On July 16th, the National Futures Association ("NFA") announced it has requested that the Special Committee for the Protection of Customer Funds, consisting of the public representatives on NFA's Board of Directors, retain the services of a national law firm to conduct a careful internal review of NFA's audit practices and procedures, and the execution of those procedures in the specific instance of Peregrine Financial Group, to assure that the right procedures are in place and that they are being properly followed. NFA intends to identify and implement any regulatory oversight changes that may be necessary to improve the detection of fraud and protection of segregated customer funds. The Special Committee is authorized to retain outside professionals to assist in that review, and will review any recommendations made regarding NFA's audit practices and procedures and make a report to NFA's Board of Directors. NFA Press Release. See also Reuters (discussing 2002 CFTC examination of NFA procedures).