The Commodity Futures Trading Commission ("CFTC") has adopted amendments to its Part 4 regulations to require that notices of exemption or exclusion required by Regulations be filed electronically. Effective Feb. 15, commodity pool operators and commodity trading advisors (whether registered or exempt from registration) must file new notices with the National Futures Association ("NFA") electronically and NFA will no longer accept hard copies of the filings. These filings are typically needed when a new fund manager begins operations or when an existing fund manager intends to launch a new fund. The amendments do not impact any filings previously made.
To file online, both registered entities and non-registered entities must first access NFA's electronic filing system through the use of a user ID and password. Registered entities can use their existing Online Registration System (ORS) accounts, but nonregistrants will need to complete an online application form to obtain a login ID.
Prior to adoption of these amendments, CFTC rules required that hard copies of exemption notices be manually signed by a representative duly authorized to bind the person making the filing. The rules as amended similarly require that the individual who submits an electronic filing be a representative duly authorized to bind the person making the filing. In light of this requirement, it will be necessary to designate an appropriate person (or persons) within your organization to obtain access to the online system and to prepare necessary filings. The person submitting the form online will be deemed to represent that the information contained in it is accurate and complete, to the best of his or her knowledge, and that such person is duly authorized to bind the entity or other person making the claim.