March 8, 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: Customer Information and Risk Disclosure –
Proposed Amendments to NFA's Compliance Rule 2-30 and the Related
Interpretive Notice
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 Compliance Rule 2-
30 regarding customer information and risk disclosure and the related Interpretive
Notice. NFA’s Board of Directors (“Board”) approved this proposal on February 18,
2010. NFA respectfully requests Commission review and approval of the proposed
amendments.
PROPOSED AMENDMENTS
(additions are underscored and deletions are stricken through)
COMPLIANCE RULES
* * *
Part 2 – RULES GOVERNING THE BUSINESS CONDUCT OF MEMBERS
REGISTERED WITH THE COMMISSION
* * *
RULE 2-30. CUSTOMER INFORMATION AND RISK DISCLOSURE
Mr. David A. Stawick
March 8, 2010
2
(a)
Each Member or Associate shall, in accordance with the provisions of
this Rule, obtain information about its from all individual customers and
any other customers who are not eligible contract participants (as defined
in Section 1(a)(12) of the Act) customers who are individuals and provide
such customers with disclosure of the risks of futures trading.
(b)
The Member or Associate shall exercise due diligence to obtain the
information and shall provide the risk disclosure at or before the time a
customer first opens a futures trading account to be carried or introduced
by the Member, or first authorizes the Member to direct trading in a
futures account for the customer. A Member registered as a broker or
dealer under Section 15(b)(11) of the Exchange Act