The Commodity Futures Trading Commission has adopted a final amendment to CFTC Rule 170.15(a), which requires that all persons registered with the CFTC as futures commission merchants (FCMs) become and remain members of the National Futures Association (NFA). The amended rule requires persons who choose to register as FCMs, even though they are not required to do so—such as entities that wish to qualify affiliates to act as counterparties to off-exchange forex transactions with retail customers, or persons who anticipate handling exchange-traded futures business in the future, but who do not yet do so—to also become NFA members. This amendment does not affect broker-dealers who are “notice” registered with the CFTC in connection with transactions in single stock futures and other security futures products. The revised rule will take effect on February 21.

http://a257.g.akamaitech.net/7/257/2422/01jan20071800/edocket.access.gpo.gov/2007/pdf/E7-805.pdf