NFA’s Business Conduct Rules 

I. Exchange Traded Futures Contracts

 1. Supervision 

 A. NFA Compliance Rule 2-9—Supervision 

1. NFA Interpretive Notice ¶9010—Information Available from NFA 

regarding Background of Prospective Employees 

2. NFA Interpretive Notice ¶9019—Compliance Rule 2-9: Supervision of 

Branch Offices and Guaranteed IBs 

3. NFA Interpretive Notice ¶9020—Compliance Rule 2-9: Self-Audit 

Questionnaire 

4. NFA Interpretive Notice ¶9021—Compliance Rule 2-9: Enhanced 

Supervisory Requirements 

5. NFA Interpretive Notice ¶9037—Compliance Rule 2-9: Supervisory 

Procedures for E-Mail and the Use of Web Sites 

6. NFA Interpretive Notice ¶9039—Compliance Rules 2-29 and 2-9: NFA’s 

Review and Approval of Certain Radio and Television Advertisements 

7. NFA Interpretive Notice ¶9051—Compliance Rule 2-9: Ethics Training 

Requirements 

8. NFA Interpretive Notice ¶9055—NFA Bylaw 1101, Compliance Rules 2-9 

and 2-29: Guidelines relating to the Registration of Third-party Trading 

System Developers and the Responsibility of NFA Members for 

Promotional Material that Promotes Third-party Trading System 

Developers and their Trading Systems 

 

2. Disclosures 

A. NFA Compliance Rule 2-30—Customer Information and Risk Disclosure 

1. NFA Interpretive Notice ¶9013—Compliance Rule 2-30: Customer 

Information and Risk Disclosure 

 B. NFA Compliance Rule 2-34—CTA Performance Reporting and Disclosures 

1. NFA Interpretive Notice ¶9054—Compliance Rule 2-34: Performance 

Reporting and Disclosures 

C. NFA Compliance Rule 2-35—CPO/CTA Disclosure Documents 

1. NFA Interpretive Notice ¶9035—Compliance Rule 2-35: CPO/CTA 

Disclosure Documents 

D. NFA Compliance Rule 2-13—CPO/CTA Regulations 

1. NFA Interpretive Notice ¶9006—Interpretation of NFA Compliance Rule 

2-13: Guideline for the Disclosure by CPOs and CTAs of “Up Front” Fees 

and Organizational and Offering Expenses 

2. NFA Interpretive Notice ¶9023—Compliance Rule 2-13: Break-Even 

Analysis 

E. NFA Compliance Rule 2-4—Just and Equitable Principles of Trade 

1. NFA Interpretive Notice ¶9059—Compliance Rule 2-4: Disclosure 

 Guidelines for FCMs Offering Sweep Accounts 

3. Sales Practices and Dealing with Customers 

A. NFA Compliance Rule 2-4—Just and Equitable Principles of Trade 
1. NFA Interpretive Notice ¶9005—Interpretation of NFA Compliance Rule 

2-4: Guideline for the Disclosure by FCMs and IBs of Costs Associated 

with Futures 

2. NFA Interpretive Notice ¶9014—Compliance Rule 2-4: Confidentiality 

Language in Release Agreements 

3. NFA Interpretive Notice ¶9057—Commissions, Fees and Other Charges 

4. NFA Interpretive Notice ¶9061—Compliance Rule 2-4: Misuse of Trade 

Secrets and Proprietary Information 

B. NFA Compliance Rule 2-29—Communications with the Public and Promotional 

Material 

1. NFA Interpretive Notice ¶9033—Compliance Rule 2-29: Deceptive 

Advertising 

2. NFA Interpretive Notice ¶9038—Compliance Rule 2-20: High-Pressure 

Sales Tactics 

 

 4. Promotional Material 

A. NFA Compliance Rule 2-29—Communications with the Public and Promotional 

Material 

1. NFA Interpretive Notice ¶9003—Compliance Rule 2-29: Communications 

with the Public and Promotional Material 

2. NFA Interpretive Notice ¶9009—Compliance Rule 2-29: Review of 

Promotional Material Prior to its First Use 

3. NFA Interpretive Notice ¶9025—Compliance Rule 2-29: Use of 

Promotional Material Containing Hypothetical Performance Results 

4. NFA Interpretive Notice ¶9033—Compliance Rule 2-29: Deceptive 

Advertising 

5. NFA Interpretive Notice ¶9034—Compliance Rule 2-29: Deceptive 

Advertising 

6. NFA Interpretive Notice ¶9039—Compliance Rules 2-29 and 2-9: NFA’s 

Review and Approval of Certain Radio and Television Advertisements 

7. NFA Interpretive Notice ¶9055—NFA Bylaw 1101, Compliance Rules 2-9 

and 2-29: Guidelines relating to the Registration of Third-party Trading 

System Developers and the Responsibility of NFA Members for 

Promotional Material that Promotes Third-party Trading System 

Developers and their Trading Systems 

 

 5. Know Your Customer 

 A. NFA Compliance Rule 2-30—Customer Information and Risk Disclosure 

1. NFA Interpretive Notice ¶9004—Compliance Rule 2-30: Customer 

Information and Risk Disclosure 

2. NFA Interpretive Notice ¶9013—Compliance Rule 2-30: Customer 

Information and Risk Disclosure 

 6. Recordkeeping 

 A. NFA Compliance Rule 2-10—Recordkeeping 

1. NFA Interpretive Notice ¶9029—The Allocation of Bunched Orders for 

Multiple Accounts 

 

 7. Reporting to Regulators 

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A. NFA Financial Requirements (many of which incorporate CFTC Regulations 

covering the Commission’s Minimum Financial and Related Reporting 

Requirements) 

1. NFA Interpretive Notice ¶9028—NFA Financial Requirements: The 

Electronic Filing of Financial Reports 

B. NFA Compliance Rule 2-11—Customer Accounts 

 C. NFA Compliance Rule 2-33—FCM Receipt of Funds from Omnibus Accounts 

 D. NFA Compliance Rule 2-38—Business Continuity and Disaster Recovery 

 E. NFA Compliance Rule 2-46—CPO Quarterly Reporting Requirements 

8. Reporting to Customers (in addition to customer reporting requirements under CFTC 

Regulations) 

A. NFA Compliance Rule 2-34—CTA Performance Reporting and Disclosures 

 1. NFA Interpretive Notice ¶9054—Performance Reporting and Disclosures 

 

 9. Anti-Money Laundering 

 A. NFA Compliance Rule 2-9(c)—Supervision 

1. NFA Interpretive Notice ¶9045—Compliance Rule 2-9: FCM and IB AntiMoney Laundering Program 

 

 10. Automated Order-Routing Systems 

A. NFA Compliance Rule 2-9—Supervision 

1. NFA Interpretive Notice ¶9046—Compliance Rule 2-9: Supervision of the 

Use of Automated Order-Routing Systems 

 11. Prohibition on Doing Business with Non-Members 

 A. NFA Bylaw 1101—Prohibition 

 1. NFA Interpretive Notice ¶9007—Compliance with NFA Bylaw 1101 

2. NFA Interpretive Notice ¶9055—NFA Bylaw 1101, Compliance Rules 2-9 

and 2-29: Guidelines relating to the Registration of Third-party Trading 

System Developers and the Responsibility of NFA Members for 

Promotional Material that Promotes Third-party Trading System 

Developers and their Trading Systems 

 

12. Segregation 

 A. NFA Financial Requirements Section 8—Additional Information Requests 

13. Investing Customer Funds 

A. NFA Financial Requirements Section 4—Financial Requirements and Treatment 

of Customer Property 

14. Order Entry 

 A. NFA Compliance Rule 2-10—Recordkeeping 

15. Customer Eligibility under CFTC Regulation 4.7 

 A. NFA Compliance Rule 2-13—CPO/CTA Regulations 

16. Other Conduct and Requirements 

A. NFA Compliance Rule 2-5—Cooperation in NFA Investigations and Proceedings 

 B. NFA Compliance Rule 2-6—Expelled or Suspended Member or Associate 

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1. NFA Interpretive Notice ¶9056—Compliance Rule 2-6: Conducting 

Commodity Futures Business with an Expelled or Suspended Member or 

Associate 

C. NFA Compliance Rule 2-38—Business Continuity and Disaster Recovery 

1. NFA Interpretive Notice ¶9052—Business Continuity and Disaster 

Recovery Plan 

D. NFA Compliance Rule 2-45—Prohibition of Loans by Commodity Pools to CPOs 

and Affiliated Entities 

1. NFA Interpretive Notice ¶9052— NFA Compliance Rule 2-45: Prohibition 

of Loans by Commodity Pools to CPOs and Related Entities 

II. Off-Exchange Traded Futures Contracts

1. Supervision 

 A. NFA Compliance Rule 2-36—Requirements for Forex Transactions 

1. NFA Interpretive Notice ¶9053—Forex Transactions with Forex Dealer 

Members 

2. Disclosures 

 A. NFA Compliance Rule 2-36—Requirements for Forex Transactions 

1. NFA Interpretive Notice ¶9053—Forex Transactions with Forex Dealer 

Members 

B. NFA Compliance Rule 2-41—Forex Pool Operators and Trading Advisors 

3. Promotional Material 

 A. NFA Compliance Rule 2-36—Requirements for Forex Transactions 

1. NFA Interpretive Notice ¶9053—Forex Transactions with Forex Dealer 

Members 

4. Sales Practices and Dealing with Customers 

 A. NFA Compliance Rule 2-36—Requirements for Forex Transactions 

1. NFA Interpretive Notice ¶9053—Forex Transactions with Forex Dealer 

Members 

5. Reporting to Regulators 

A. NFA Compliance Rule 2-40—Bulk Assignment or Liquidation of Forex Positions; 

Cessation of Customer Business 

1. NFA Interpretive Notice ¶9058—Compliance Rule 2-40: Procedures for 

the Bulk Assignment or Liquidation of Forex Positions; Cessation of 

Customer Business 

B. NFA Compliance Rule 2-42—Forex Pool Reporting 

1. NFA Interpretive Notice ¶9053—Forex Transactions with Forex Dealer 

Members 

C. Proposed NFA Compliance Rule 2-48—FDM Trade Reporting System 

 6. Reporting to Customers 

A. NFA Compliance Rule 2-43—Forex Orders 

1. NFA Interpretive Notice ¶9053—Forex Transactions with Forex Dealer 

Members 

B. NFA Compliance Rule 2-44—Forex Customer Statements 

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1. NFA Interpretive Notice ¶9053—Forex Transactions with Forex Dealer 

Members 

C. NFA Compliance Rule 2-42—Forex Pool Reporting 

1. NFA Interpretive Notice ¶9053—Forex Transactions with Forex Dealer 

Members 

7. Automated Order-Routing Systems 

A. NFA Compliance Rule 2-36—Requirements for Forex Transactions 

1. NFA Interpretive Notice ¶9060—Compliance Rule 2-36(e): Supervision of 

the Use of Electronic Trading Systems 

 8. Other Conduct and Requirements 

A. NFA Compliance Rule 2-39—Soliciting, Introducing, or Managing Forex 

Transactions or Accounts 

III. Security Futures Transactions

 1. Supervision 

 A. NFA Compliance Rule 2-9—Supervision 

1. NFA Interpretive Notice ¶9042—Compliance Rule 2-9: Special 

Supervisory Requirements for Members registered as Broker-Dealers 

under Section 15(b)(11) of the Securities Exchange Act of 1934 

 2. Disclosures 

A. NFA Compliance Rule 2-29—Communications with the Public and Promotional 

Material 

1. NFA Interpretive Notice ¶9043—Compliance Rule 2-29: Use of Past or 

Projected Performance; Disclosing Conflicts of Interest for Security 

Futures Products 

B. NFA Compliance Rule 2-30—Customer Information and Risk Disclosure 

1. NFA Interpretive Notice ¶9050—Compliance Rule 2-30(b): Risk 

Disclosure Statement for Security Futures Contracts 

3. Sales Practices and Dealing with Customers 

 A. NFA Compliance Rule 2-4—Just and Equitable Principles of Trade 

1. NFA Interpretive Notice ¶9041—Obligations to Customers and Other 

Market Participants 

2. NFA Interpretive Notice ¶9044—Compliance Rule 2-4: Broker-Dealer 

Registration Requirements for Security Futures Products 

3. NFA Interpretive Notice ¶9048—Compliance Rule 2-4: The Best 

Execution Obligation of NFA Members Registered as Broker-Dealers 

under Section 15(b)(11) of the Securities Exchange Act of 1934 

 B. NFA Compliance Rule 2-37—Security Futures Products 

1. NFA Interpretive Notice ¶9047—Compliance Rule 2-37: Fair 

Commissions 

4. Other Conduct and Requirements 

A. NFA Compliance Rule 2-7—Branch Office Managers and Designated Security 

Futures Principals 

 1. NFA Interpretive Notice ¶9049—Compliance Rules 2-7 and 2-24 and 

Registration Rule 401: Proficiency Requirements for Security Futures Products