The Commodity Futures Trading Commission has proposed to amend CFTC Rule 3.10 to require each registered futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator and leverage transaction merchant to complete online annual reviews and updates of the information maintained by the National Futures Association relating to the registrant. Under the rule proposal, a failure to update that information within 30 days of the date established by NFA for completion would be deemed to be a request for withdrawal of registration. The public comment period for the rule proposal expires May 29.

The CFTC previously repealed a similar, paper-based updating requirement in 2002. The CFTC explained that it is proposing to re-establish an up-dating requirement in light of recent problems experienced by NFA concerning the accuracy of information provided by certain intermediaries. The CFTC added that the proposed rule changes do not alter a firm’s continuing firm obligation under Regulation 3.31(a)(1) to promptly correct any deficiency or inaccuracy in its NFA registration file.