The National Futures Association implemented the exemption recently granted by staff of the Commodity Futures Trading Commission to commodity trading advisors who do not direct trading of accounts. Going forward, these CTAs do not have to fine a Form CTA-PR on an annual basis. (Click here for more information regarding this relief in the article “CFTC Exempts CTAs Not Directing the Trading of Client Accounts From Certain Filing Requirements” in the July 26, 2015 edition of Bridging the Week.) The NFA requires CTAs that intend to take advantage of this relief to respond “no” to the question “Does the firm currently direct any trading of commodity interest accounts?” on the CTA annual questionnaire.