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Alerts
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NFA Adopts Forex Disclosure and Reporting Rules
November 4, 2008
On Oct. 16, 2008, the National Futures Association (“NFA”) issued “Notice to Members I-08-26” (“Notice”) advising commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) that are NFA members (“Covered Members”) that NFA Compliance Rules 2-41 and 2-42 (“Rules”) had been approved by the Commodity Futures Trading Commission (“CFTC”), effective Nov. 30, 2008. With certain exceptions discussed below, the Rules will apply to Covered Member CPOs offering funds that trade “forex,” as defined in NFA Bylaw 1507(b), and Covered Member CTAs managing, directing or guiding a client’s forex trading (“Covered Forex Activities”). CPOs and CTAs that are exempt from CFTC registration as such (e.g., pursuant to CFTC Rule 4.13(a)(4) or 4.14(a)(10)) and that are not, therefore, NFA members, will not be subject to the Rules.
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