We also signed a framework agreement with Network Rail to provide IT solutions and systems integration over a four-year period. Stratsec, the largest cyber security consultancy in Australia, was acquired, increasing our footprint in SE Asia and Australasia. Our Security Operations Centre became fully operational, providing services to detect and remediate advanced cyber attacks. We were one of four companies selected by the UK Government to work in partnership on a new Cyber Incident Response pilot programme, a government quality-assured service that organisations can turn to when they have suffered a cyber security incident.
We boosted our capabilities and international presence through the acquisitions of Norkom, a leading specialist provider of financial crime and compliance software, and ETI, a cyber and intelligence company based in Denmark. Our relationship with Vodafone was extended with an agreement to deliver payment card industry data security standards, and access control for their femtocell proposition.
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We were also selected as a key consortium member by the Highways Agency to provide consultancy services to the National Road Telecommunications Services project as part of a year programme. The acquisition of M. International m. Our investigatory services propositions were reinforced by the acquisition of computer forensics firm Inforenz, and US staff numbers increased to nearly with the acquisition of US homeland security specialist, DFI.
Expanding rapidly, the firm's reputation for management and analysis of large volumes of data started to grow in both commercial and government markets. The first of a series of strategic acquisitions, the purchase of Rubus Limited, brought a range of new clients, skills and capabilities. This was followed by the acquisition of CRM specialist consultancy Extraprise and Evolutions Consulting Group, signalling the start of expansion into capital markets.
A tumultuous time for the IT industry but the company's mix of business enabled growth to continue, with national security taking over a the growth engine of the firm. Provided, however, such assessments shall be suspended or adjusted by the Board for a period not to exceed three months when in the judgment of the Board such action is appropriate in light of NFA's overall financial goals. These dues replace the dues that would otherwise be payable based on the Forex Dealer Member's registration category. For purposes of this requirement, an order segment is a record of any line of data associated with an order, and includes when an order is added, modified, cancelled or filled.
Thereafter, dues will be assessed on the firm's membership renewal date. Dues will be invoiced and paid quarterly. If an existing Member becomes approved as a Swap Dealer Member or Major Swap Participant Member, then NFA will send the Member an invoice for the dues amount owed minus any membership dues amount already paid during the firm's current membership year.
Subject to the two-thirds majority voting requirements contained in Article XI, Section 1, the Board may in its discretion waive or establish lower annual dues for particular Members. Unless otherwise provided, annual dues and fees shall be payable in advance on the first day of January of each year, or at such other time or times as the Board shall determine.
Assessments based upon futures transactions or forex order segments as defined in Bylaw shall be payable to NFA within 30 days after the end of each month for transactions effected or order segments submitted during that month. In addition to such assessments each FCM, Forex Dealer Member, and LTM shall pay to NFA an amount equal to one month's interest at an annual rate of 10 percent or such other rate of interest as the President, with the concurrence of the Executive Committee, may determine from time to time on the amount of any such assessment payable by that Member for every month or fraction thereof such assessment payment is late.
If a Member claims overpayment of its assessments based upon futures or forex transactions, the Member may request a refund in writing with supporting documentation at any time prior to the end of the 6th calendar month following the due date for payment of assessments for the month with respect to which such claimed overpayment was made.
After that time, no refunds, adjustments or offsets will be made or allowed. Except as the Board may otherwise provide by resolution, each Member shall pay dues and assessments, as applicable, for each category in which the Member — or an affiliate thereof, unless such affiliate is a Member in its own right—is registered with the Commission and conducts business. NFA will notify the Member accordingly, including by electronic means.
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The Board shall determine the audit fee each year based on the anticipated cost of such audits. If the fee paid is greater than the actual costs of auditing the LTM, the excess will be applied to the fee of the following year. In addition to such audit fee, each LTM shall pay to NFA an amount equal to one month's interest at an annual rate of 10 percent or such other rate of interest as the President, with the concurrence of the Executive Committee, may determine from time to time on the amount of any such audit fee payable by that LTM for every month or fraction thereof such audit payment is late.
NFA shall, to the fullest extent permitted by law, indemnify any person who is, or is threatened to be, made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a Director, officer, employee or agent of NFA, or member of a committee of NFA, or is or was serving at NFA's request as a Director, officer, employee, agent or committee member of another entity, against all reasonable expenses including attorneys' fees , judgments, penalties, fines and amounts paid in settlement, actually incurred by the person in connection with such action, suit or proceeding.
Any current or former Member or Associate who fails to prevail in a lawsuit or any other type of legal proceeding instituted in a court of law or otherwise against NFA or any of its officers, directors, committee members, volunteers, arbitrators, employees or agents shall pay to NFA any and all reasonable expenses and disbursements, including reasonable attorney's fees, incurred by NFA to defend such lawsuit or proceeding.
This seal may be used by causing it, or a facsimile or equivalent thereof, to be impressed, affixed or reproduced. All NFA moneys and equivalents not otherwise employed shall be deposited from time to time to the credit of NFA in such financial institutions as may be designated by the Board. All checks, drafts or other orders for the payment of money, and all notes or other evidences of indebtedness issued in the name of NFA, shall be signed by such person or persons and in such manner as the Board shall determine from time to time by resolution.
The fiscal year of NFA shall begin on the first day of July and end on the last day of June in each year. No Bylaw may be adopted, amended or repealed by the Board except as specified in a notice sent to each Director either in writing or by electronic transmission at least two weeks prior to the meeting at which the Board considers the same: Provided, however, that such prior notice is not required in an emergency as defined by Bylaw , or where a two-thirds majority of all Directors present and voting approves.
Except as provided in this Bylaw, the terms used in these Bylaws shall have the same meaning as in the Articles. Provided, however , that the term does not include any security that is not a security futures product, any contract of sale that results in actual delivery within two days, or any contract of sale that creates an enforceable obligation to deliver between a seller and buyer that have the ability to deliver and accept delivery, respectively, in connection with their line of business, unless the transaction involves a futures contract or an option.
NFA staff may, with the approval of the Executive Committee, enter into one or more agreements with one or more designated contract markets to provide regulatory services to NFA to assist NFA in discharging its obligations under Sections 15A k and 19 g of the Securities Exchange Act of Any action taken by a designated contract market, or its employees or authorized agents, acting on behalf of NFA pursuant to a regulatory services agreement shall be deemed to be an action taken by NFA; provided, however, that nothing in this provision shall affect the oversight of the designated contract market by the Commission.
Notwithstanding the fact that NFA may enter into one or more regulatory services agreements regarding security futures, NFA shall retain ultimate legal responsibility for, and control of, its self-regulatory responsibilities under the Securities Exchange Act of , and any such regulatory services agreement shall so provide.
No Member or Associate shall be charged with an offense under these Rules if the specific conduct alleged to constitute the offense is governed or otherwise regulated by the requirements of a contract market and such Member or Associate is subject to the disciplinary jurisdiction of the contract market for such conduct. No Member or Associate shall share, directly or indirectly, in the profits or losses accruing from commodity interest trading in any account of a customer carried by the Member, or another Member, unless the customer's prior written authorization is therefore obtained.
Members and Associates shall observe high standards of commercial honor and just and equitable principles of trade in the conduct of their commodity futures business and swaps business. No person who has been expelled or suspended or is subject to a similar sanction by NFA in a proceeding brought pursuant to Part 3 of NFA's Compliance Rules that temporarily or permanently prohibits the person from NFA membership or affiliation in any capacity with an NFA Member shall hold himself out as a Member in good standing of NFA, or as affiliated with a Member, as the case may be, during the period the sanction is in effect.
Effective date of amendments: January 28, ; August 21, ; December 9, ; December 17, ; and July 9, No such Member shall designate a person as a security futures principal unless:. No Member or Associate shall exercise discretion over a customer's commodity futures or cleared swaps account unless the customer or account controller has authorized the Member or Associate, in writing by power of attorney or other instrument to exercise such discretion.
No Member or Associate shall exercise discretion with regard to foreign futures or foreign options transactions on behalf of a foreign futures or foreign options customer unless the customer or account controller has specifically authorized the Member or Associate, in writing, to exercise discretion with regard to foreign futures or foreign options transactions. The Member or Associate does not need written authorization to exercise discretion with regard to time and price only.
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Each Member must maintain records that clearly identify the accounts over which discretionary authority has been granted. In addition, each FCM and IB Member must maintain a record that identifies the Member, any Associate or any Third Party Controller per subsection d of this Rule that exercises discretionary authority over each account. Each futures trade or cleared swap in an account that a Member or Associate has written authorization to trade shall be presumed to have been made pursuant to that trading authorization unless otherwise indicated, in writing, at the time the trade was placed.
Each Member initiating discretionary trades other than a Member who employs only one individual having discretionary authority if that individual is also the only principal who supervises futures activity must adopt and enforce written procedures that:. No Member FCM or IB shall allow an Associate to exercise discretion over a customer's commodity futures account unless that Associate has been continuously registered under the Act for a minimum of two years and has worked in such registered capacity for that period of time.
This requirement shall not apply to any individual registered as a CTA. This requirement may, in NFA's discretion, be waived upon a showing that the Associate has equivalent experience.
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The decision of the panel shall be final and shall be based upon the written submission of the Member and the views of the Compliance Department. An Associate who has been determined to have equivalent experience pursuant to the rules of any contract market Member of NFA having a similar minimum experience requirement shall be deemed to have satisfied the requirement of this Rule.
No FCM or IB shall accept an order from a third party, not an Associate of the FCM or IB, without first obtaining a copy of the account controller's written trading authorization or a written acknowledgment from the customer that such authorization has been given. The provisions of sections b , c and d of this Rule shall not apply when the individual who owns the account and the individual exercising discretion are members of the same family a spouse, parent, child, grandparent, grandchild, brother, sister, aunt, uncle, nephew, niece or in-law.
The decision of the panel shall be final and shall be based upon the written submissions of the Member and of the Compliance Department.
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That anti-money laundering program shall, at a minimum,. The break-even analysis must be presented in the manner prescribed by NFA's Board of Directors and must be accurate as of the date of the Disclosure Document. Any Member or Associate who violates or fails to comply with any NFA requirement shall be subject to appropriate Member or Associate Responsibility Action or disciplinary action, or both, in accordance with these rules.
Effective date of amendments: August 1, and August 21, ]. No Member or Associate shall represent or imply in any manner whatsoever that such Member or Associate has been sponsored, recommended or approved, or that such Member's or Associate's abilities have in any respect been passed upon, by NFA or any federal or state regulatory body: Provided, however, that this Rule shall not prohibit a Member from stating the fact of membership, or an Associate from stating the fact of registration as an Associate if the effect of NFA membership or registration as an Associate is not misrepresented, or from discussing or explaining the functions and purposes of NFA.
Effective date of Amendments: January 1, ; September 9, ; October 18, and January 31, Within three business days of the day such confirmation is due, or within such further time as may be necessary in the exercise of due diligence, and provided that the receiving Member agrees to accept the account, the carrying Member shall effect the transfer of the balances and positions to the receiving Member.
Prior to its first use, all promotional material as defined in paragraph i of this Rule shall be reviewed and approved, in writing, by an officer, general partner, sole proprietor, branch office manager or other supervisory employee other than the individual who prepared such material unless such material was prepared by the only individual qualified to review and approve such material. If the Member is registered as a broker-dealer under Section 15 b 11 of the Exchange Act and the promotional material specifically refers to security futures products, the individual reviewing and approving the promotional material must be a designated security futures principal.
Copies of all promotional material along with a record of the review and approval required under paragraph e of this Rule and supporting materials for any results described under paragraphs b 5 - 6 or c of this Rule must be maintained by each FCM, IB, CPO and CTA Member and be available for examination for the periods specified in CFTC Regulation 1.
Each Member who uses promotional material of the types described in paragraph b 5 - 6 or c of this Rule shall demonstrate the basis for any reported results to NFA upon request.
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In addition to the other requirements of this Rule, Members registered as broker-dealers under Section 15 b 11 of the Exchange Act and their Associates shall not use any promotional material that specifically refers to security futures products unless the promotional material:. This requirement does not apply to any promotional material in which the only reference to security futures products is contained in a listing of the Member's services. Effective date of amendments: January 1, ; August 21, December 10, ; December 17, ; January 3, ; September 19, and March 1, A Member registered as a broker or dealer under Section 15 b 11 of the Exchange Act shall provide a copy of the disclosure statement for security futures products at or before the time the Member approves the account to trade security futures products.
For an active customer who is an individual, the FCM Member carrying the customer account shall contact the customer, at least annually, to verify that the information obtained from that customer under Section c of this Rule remains materially accurate, and provide the customer with an opportunity to correct and complete the information. Whenever the customer notifies the FCM Member carrying the customer's account of any material changes to the information, a determination must be made as to whether additional risk disclosure is required to be provided to the customer based on the changed information.
The Member or Associate who currently solicits and communicates with the customer is responsible for determining if additional risk disclosure is required to be provided based on the changed information. In some cases, this may be the Member introducing or controlling the account; in other cases, it may be the carrying FCM. For all other customers, the customer's net worth or net assets and current estimated annual income, or where not available, the previous year's annual income;. In addition, Members that are not also members of the Financial Industry Regulatory Authority and their Associates must obtain the following information from each customer who is an individual if the customer trades security futures products:.
If a customer declines to provide the information set forth in Section c of this Rule, the Member or Associate shall make a record that the customer declined, except that such a record need not be made in the case of a non-U. Subject to the provisions of Section i of this Rule, a Member may open, introduce or agree to direct trading in a futures or cleared swaps account for a customer only upon the approval of a partner, officer, director, branch office manager or supervisory employee of the Member.
Each Member shall keep copies of all records made pursuant to this Rule in the form and for the period of time set forth in CFTC Regulation 1. If the Member is an FCM or IB, the account must be approved or disapproved by a designated security futures principal. The approval or disapproval shall be in writing and shall identify the person approving or disapproving the account. Additionally, the customer's account records shall contain information about the account, including the name of the Associate, how the customer's information was obtained, and the date that the disclosure statement for security futures products was provided.
A copy of the background and financial information on file with the Member shall also be sent to each customer who is an individual for verification within fifteen days after the Member becomes aware of any material change in the customer's financial status. In all cases, absent notice to the contrary from the customer, the information is deemed verified.
For purposes of this requirement, a non-institutional customer is any customer who is not:. Notice must be received within 24 hours of such acceptance. For purposes of this Rule, wire transfers and certified checks shall be considered immediately available funds for which notice is not required. CTAs must provide the following information to clients with partially-funded accounts if the clients are not QEPs:. The information that may be included in the Statement of Additional Information is described in subsection c.
The Statement of Additional Information may be bound together with the Disclosure Document as long as the Disclosure Document comes first. If the Statement of Additional Information is separately bound, the CPO is not required to provide it to a prospective participant unless the prospective participant requests it.