The Commodity Futures Trading Commission (CFTC) has approved National Futures Association (NFA) Compliance Rules 2-41 and 2-42 that will be effective Nov. 30, 2008. The new rules apply to NFA members that manage accounts on behalf of customers or offer pools that trade off-exchange contracts in foreign currencies (“forex”) and that file their disclosure documents with NFA. Under the new rules, the disclosure document must provide the information required under CFTC Part 4 regulations, as well as the additional disclosure related to forex. In addition, an NFA member that operates a pool subject to the new rules must provide periodic (monthly or quarterly) account statements and an annual report to the pool participants in the same manner that would be applicable to pools that trade on-exchange futures contracts.

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Source: Futures Alert
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