set forth in Rule 509(b)(5)) that
contains all of the conditions required by the order imposing them;
(34) At least one principal of the IB is an applicant for registration as an AP of the
IB or is a registered FB;
(45) Each principal who is an individual must meet the eligibility requirements for
a TL in any capacity; and
(56) NFA has received satisfactory evidence that each principal who is applying
for registration as an AP of the IB satisfies the proficiency requirements
contained in Part 400 of these Rules.
(b) A guarantee agreement filed in connection with paragraph (a)(2)(B)(i) or (a)(3)(B)(i)
of this Rule shall become effective upon the granting of the TL.
(c) Restrictions Upon Activities.
(1) An applicant for registration as an IB who has received notification from NFA
that a TL has been granted may act in the capacity of an IB, subject to all CFTC
rules, regulations, orders, and all NFA requirements.
15. Mr. David A. Stawick September 7, 2010
15
(2) An applicant for registration as an IB who has received a TL may be
guaranteed by an FCM or RFED other than the FCM or RFED which provided
the initial guarantee agreement described in paragraph (a)(2)(B)(i) or (a)(3)(B)(i)
of this Rule if the IB submits to NFA:
(i) written notice of the termination of the initial guarantee agreement; and
(ii) a properly completed new guarantee agreement (Form 1-FR Part B)
which will become effective the day following the last effective date of the
initial guarantee agreement.
Such written notice and new guarantee agreement must be submitted to NFA 10 days
prior to the termination of the initial guarantee agreement or within such other period of
time as NFA may allow for good cause shown, in accordance with NFA Requirements
and CFTC Regulations 1.10(j)(5)(ii), or(j)(6).
(d) Termination of a Temporary License.
(1) A TL shall terminate:
(A) five (5) days after service upon the applicant of a notice by NFA
pursuant to Rule 504 that the applicant may be disqualified from
registration under Sections 8a(2) through 8a(4) of the Act;
(B) upon the revocation or withdrawal of the guarantor FCM's or RFED's
registration;
(C) immediately upon termination of the applicant's guarantee agreement
in accordance with NFA Requirements and CFTC Regulations
1.10(j)(5)(ii), or (j)(6), unless a new guarantee agreement is filed in
accordance with paragraph (c)(2) of this Rule;
* * *
(F) upon notice to the applicant and its guarantor FCM or RFED that:
* * *
(f) Retention of Records. In accordance with Commission Regulation 1.31, the
guarantor FCM or RFED must retain such records as are necessary to support the
certification required by this Rule.
16. Mr. David A. Stawick September 7, 2010
16
* * *
PART 400. PROFICIENCY REQUIREMENTS
RULE 401. QUALIFICATION TESTING REQUIREMENT.
(a) Except as provided elsewhere in this Rule, any individual applying to become a
Member of NFA as an FCM, an RFED, an IB, a CPO, a CTA, an LTM, or for registration
under the Act as an AP of any of the foregoing, or applying for registration with NFA as
an Associate pursuant to NFA Bylaw 301(b) shall not be granted NFA membership,
registered under the Act as an AP, or registered as an Associate Member of NFA
unless:
(1) NFA has received satisfactory evidence that the applicant has taken and
passed the National Commodity Futures Examination (Series 3) on a date which
is no more than two years prior to the date the application is received by NFA; or
(2) NFA has received satisfactory evidence that the applicant has taken and
passed the National Commodity Futures Examination (Series 3) and since the
date the applicant last passed such examination, there has been no period of two
consecutive years during which the applicant has not been either registered as a
FB, AP or principal of an FCM, RFED, IB, CTA, CPO or LTM.
* * *
(e) Notwithstanding the provisions of Rule 401(a), any individual applying to become a
Member of NFA as an FCM, an RFED, an IB, a CPO, a CTA, an LTM, or for registration
under the Act as an AP of any of the foregoing, or applying for registration with NFA as
an Associate pursuant to NFA Bylaw 301(b), will satisfy the proficiency requirements of
this Rule if:
(1) the applicant is or within the past two years has been registered or licensed in
a jurisdiction outside the United States;
(2) the applicant has satisfied the proficiency requirements in that foreign
jurisdiction and the Board of Directors has designated those proficiency
requirements as an appropriate substitute for the market fundamentals portion of
the National Commodity Futures Examination (Series 3); and
17. Mr. David A. Stawick September 7, 2010
17
(3) NFA has received satisfactory evidence that the applicant has taken and
passed the Limited Futures Examination-Regulation (Series 32) on a date which
is no more than two years prior to the date the application is received by NFA; or
(4) NFA has received satisfactory evidence that the applicant has taken and
passed the Limited Futures Examination-Regulation (Series 32) and since the
date the applicant last passed such examination, there has been no period of two
consecutive years during which the applicant has not been either registered as
an AP or a principal of an FCM, RFED, IB, CTA, CPO or LTM.
* * *
PART 500. PROCEEDINGS TO DENY, CONDITION, SUSPEND, AND REVOKE
REGISTRATION
RULE 501. AUTHORITY TO DENY, CONDITION, SUSPEND AND REVOKE
REGISTRATION.
NFA may refuse to register or register conditionally any person registered or applying
for registration as an FCM, RFED, IB, CPO, CTA, LTM, ATM, as an AP of any of the
foregoing, or as a floor broker or floor trader, or suspend or revoke the registration of
any registrant in those categories, based upon the standards of fitness set forth in the
Act. Interim Orders and Final Orders denying, revoking, conditioning, or suspending
registration shall be made by the Membership Committee or a designated
Subcommittee in accordance with the procedures set forth in Part 500 of these Rules.
Such designated Subcommittee shall consist of three members of the Membership
Committee for all categories except floor brokers and floor traders. The designated
Subcommittee for floor brokers/floor traders shall consist of at least three persons, the
majority of whom are members of the Membership Committee and the remainder of
whom are registered floor brokers or floor traders approved by NFA's Board of Directors
to be a member of such Subcommittee. At least one-third of the members on each
designated Subcommittee shall not be an NFA Member or an Associate or an employee
of an NFA Member. In cases submitted by the President to the Membership Committee
or a designated Subcommittee, registration shall not be granted pending a final
determination by the Membership Committee or a designated Subcommittee. No
member of the Membership Committee or a designated Subcommittee shall either
review a registration matter or participate in a registration action if the member, or any
person with whom the member is connected, has a financial, personal or other direct
interest in the matter under consideration or is disqualified under Bylaw 708(c).
RULE 502. GENERAL PROVISIONS
18. Mr. David A. Stawick September 7, 2010
18
* * *
(b) A copy of any notice served in accordance with paragraph (a)(1) of this Rule shall
also be served upon:
(1) any sponsor of the applicant or registrant, if the applicant or registrant is an
individual registered as or applying for registration as an AP and such sponsor's
guarantor, if any; or
(2) any FCM which has entered into a guarantee agreement pursuant to CFTC
Regulation 1.10(j) with an applicant or registrant applying for registration as or
registered as an IB; or
(3) any RFED which has entered into a guarantee agreement pursuant to CFTC
Regulation 1.10(j) with an applicant or registrant applying for registration as, or
registered as, an IB; or
(34) any contract market that has granted or is reviewing an application for
trading privileges if the applicant or registrant is an individual registered as or
applying for registration as a floor broker or floor trader.
* * *
PART 600. WITHDRAWAL FROM REGISTRATION.
RULE 601. WITHDRAWAL FROM REGISTRATION.
(a) An FCM, RFED, IB, CTA, CPO, LTM, FB or FT may request that its registration be
withdrawn in accordance with the requirements of this Rule if:
(1) the registrant has ceased, or has not commenced, engaging in activities
requiring registration in such capacity; or
(2) the registrant is exempt from registration in such capacity; or
(3) the registrant is excluded from the persons or any class of persons required
to be registered in such capacity. Provided, that NFA may consider separately
each capacity for which withdrawal is requested in acting upon such a request.
19. Mr. David A. Stawick September 7, 2010
19
(b) An FCM, RFED, IB, CPO, CTA or LTM requesting withdrawal from registration under
this Rule must file a Form 7-W completed and filed with NFA in accordance with all
pertinent instructions. A FB or FT requesting withdrawal from registration under this
Rule must file a Form 8-W completed and filed with NFA in accordance with all pertinent
instructions. In addition, any FB or FT requesting withdrawal from registration must file a
copy of his Form 8-W with each contract market or DTF that has granted him trading
privileges.
* * *
PART 700. PROCEDURES GOVERNING ACCESS TO AND CERTIFICATION OF
REGISTRATION RECORDS MAINTAINED BY NFA
RULE 701. DISCLOSURE OF INFORMATION FROM REGISTRATION RECORDS
MAINTAINED BY NFA.
* * *
(c) Disclosure of Non-Public Information. Requests for access to registration records,
or portions thereof, not subject to disclosure as public or publicly available under
paragraph (b)(1) of this Rule shall be referred or transmitted to the Commission for
response; except that, NFA will disclose such records or portion thereof:
* * *
(2) to any FCM or RFED with whom an IB, whether an applicant or registrant,
has or plans to enter into a guarantee agreement under CFTC Regulation 1.10:
Provided, however, that the FCM or RFED makes an appropriate showing as to
its status as the IB's guarantor or proposed guarantor;
* * *
PART 800. ELECTRONIC FILING OF REGISTRATION FORMS.
RULE 801. ELECTRONIC FILING OF FORMS 7-R, 8-R, 3-R, 7-W AND 8-T.
(a) Unless otherwise provided by these Rules, registrants which are FCMs, RFEDs, IBs,
CPOs, CTAs, FBs and FTs, and IBs, CPOs and CTAs which are confirmed as exempt
from registration pursuant to CFTC Regulation 30.5 and applicants for registration in
such categories or for exemption from registration as an IB, CPO or CTA pursuant to
CFTC Regulation 30.5 must file their Form 7-Rs and Form 8-Rs; Form 8-Rs for their
principals and for registration of their APs; Form 3-Rs for themselves, their APs and
principals; Form 7-Ws; and Form 8-Ts electronically by accessing NFA's registration
and membership database in the manner provided by NFA. FCM, RFED, IB, CPO and
20. Mr. David A. Stawick September 7, 2010
20
CTA registrants or applicants, IBs, and CPOs and CTAs that are confirmed as exempt
from registration pursuant to CFTC Regulation 30.5 or applicants for exemption from
registration as an IB, CPO or CTA pursuant to CFTC Regulation 30.5 may authorize
any person to make electronic registration filings on their behalf. FB and FT registrants
and applicants may authorize any other person to electronically file Form 3-R's on their
behalf but may not authorize any other person to file Form 8-Rs on their behalf. Any
electronic registration filing that such an authorized person makes on behalf of the FCM,
RFED, IB, CPO, CTA, FB or FT registrant or applicant or IB, CPO or CTA confirmed as
exempt from registration pursuant to CFTC Regulation 30.5 or applicant for exemption
from registration pursuant to CFTC Regulation 30.5 shall be deemed to have been
made by the FCM, RFED, IB, CPO, CTA, FB or FT registrant or applicant or IB, CPO or
CTA confirmed as exempt from registration pursuant to CFTC Regulation 30.5 or
applicant for exemption from registration pursuant to CFTC Regulation 30.5 granting the
authorization to such person.
* * *
(e) Each registrant or applicant FCM, RFED, IB, CPO, CTA, FB or FT or IB, CPO or
CTA confirmed as exempt from registration pursuant to CFTC Regulation 30.5 or
applicant for exemption from registration as an IB, CPO or CTA pursuant to CFTC
Regulation 30.5 shall make available any person it has authorized to make or actually
performing duties related to electronic filings, for testimony in court or before the
Commission, NFA, any contract market or any DTF regarding the authentication,
integrity or accuracy of any electronic filing.
* * *
RULE 802. CERTIFICATIONS, ACKNOWLEDGEMENTS, AGREEMENTS AND
REPRESENTATIONS.
(a) The electronic filing of a Form 7-R for registration as an FCM, RFED, IB, CPO and
CTA or for exemption from registration as an IB, CPO and CTA pursuant to CFTC
Regulation 30.5 is deemed to constitute the applicant's:
* * *
(5) acknowledgement that the applicant may not act as an FCM, RFED, IB, CPO
or CTA until registration has been granted; in the case of an IB, until registration
or a temporary license has been granted; or until confirmation of exemption from
registration as an IB, CPO or CTA pursuant to CFTC Regulation 30.5 is granted;
21. Mr. David A. Stawick September 7, 2010
21
* * *
(f) Retention of Records. In accordance with Commission Regulation 1.31, FCM, RFED,
IB, CTA, CPO, LTM, FB and FT applicants and registrants and their sponsors, if
applicable, applicants for exemption from registration as an IB, CPO or CTA pursuant to
CFTC Regulation 30.5 and IBs, CPOs and CTAs confirmed as exempt from registration
pursuant to CFTC Regulation 30.5 must retain such records as are necessary to
support the certifications required by this Rule.
* * *
INTERPRETIVE NOTICES
* * *
REGISTRATION REQUIREMENTS; BRANCH OFFICES
Form 7-R, Branch Offices
Any location, other than the main business address at which an FCM, RFED, IB, CPO
or CTA employs persons engaged in activities requiring registration as an AP, is a
branch office. This is true even if there is only one person at the location. If the firm has
one or more branch offices, NFA's registration records on the firm must include the
names of all persons who are branch office managers. Each location must have a
branch office manager, and that person's status as a branch office manager should be
listed in the Registration Categories section of the person's Form 8-R even if previously
listed as a principal in the Registration Categories section of the person's Form 8-R.
Each branch office must have a different manager.
The address must also be given for each branch office. A P.O. Box is not sufficient.
Anyone with a status as branch office manager must also be currently registered as an
AP or have applied for such registration. Whenever a new branch office is established it
must be reported, with all the required information, to NFA by filing an update
electronically to the firm's Form 7-R. The closing of an existing branch office should also
be reported by filing an update electronically to the firm's Form 7-R.
IF YOUR FIRM CURRENTLY HAS PERSONS OPERATING OUT OF LOCATIONS
OTHER THAN ITS MAIN BUSINESS ADDRESS, THOSE LOCATIONS MUST
IMMEDIATELY BE REPORTED TO NFA BY FILING AN UPDATE ELECTRONICALLY
22. Mr. David A. Stawick September 7, 2010
22
TO THE FIRM'S FORM 7-R AND BY ADDING BRANCH OFFICE MANAGER STATUS
ON EACH BRANCH OFFICE MANAGER'S FORM 8-R.
NFA may take disciplinary action against any Member which fails to properly list all of its
offices.
An important point to recognize is that a branch office may not itself be a separate
corporation or partnership. CFTC Regulation 166.4 requires each branch office to use
the name of the firm of which it is a branch for all purposes and to hold itself out to the
public under such name. Also, in CFTC Interpretive Letter No. 84-10 (May 29, 1984) it
was concluded that a branch office could not maintain a separate identity from the
Member. One obvious conclusion to be drawn from this information is that each AP in a
branch office must be paid directly by the Member. Payment through any intermediary
would lead to the assumption that the intermediary would be required to register as an
IB.
The requirement that a branch office hold itself out to the public under the name of the
Member is intended to ensure that customers are always aware of the Member with
which they are doing business. It is necessary that any branch office AP, even one
operating out of a residence or an unrelated place of business, make sure that
customers understand who they are doing business with.
EXPLANATION OF PROPOSED AMENDMENTS
The CFTC's recently issued Forex rules, including rules concerning
registration requirements for firms engaged in retail, off-exchange foreign exchange
activity, become effective on October 18, 2010. The proposed amendments adopt rules
paralleling the existing registration rules to register, in accordance with the CFTC Forex
rules, certain counterparties, FCMs, IBs, CTAs and CPOs engaged in these activities.
Essentially, the CFTC Forex registration requirements, with certain
exceptions, provide for the registration of any firm acting as the counterparty to and any
firm or individual whose business involves retail, off-exchange foreign exchange
contracts (“retail forex”). Counterparties that are not FCMs substantially engaged in on-
exchange activities or otherwise regulated entities will register in a new registration
category called Retail Foreign Exchange Dealer (“RFED”). The firms acting as FCMs
(other than counterparties), IBs, CPOs or CTAs engaged in retail forex will register in
the existing FCM, IB, CTA and CPO categories depending on the type of activity in
which they engage. Individuals will register as APs. All of these firms must also be
NFA Members and their APs will be Associates.
23. Mr. David A. Stawick September 7, 2010
23
An RFED or an FCM that is substantially engaged in on-exchange
activities and acts as a retail forex counterparty will be designated under NFA rules as
an Approved Forex Dealer Member (“approved FDM”). FCMs, IBs, CPOs and CTAs
whose activities involve retail forex will be designated Forex FCMs, Forex IBs, Forex
CPOs and Forex CTAs (collectively, “Forex Firms”). APs of these firms will be
designated as Forex Associated Persons (“Forex APs”). The separate designations are
necessary for a number of reasons. NFA needs to track which firms and individuals are
engaged in retail forex activities and to distinguish between FCMs that are designated
as approved FDMs and those that are not because approved FDMs have a higher
minimum net capital requirement. Additionally, since Forex Firms may also engage in
on-exchange futures activity, NFA needs to track which of these firms' APs will be Forex
APs.
NFA has developed a new proficiency examination specific to retail forex
activity (“Series 34”). The Series 34 has been available for potential applicants to take
since July 2008. In order to become designated as a Forex AP, the person must take
and pass both the Series 3 exam and the Series 34. Since floor brokers are exempt
from having to register as APs, floor brokers engaging in retail forex business for a firm
would not have to pass the Series 34. Each AP who was registered as of May 22,
2008, the effective date of the CFTC Reauthorization Act of 2008, will not be required to
take and pass the Series 34 unless he or she is subsequently required to retake and
pass the Series 3. This “grandfathering” is consistent with NFA’s treatment of
registered APs at the time the Series 3 was first implemented.
Each firm seeking approved FDM and/or Forex Firm designation must
have at least one individual who is listed as a principal, is registered as an AP and has
passed the Series 34 (“Forex AP/Principal”). If after registration and membership are
granted, the firm terminates its last Forex AP/Principal, then the firm will be deemed to
have requested withdrawal of its approved FDM and/or Forex Firm designation. NFA
Bylaws already require that each NFA Member must have an AP who is also a principal
(“AP/Principal”) and that any NFA Member that terminates its last AP/Principal will be
deemed to have requested withdrawal of its NFA membership.
RFEDs will be permitted to register in other categories with regard to on-
exchange activities. For example, an RFED that does a small percentage of on-
exchange business could register as an FCM.
Forex IBs may satisfy their capital requirements by maintaining the same
minimum net capital required for an IB. Additionally, IBs may enter into a guarantee
agreement with an FDM. Forex GIBs will be required to place both their retail forex and
on-exchange trades through their guarantor.
24. Mr. David A. Stawick September 7, 2010
24
Currently, an AP may receive a temporary license ("TL") if he files a
completed Form 8-R in which the applicant did not answer yes to any of the statutory
disqualifications. Additionally, a guaranteed IB may receive a TL upon filing a
guarantee agreement from the guarantor FCM and completed Forms 7-R and 8-R in
which there are no yes answers to any of the statutory disqualifications. These TLs will
also be available to Forex APs and Forex GIBs.
As mentioned earlier, NFA is invoking the “ten-day” provision of Section
17(j) of the Commodity Exchange Act. NFA intends to make the amendments to NFA
Bylaw 301 and Registration Rules regarding Forex Registration Requirements and the
Interpretive Notice regarding Registration Requirements for branch offices effective ten
days after receipt of this submission by the Commission, unless the Commission
notifies NFA that the Commission has determined to review the proposal for approval.
Respectfully submitted,
Thomas W. Sexton
Vice President and General Counsel