Adoption of Revised Registration Form 8-R, 19665-19704 [2017-08558]
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Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
leverage transaction merchants; and (2)
users of Form 8–R, specifically (i)
associated persons of futures
commission merchants, retail foreign
exchange dealers, introducing brokers,
commodity trading advisors, commodity
pool operators, and leverage transaction
merchants; floor brokers; (ii) principals
of futures commission merchants, retail
foreign exchange dealers, introducing
brokers, commodity trading advisors,
commodity pool operators, floor trader
firms, or leverage transaction merchants;
(iii) floor brokers; (iv) floor traders; and
(v) floor trader order enterers.
Estimated Number of Respondents:
78,109.
Estimated Total Annual Burden on
Respondents: 7,210 hours.
Frequency of Collection: Periodically.
There are no capital costs or operating
and maintenance costs associated with
this collection.
The Commission estimates the burden
of this collection of information under
OMB control number 3038–0072 to be:
Respondents/Affected Entities: (1)
Users of Form 7–R, specifically swap
dealers and major swap participants;
and (2) users of Form 8–R, specifically
principals of swap dealers and of major
swap participants.
Estimated Number of Respondents:
770.
Estimated Total Annual Burden on
Respondents: 648 hours.
Frequency of Collection: Periodically.
There are no capital costs or operating
and maintenance costs associated with
this collection.
Authority: 44 U.S.C. 3501 et seq.
Dated: April 24, 2017.
Robert N. Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2017–08559 Filed 4–27–17; 8:45 am]
BILLING CODE 6351–01–P
Sunshine Act Meetings
11:00 a.m., Thursday,
May 4, 2017.
PLACE: Three Lafayette Centre, 1155 21st
Street NW., Washington, DC, 9th Floor
Commission Conference Room.
STATUS: Closed.
MATTERS TO BE CONSIDERED:
Surveillance, enforcement, and
examinations matters. In the event that
the time, date, or location of this
meeting changes, an announcement of
the change, along with the new time,
date, and/or place of the meeting will be
posted on the Commission’s Web site at
https://www.cftc.gov.
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Christopher Kirkpatrick, 202–418–5964.
Natise Allen,
Executive Assistant.
[FR Doc. 2017–08684 Filed 4–26–17; 11:15 am]
BILLING CODE 6351–01–P
COMMODITY FUTURES TRADING
COMMISSION
Adoption of Revised Registration Form
8–R
Commodity Futures Trading
Commission.
ACTION: Notice.
AGENCY:
The Commodity Futures
Trading Commission (the
‘‘Commission’’ or ‘‘CFTC’’) is revising
its Form 8–R, the application form that
individuals must use to register with the
Commission as an associated person of
a registrant, floor broker, or floor trader,
or to be listed as a principal of a
registrant (collectively, ‘‘applicants’’).
DATES: Effective Date: The new, revised
version of Form 8–R shall be effective
(and the prior version shall cease to be
effective) when the National Futures
Association (‘‘NFA’’) makes the new,
revised version of the Form 8–R
available on the NFA Web site for use
by individual applicants.
FOR FURTHER INFORMATION CONTACT: Erik
F. Remmler, Deputy Director, (202) 418–
7630, eremmler@cftc.gov; Laura Gardy,
Associate Director, (202) 418–7645,
lgardy@cftc.gov; or August A. Imholtz
III, Special Counsel, (202) 418–5140,
aimholtz@cftc.gov, Division of Swap
Dealer and Intermediary Oversight,
Commodity Futures Trading
Commission, 1155 21st Street NW.,
Washington, DC 20581.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Background
COMMODITY FUTURES TRADING
COMMISSION
TIME AND DATE:
CONTACT PERSON FOR MORE INFORMATION:
Individuals acting in certain
capacities in the markets regulated by
the Commission must file a completed
Form 8–R with NFA.1 These applicants
include: Associated persons of futures
commission merchants, retail foreign
exchange dealers, introducing brokers,
commodity trading advisors, commodity
pool operators, and leverage transaction
merchants; floor brokers; and floor
traders.2 Additionally, any individual
acting in the capacity as principal of a
futures commission merchant, retail
foreign exchange dealer, introducing
broker, commodity trading advisor,
commodity pool operator, swap dealer,
1 17
2 17
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CFR 3.10(a)(2), 3.11(a), and 3.12(c).
CFR 3.11(a); 3.12(c).
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19665
major swap participant, floor trader or
leverage transaction merchant also must
file a completed Form 8–R.3 Lastly,
individuals that enter orders for floor
trader firms must file the Form 8–R as
well.4 Individual applicants have been
required to use Form 8–R since 1977.5
Form 8–R requests information about
the applicant that can be used to assess
the applicant’s fitness to engage in
business as a derivatives professional.
Form 8–R is a Commission form
maintained and used primarily by the
NFA. NFA is currently the only
registered futures association authorized
by the Commission in accordance with
Section 17 of the Commodity Exchange
Act (‘‘Act’’).6 Pursuant to Section 17(o)
of the Act,7 Regulation 3.2,8 and a series
of orders, the Commission delegated to
NFA certain registration functions
including, among other things, the
processing of all Form 8–R filings.9
Since the first delegation to NFA in
1984, NFA has developed substantial
expertise in registration matters,
including reviewing and processing
completed Forms 8–R. In 2002, with the
approval of the Commission, NFA
transitioned from a paper-based
registration system to an online
registration system that utilizes, among
other things, an electronic version of
Form 8–R.10
3 17 CFR 3.1(a); 3.10(a)(2); 3.11(a)(1). While
‘‘principal’’ is not technically a registration class
and principals do not apply for registration, for
purposes of this Notice, the Form 8–R filings by
principals will be referred to with the other Form
8–R filings as ‘‘registration applications.’’
4 17 CFR 3.11(a)(1).
5 Revision of Registration Forms and Amendment
of Related Rules, 42 FR 23988 (May 11, 1977) (Form
8–R replaced Forms 2–R, 4–R and 94).
6 7 U.S.C. 21 (2012).
7 7 U.S.C. 21(o) (2012).
8 17 CFR 3.2.
9 See, e.g., Introducing Brokers and Associated
Persons of Introducing Brokers; Authorization of
National Futures Association to Perform
Commission Registration Functions, 48 FR 35158
(Aug. 3, 1983); Performance of Registration
Functions by National Futures Association, 49 FR
39593 (Oct. 9, 1984) (futures commission
merchants, commodity pool operators, commodity
trading advisors, and associated persons thereof);
Performance of Registration Functions by National
Futures Association; Delegation of Authority, 51 FR
34490 (Sept. 29, 1986) (floor brokers); Performance
of Registration Functions by National Futures
Association with Respect to Floor Traders and Floor
Brokers, 58 FR 19657 (Apr. 15, 1993); and
Performance of Registration Functions by National
Futures Association with Respect to Swap Dealers
and Major Swap Participants, 77 FR 2708 (Jan. 19,
2012).
10 Registration of Intermediaries, 67 FR 38869
(June 6, 2002). The transition to an online
registration system has permitted greater
efficiencies, including allowing individuals to
update their existing Forms 8–R instead of
completing a separate Form 3–R. To that end, in
2012, the Commission eliminated the requirement
that registrants and individuals use Form 3–R to
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II. Revisions To Commission Form 8–R
NFA has requested that the
Commission make several changes to
Form 8–R.11 Upon consideration of
NFA’s request, the Commission is
revising and updating Form 8–R. In
addition, the Commission is updating
the Form 8–R Privacy Act and
Paperwork Reduction Act Statements.
The Form 8–R revisions are described
below.12
In the section titled ‘‘Sponsor
Information and Registration
Categories,’’ Form 8–R previously listed
three categories of persons that could be
associated with a sponsor: Associated
persons, branch office managers, and
principals.13 The revised Form 8–R
includes a fourth category, floor trader
order enterer. This addition addresses
the Form 8–R filing requirement for
employees of an entity that is a
registered floor trader who execute swap
transactions on a swap execution
facility for the floor trader’s own
account.14 In connection with this
change, the revised Form 8–R includes
two newly defined terms: ‘‘Entity floor
trader’’ and ‘‘floor trader order enterer.’’
‘‘Entity floor trader’’ is defined as an
entity that is ‘‘an applicant or registrant
that filed a Form 7–R for registration as
a floor trader.’’ 15 ‘‘Floor trader order
enterer’’ is defined as ‘‘an individual
update information in their existing Form 7–R or 8–
R, and provided that an update to a registrant’s
online Form 7–R or 8–R would automatically create
a record of changes equivalent to a completed Form
3–R. Registration of Intermediaries, 77 FR 51898
(Aug. 28, 2012); see also, Registration of
Intermediaries, 76 FR 12888, 12891 (proposed Mar.
9, 2011).
11 Request from NFA to CFTC, dated Sept. 8,
2016, as amended on Oct. 31, 2016. Both
communications are on file with the Commission.
12 This Notice describes the substantive changes
to Form 8–R. The Commission also is making a
number of minor, non-substantive, or technical
changes to Form 8–R that are not described herein.
13 Associated persons and principals must file
Form 8–R. 17 CFR 1.3(aa), 3.1(a), 3.10(a) and 3.12.
Branch Office Manager is a category that NFA
utilizes to ensure proper oversight of branch offices.
See NFA Interpretive Notice 9002, Registration
Requirements; Branch Offices (Staff, Sept. 6, 1985;
revised July 1, 2000; Dec. 9, 2005; and Sept. 30,
2010).
14 17 CFR 1.3(ggg)(6)(iv), 3.11(a)(1). Commission
Regulation 3.11(a)(1) was amended in 2012 to
require individuals that enter swap orders for the
account of an entity floor trader to file a Form 8–
R. 77 FR 51898. These individuals are required to
file a Form 8–R, but are not required to register with
the Commission in any specified capacity. Since
2012, NFA has required these individuals to file a
separate, paper version of the Form 8–R titled Floor
Trader Order Enterer Application. The revisions to
the Form 8–R discussed in this paragraph result
from combining the pre-existing, electronic Form 8–
R with the paper version for floor trader order
enterers.
15 Entities that act as market participants or
intermediaries must use the Commission Form 7–
R to register with the Commission. 17 CFR 3.10 and
3.11.
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responsible for entry of orders from an
entity floor trader’s own account.’’ 16
In the section titled ‘‘Principal
Information,’’ the prior version of Form
8–R contained a blank space in which
an applicant entered a title. In the
revised Form 8–R, the space is replaced
with a menu of available titles.
In the ‘‘Fingerprint Card Information’’
section, revised Form 8–R adds two new
questions. One new question addresses
new requirements and exemptions
thereto contained in Commission
Regulation 3.21(e) applicable to nonU.S. persons. A non-U.S. natural person
may now claim an exemption under
Commission Regulation 3.21(e) from the
fingerprint submission requirement
where the applicant otherwise
underwent a qualifying criminal history
background check.17 The other new
question addresses the fingerprinting
requirement exception for certain
outside directors of registered firms.18
The sections in Form 8–R titled
‘‘Disciplinary Information—Criminal
Disclosures,’’ ‘‘Disciplinary
Information—Regulatory Disclosures,’’
and ‘‘Disciplinary Information—
Financial Disclosures’’ contain a series
of questions that inquire about the
disciplinary history of the applicant.
These questions are designed to identify
and gather information that may reflect
on the fitness of the applicant and
whether he or she may be subject to a
statutory disqualification from
registration.19 Among other things,
these questions ask about the
disciplinary history of ‘‘any entity of
which you [the applicant] were a
principal at the time the [potentially
reportable] activities occurred.’’ The
term ‘‘principal’’ as used in the
Disciplinary History section of Form 8–
R was sometimes understood by
applicants to mean that only firms that
were subject to Commission registration
were relevant. The long-standing
interpretation of the term ‘‘principal’’ as
used in that context was not limited to
the applicant’s status as a principal only
for Commission registrants, but also if
the applicant served in one of the
capacities included in the definition of
‘‘principal’’ for any firm. The definition
16 The revised Form 8–R includes additional
conforming changes to incorporate entity floor
traders and floor trader order enterers as
appropriate.
17 17 CFR 3.21(e); Alternative to Fingerprinting
Requirements for Foreign Natural Persons, 81 FR
18743 (Apr. 1, 2016).
18 17 CFR 3.21(c) (permitting an outside director
to indicate that he or she will file the appropriate
notice required by Commission Regulation 3.21(c)
instead of supplying his or her fingerprints).
19 See 7 U.S.C. 12a(2) and (3) (2012).
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of ‘‘principal’’ is revised to clarify this
issue.20
In the section titled ‘‘Disciplinary
Information—Regulatory Disclosures,’’ a
new question was added to existing
Question E. Among other things,
Question E inquires whether the
applicant (or an entity of which the
applicant was a principal) violated, or
aided and abetted the violation of, any
investment-related statutes or
regulations, a potential statutory basis
for refusing or conditioning
registration.21 The new question directs
the applicant to disclose whether he or
she has ever been found to have failed
to supervise another person’s activities
under any investment-related statute or
regulation.22 The new question is
intended to ensure complete disclosure
of conduct that may result in a refusal
or limitation on registration.
In the section titled ‘‘Disciplinary
Information—Financial Disclosures,’’
the Commission revised Question J,
which asked whether the applicant has
‘‘currently failed to comply with any
order to pay any futures-related civil
monetary penalties, restitution amounts,
disgorgement amounts, reparation
amounts or arbitration awards.’’ As
revised, Question J now inquires
whether the applicant ‘‘failed to pay any
arbitration awards involving CFTCregulated products, CFTC civil
monetary penalties, CFTC restitution
amounts, CFTC disgorgement amounts,
or CFTC reparation amounts.’’ The
revision is designed to clarify that this
question is not limited solely to unpaid
monetary awards related to futures
contracts, but also includes unpaid
awards related to all products subject to
the jurisdiction of the Commission.
Lastly, NFA is simplifying the process
by which it requests supplemental
information and documentation
regarding the applicant’s criminal,
regulatory, financial, or employment
disclosures. The prior version of Form
8–R requested that applicants provide a
written explanation of the facts and
circumstances regarding any such
disclosures. Applicants were also
separately requested to provide NFA
with copies of pertinent documents
associated with each disclosure. To
consolidate and modernize this process,
the revised Form 8–R allows applicants
20 A provision was added to the definition of
‘‘principal’’ that states, ‘‘[f]or the purpose of
answering Questions A, B, C, D, E, F, G, I and K
of the Disciplinary History sections, principal also
means an individual described in [paragraphs] (1),
(2) or (4) above with respect to any entity whether
or not the entity is an applicant, registrant, or a
person required to be registered under the Act.’’
21 7 U.S.C. 12(a)(3).
22 See 7 U.S.C. 12(a)(3)(C).
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Reduction Act (‘‘PRA’’) related to Form
8–R exist under current law. The titles
for the existing information collections
are ‘‘Registration Under the Commodity
Exchange Act,’’ OMB control number
3038–0023, and ‘‘Registration of Swap
Dealers and Major Swap Participants,’’
OMB control number 3038–0072. The
preliminary view of the Commission is
that the revisions to Form 8–R may
modify the existing recordkeeping or
information collection requirements
under the PRA. To ensure compliance
with the PRA, the Commission will
publish in the Federal Register a
separate notice and request for comment
on the amended PRA burden associated
with the revised Form 8–R.23 The
Commission also will submit to OMB an
III. Related Matters
Paperwork Reduction Act.
Recordkeeping or information collection
requirements under the Paperwork
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to complete a separate ‘‘Disclosure
Matter Page’’ for each matter, instance,
or event requiring disclosure and to
simultaneously upload all pertinent
documents associated with each
disclosure. The Disclosure Matter Page
provides applicants with an efficient
and effective method of supplying the
supplemental information and
documentation that NFA requests in the
normal course whenever an applicant
responds affirmatively to any of the
questions regarding criminal, regulatory
or financial disclosures.
A revised version of Form 8–R that
incorporates the changes discussed
above, as well as other non-substantive
changes, is attached as Appendix A to
this Notice.
23 The notice and request for comment on the
amended PRA burden will also address reassigning
from Form 3–R to Form 8–R the PRA burden
associated with providing updated information on
Form 8–R.
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19667
information collection request to amend
the information collection, in
accordance with 44 U.S.C. 3506(c)(2)(A)
and 5 CFR 1320.8(d).
Issued by the Commission on April, 24
2017, in Washington, DC.
Robert N. Sidman,
Deputy Secretary of the Commission.
Note: The following appendices will not
appear in the Code of Federal Regulations.
Appendices to Adoption of Revised
Registration Form 8–R
Appendix 1—Commission Voting Summary
On this matter, Acting Chairman Giancarlo
and Commissioner Bowen voted in the
affirmative. No Commissioner voted in the
negative.
Appendix A—Individual Application
(Form 8–R)
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Individual Application (Form 8-R)
COMMODITY FUTURES TRADING COMMISSION
NATIONAL FUTURES ASSOCIATION
Instructions for Completing the Individual Application
READ THESE INSTRUCTIONS CAREFULLY BEFORE COMPLETING OR REVIEWING THE
APPLICATION. THE FAILURE TO ANSWER ALL QUESTIONS COMPLETELY AND
ACCURATELY OR THE OMISSION OF REQUIRED INFORMATION MAY RESULT IN THE
DENIAL OR REVOCATION OF REGISTRATION.
THE FAILURE TO DISCLOSE A DISCIPLINARY MATTER EITHER IN AN APPLICATION OR AN
UPDATE WILL RESULT IN THE IMPOSITION OF A LATE DISCLOSURE FEE IN
ACCORDANCE WITH NFA REGISTRATION RULE 210(c).
Not every section applies to every applicant. Certain sections apply depending on the
registration category or categories being applied for. The text above these sections explains
who must complete the section.
DEFINED TERMS
Words that are underlined in this form are either defined terms and have the meanings contained in
the Definition of Terms section or links to the text of Commodity Exchange Act provisions, CFTC
Regulations or NFA Rules.
GENERAL
Read the Instructions and Questions Carefully
A question that is answered incorrectly because it was misread or misinterpreted can result in
severe consequences, including denial or revocation of registration. Although this applies to all
questions in the application, it is particularly important to the questions in the Disciplinary
Information Section.
Rely Only on Advice from NFA Staff
A question that is answered incorrectly because of advice received from a lawyer, employer, a
judge or anyone else (other than a member of NFA's Registration Investigations or Legal ("RIL")
staff) can result in severe consequences, including denial or revocation of registration. This also
applies to all questions in the form, but is particularly important regarding the Disciplinary
Information Section. If the language of a question in the Disciplinary Information Section requires
disclosure of a matter, a "Yes" answer to the question is required no matter what other advice has
been received from anyone other than NFA's RIL staff. Additionally, the applicant or registrant
remains responsible for failures to disclose even if someone completes the form on the applicant's
or registrant's behalf.
If information provided on the application changes or a matter that would have required disclosure
on the application occurs after the application is filed, the new information must be promptly filed.
APs and Principals should advise their Sponsors of the new information, and the Sponsor must file
the update on their behalf. The failure to promptly update information can result in severe
consequences, including denial or revocation of registration.
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Compliance with Disclosure Requirements of Another Regulatory Body is not Sufficient
With some exceptions, which are described below in the Regulatory and Financial Disclosures
sections, if any question requires the provision of information, that information must be provided. In
particular, if a question in the Disciplinary Information Section requires disclosure of a matter, the
question must be answered "Yes" and additional documents must be provided even if the matter
has been disclosed to another regulatory body such as FINRA, an exchange or a state regulator.
Similarly, disclosure is required even if another regulatory body does NOT require disclosure of the
same matter.
Call NFA with Questions
If there is any question about whether particular information must be provided, whether a particular
matter must be disclosed or whether a particular question requires a "Yes" answer, call the NFA
Information Center at (800) 621-3570 or (312) 781-1410. Representatives are available from 8:00
a.m. to 5:00p.m., Central Time, Monday through Friday. If the advice of NFA staff is sought, a
written record containing the date of the conversation, the name of the NFA staff person giving the
advice and a description of the advice should be made during the conversation and kept in the
event an issue concerning disclosure of the matter arises later.
DISCIPLINARY INFORMATION SECTION
Criminal Disclosures
Some common mistakes in answering the criminal disclosure questions involve expungements,
diversion programs and similar processes. The Commodity Futures Trading Commission requires a
"Yes" answer even if the matter has been expunged or the records sealed, there was no
adjudication or finding of guilt, the guilty plea was vacated or set aside or the matter was dismissed
upon completion of the diversion program.
Another common error regarding criminal matters concerns matters that do not involve the futures
industry. All criminal matters must be disclosed, even if a matter is unrelated to the futures industry,
unless the case was decided in a juvenile court or under a Youth Offender law.
Regulatory Disclosures
Regulatory actions taken by the Commodity Futures Trading Commission, NFA or U.S. futures
exchanges do not need to be disclosed since NFA is already aware of them once they are entered
into NFA's BASIC system.
Financial Disclosures
Only adversary actions that a bankruptcy trustee files must be disclosed. Adversary actions that
creditors file are not disclosable. A person named as a party to an adversary action in a bankruptcy
proceeding must disclose the action, even if the person is not the bankrupt person.
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It is not necessary to disclose arbitration awards or CFTC reparations matters unless the applicant
or registrant has failed to pay an award related to a CFTC-related product or an order entered in a
reparations matter.
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ADDITIONAL DOCUMENTS
For each matter that caused a "Yes" answer, a Disclosure Matter Page ("DMP"), which is
accessible using NFA's DMP Filing System, must be filed. In addition to the required DMP, other
documents about the matter must be provided to NFA. If court documents are unavailable, a letter
from the court verifying that must be sent to NFA. If documents other than court documents are
unavailable, the person must provide a written explanation for their unavailability. Electronic copies
of the documents can be uploaded using NFA's DMP Filing System or you can send documents to
NFA by emailing electronic documents to registration@nfa.futures.org, faxing documents to (312)
559-3411 or mailing documents to NFA Registration Department, 300 S. Riverside Plaza, Suite
1800, Chicago IL 60606.
Like answering the questions correctly, providing all documents to NFA is important. Failure to do
so will delay the registration process and may result in a denial of the application.
DEFINITION OF TERMS (The following terms are defined solely for the purpose of using NFA's
Online Registration System.)
10% OR MORE INTEREST: direct or indirect ownership of 10% or more of an entity's stock;
entitlement to vote or empowered to sell 10% or more of an entity's voting securities; contribution of
10% or more of an entity's capital; or entitlement to 10% or more of an entity's net profits.
ADJUDICATION: in a criminal case, a determination by the court that the defendant is guilty or not
guilty.
ADVERSARY ACTION: a lawsuit arising in or related to a bankruptcy case commenced by a
creditor or bankruptcy trustee by filing a complaint with the bankruptcy court.
ALIAS: another name utilized by an individual or previously used by an entity.
CHARGE: a formal complaint, information, indictment or equivalent instrument containing an
accusation of a crime.
DBA: abbreviation for Doing Business As. The firm is doing its futures, retail off-exchange forex or
swaps business by this name.
DESIGNATED SUPERVISOR: solely for the purpose of determining whether the Branch Manager
Examination (Series 30) is required, Designated Supervisor means a person who is registered with
FINRA (formerly known as NASD) as a General Securities Representative and has been
designated to act as the supervisor of an office that is not an Office of Supervisory Jurisdiction
("non-OSJ"), provided that:
•
the activity that is conducted in the non-OSJ that requires the Series 3
Examination is supervised by the Branch Manager of the Office of Supervisory Jurisdiction
to which the non-OSJ reports and both the Designated Supervisor and Branch Office
Manager have passed the Series 3 Examination.
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•
either the futures activity conducted in the non-OSJ that is subject to the
Designated Supervisor's supervision is limited to activity not requiring the Series 3
Examination and both the Designated Supervisor and the Branch Manager of the Office of
Supervisory Jurisdiction to which the non-OSJ reports have otherwise satisfied NFA's
Proficiency Requirements appropriate to their supervisory activities; or
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19671
ENJOINED: subject to an injunction.
ENTITY: any person other than an individual.
ENTITY FLOOR TRADER: an applicant that files or registrant that filed a Form 7-R to apply for
registration as a floor trader.
FELONY: any crime classified as a felony and for states and countries that do not differentiate
between a felony or misdemeanor, an offense that could result in imprisonment for any period of
more than one year. The term also includes a general court martial.
FINANCIAL SERVICES INDUSTRY: the commodities, securities, accounting, banking, finance,
insurance, law or real estate industries.
FLOOR TRADER ORDER ENTERER: an individual responsible for entry of orders from an Entity
Floor Trader's own account.
FOUND: subject to a determination that conduct or a rule violation has occurred. The term applies
to dispositions of any type, including but not limited to consent decrees or settlements in which the
findings are neither admitted nor denied or in which the findings are for settlement or record
purposes only.
INDIRECT OWNER: an individual who through agreement, holding companies, nominees, trusts or
otherwise:
• is the owner of 10% or more of the outstanding shares of any class of an entity's equity
securities, other than non-voting securities;
• is entitled to vote 10% or more of the outstanding shares of any class of an entity's equity
securities, other than non-voting securities;
• has the power to sell or direct the sale of 10% or more of the outstanding shares of any
class of an entity's equity securities, other than non-voting securities;
• is entitled to receive 10% or more of an entity's net profits; or
• has the power to exercise a controlling influence over an entity's activities that are subject
to regulation by the Commission.
INVESTMENT RELATED STATUTES:
• The Commodity Exchange Act
• The Securities Act of 1933
• The Securities Exchange Act of 1934
• The Public Utility Holding Company Act of 1935
• The Trust Indenture Act of 1939
• The Investment Advisers Act of 1940
• The Investment Company Act of 1940
• The Securities Investors Protection Act of 1970
• The Foreign Corrupt Practices Act of 1977
• Chapter 96 of Title 18 of the United States Code
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INTERNAL REVENUE CODE:
Section 7203: Willful Failure to File Return, Supply Information or Pay Tax
Section 7204: Fraudulent Statement or Failure to Make Statement
Section 7205: Fraudulent Withholding Exemption Certificate or Failure to Supply Information
Section 7207: Fraudulent Returns, Statements or Other Documents
19672
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
•
•
•
Any similar statute of a State or foreign jurisdiction
Any rule, regulation or order under any such statutes; and
The rules of the Municipal Securities Rulemaking Board
MISDEMEANOR: any crime classified as a misdemeanor and for states and countries that do not
differentiate be-tween a felony or misdemeanor, an offense that could result in imprisonment for
any period of at least six days but not more than one year. By way of example, an offense for
which the maximum period of imprisonment is 60 days would be considered a misdemeanor. The
term also includes a special court martial.
NON-U.S.NATURAL PERSON: an individual who has not resided in the U.S. since reaching the
age of 18 years.
OTHER NAME: For firms or sole proprietors, any other name that the applicant uses or has used in
the past for its futures, retail off-exchange forex or swaps business but not the name of any other
legal entity that the applicant has an affiliation or association with (see DBA). For individuals, this is
any name the person is or has been known by. For example, a maiden name, an alias name that
you use or are known by, or a previous name if you have changed your legal name.
OUTSIDE DIRECTOR: an individual who is director of an applicant or registrant and who
• is not an officer or employee of the applicant or registrant;
• is not engaged in or have direct supervisory responsibility over persons engaged in the
solicitation of
o or acceptance of customers' orders or retail forex customers' orders;
o funds, securities or property for participation in a commodity pool;
o a client's or prospective client's discretionary account;
o leverage customers' orders for leverage transactions;
o or acceptance of a swap agreement; or
• does not regularly have access to the keeping, handling or processing of:
o transactions involving "commodity Interests", as that term is defined in CFTC
Regulation 1.3(yy);
o customer funds, retail forex customer funds, leverage customer funds, foreign
futures or foreign options secured amount, or adjusted net capital.
PERSON: an individual, association, partnership, corporation, limited liability company, limited
liability partnership, trust, or other form of business organization.
PRINCIPAL- means, with respect to an applicant, a registrant, or a person required to be
registered under the Act:
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•
•
VerDate Sep<11>2014
an individual who is:
a sole proprietor of a sole proprietorship;
a general partner of a partnership;
a director, president, chief executive officer, chief operating officer, chief financial officer, or
a person in charge of a business unit, division or function subject to regulation by the
Commission of a corporation, limited liability company or limited liability partnership;
a manager, managing member or a member vested with the management authority for a
limited liability company or limited liability partnership; or
a chief compliance officer; or
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(1)
•
•
•
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19673
(2) an individual who directly or indirectly, through agreement, holding companies, nominees,
trusts or otherwise:
• is the owner of 10% or more of the outstanding shares of any class of an applicant or
registrant's equity securities, other than non-voting securities;
• is entitled to vote 10% or more of the outstanding shares of any class of an applicant or
registrant's equity securities, other than non-voting securities;
• has the power to sell or direct the sale of 10% or more of the outstanding shares of any
class of an applicant or registrant's equity securities, other than non-voting securities;
• is entitled to receive 10% or more of an applicant or registrant's net profits; or
• has the power to exercise a controlling influence over an applicant or registrant's activities
that are subject to regulation by the Commission; or
(3) an entity that:
• is a general partner of a partnership; or
• is the direct owner of 10% or more of the outstanding shares of any class of an applicant or
registrant's equity securities, other than non-voting securities; or
(4) an individual who or an entity that:
• has contributed 10% or more of an applicant or registrant's capital unless such capital
contribution consists of subordinated debt contributed by:
an unaffiliated bank insured by the Federal Deposit Insurance Corporation;
an unaffiliated "foreign bank," as defined in 12 CFR 211.21 (n) that currently
operates an "office of a foreign bank," as defined in 12 CFR 211.21 (t), which is
licensed under 12 CFR 211.24(a);
such office of an unaffiliated, licensed foreign bank; or
an insurance company subject to regulation by any State,
provided such debt is not guaranteed by an individual who or entity that is not a principal of the
applicant or registrant.
For the purpose of answering Questions A, B, C, D, E, F, G, I and K of the Disciplinary Information
sections, PRINCIPAL also means an individual described in (1 ), (2) or (4) above with respect to any
entity whether or not the entity is an applicant, registrant, or a person required to be registered
under the Act.
SELF-REGULATORY ORGANIZATION (SRO): a private, non-governmental organization
authorized to set and enforce standards or conduct for an industry. NFA, FINRA (formerly known
as NASD) and the securities and futures exchanges in the U.S. are examples of domestic SROs.
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UNITED STATES CRIMINAL CODE:
Section 152: Concealment of assets, making false claims or bribery in connection with a
bankruptcy
Sections 1341,1342, or 1343: Mail fraud
Chapter 25: Counterfeiting and forgery
Chapter 47: Fraud or false statements in a matter within the jurisdiction of a United States
department or agency
Chapter 95 or 96: Racketeering and Racketeering Influence.
19674
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Completing the Proficiency Requirements Section
Individuals who are applying for registration as an AP or who are principals of a sole proprietorship
must satisfy proficiency requirements. Individuals who have already satisfied the proficiency
requirements do not need to complete the Proficiency Requirements section. An individual will have
satisfied the proficiency requirements if:
NFA has evidence that the individual has taken and passed the National Commodity
Futures Examination (Series 3) or the Limited Futures Examination-Regulations (Series
32):
within two years prior to the date the application is filed; or
more than two years prior to the date the application is filed and since that date
there has not been a period of two consecutive years during which the individual
was not registered as an AP or FB or was not an approved principal of a registrant;
or
The individual is registered as a Floor Broker on the date the application is filed.
Individuals who must complete the Proficiency Requirements section must indicate whether they
intend to use the Series 3 examination or one or more alternative means to satisfying proficiency
requirements. Some of the alternatives require that an individual limit the activities that he or she
intends to engage in and to pass an alternative examination. Individuals who have already passed
an alternative examination do not complete the questions related to alternative examinations if:
NFA has evidence that the individual has taken and passed the examination that the
individual intends to use to satisfy the alternative proficiency requirement:
within two years prior to the date the application is filed; or
more than two years prior to the date the application is filed and since that date
there has not been a period of two consecutive years during which the individual
was not registered as an AP or FB or was not an approved principal of a registrant.
Individuals seeking approval as a forex associated person or as a sole proprietor forex firm must
satisfy proficiency requirements before engaging in off-exchange forex business with retail
customers. Individuals who have already satisfied the proficiency requirements do not need to
complete the Proficiency Requirements section. An individual will have satisfied the proficiency
requirements if:
NFA has evidence that the individual has passed the Series 3 or Series 32 exam
requirement (as described above) and
NFA has received satisfactory evidence that the applicant has passed the Series 34
within two years of the date the application is filed or
since the date the applicant last passed the Series 34 there has not been a period
of two consecutive years during which the applicant has not been either registered
as an AP or FB or was not an approved principal of a registrant; or
Individuals filing as Branch Office Managers must indicate whether they will satisfy the Branch
Manager proficiency requirements using the Branch Manager Examination (Series 30) or an
alternative. The individual does not complete the Branch Manager proficiency section if the
individual has already satisfied the Branch Manager proficiency requirements. An individual will
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The individual was registered as an AP, FB or an approved sole proprietor principal on May
22, 2008, and there has not been a period of two consecutive years since that date during
which the applicant has not been either registered as an AP or FB or was not an approved
principal of a registrant.
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19675
have already satisfied the Branch Manager proficiency requirements if NFA has evidence that the
individual has taken and passed the Series 30 and since the date the individual last ceased acting
as a branch office manager, there has not been a period of two consecutive years during which he
or she has not been registered as an AP.
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Additional Assistance
Additional information regarding registration requirements and specific topics can be found on the
Registration page of NFA's web site at www.nfa.futures.org. NFA's Information Center, (800-6213570 or 312-781-141 0), is also available to provide assistance. Its normal hours are Monday
through Friday, from 8:00AM to 5:00PM, CT.
19676
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Name
Enter all required information.
Enter the individual's full legal name. Do not use nicknames or abbreviations. For example, if the
individual's name is Charles, enter Charles, not Chuck.
First & Middle Name*_ _ _ _ _ _ Last Name (Surname) _ _ _ _ _ _ _ _ _ Suffix_
NFAID#_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
Sponsor Information and Registration Categories
Indicate sponsor and office where applicant is located and check category(ies).
Sponsor Information
Sponsor_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Main/Branch Office_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Categories*
o
o
o
o
Associated Person
Branch Office Manager
Principal
Floor Trader Order Enterer
Applicants whose sponsor is designated as a Forex Firm answer this question
Will your activities involve the solicitation of customers for managed accounts, pooled
investment vehicles, or individual accounts or transactions in off-exchange foreign
currency transactions as described in Sections 2(c)(2)(B) or 2(c)(2)(C) of the Act, or the
supervision of persons involved in such solicitation activities?*
Yes
No
0
0
Applicants whose sponsor is designated as a Swap Firm answer these questions
Will your activities involve the solicitation of customers for swaps transactions subject to the
jurisdiction of the Commodity Futures Trading Commission or the supervision of persons
involved in such solicitation activities?*
Yes
No
0
Swaps transactions only
Swaps, futures and options on
futures and/or retail off-exchange
foreign currency transactions
*Required to file application
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Individual's activities involve:
0
o
0
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19677
Associated Person applicants who are registered with other sponsors complete this section.
Current Sponsor Information
Our records indicate that the applicant is currently an Associated Person of the following
sponsor(s). If the applicant is no longer an Associated Person of any sponsor(s) listed below,
check all that apply.
[Sponsor Name]
[Sponsor Name]
*Required to file application
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o
o
19678
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Floor broker and floor trader applicants complete this section
Registration Categories
Select category(ies)
Categories*
Floor Broker
Floor Trader
o
o
Yes
0
No
Are you requesting a change from floor trader to floor broker? o
Yes
0
No
*Required to file application
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Are you requesting a change from floor broker to floor trader? o
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19679
Individuals filing as principals complete this section
Principal Information
Check all that apply.
Principal Title*
D
D
D
D
D
D
D
SOLE PROPRIETOR
GENERAL PARTNER
DIRECTOR
PRESIDENT
CHIEF EXECUTIVE OFFICER
CHIEF OPERATING OFFICER
CHIEF FINANCIAL OFFICER
D
D
D
D
D
D
D
D
0
Yes
0
No
*Required to file application
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10% or more interest*
CHIEF COMPLIANCE OFFICER
HEAD OF A BUSINESS UNIT, DIVISION OR FUNCTION
MANAGER - LLC OR LLP
MANAGING MEMBER- LLC OR LLP
VESTED WITH MANAGEMENT AUTHORITY- LLC OR LLP
OWNER
INDIRECT OWNER
NO LISTED TITLE
19680
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Personal Information
Enter all required information.
Other Names
Enter any other name by which you are or have been known.
First and Middle Name _ _ _ _ _ _ Last Name (Surname) and Suffix_ _ _ _ _ __
Birth Information
Enter information about applicant's date and location of birth
Date of Birth* (Month) _ _ (Day) _ _ _Year (YYYY) _ __
City**_ _ _ _ _ _ _ _ _ __
State* (US Only) _ _ _ __
Province_ _ _ _ _ _ _ _ __
Count~*--------------
Residential Address
P.O. Box address is not acceptable.
Street Address 1*_ _ _ _ _ _ _ _ __
Street Address 2_ _ _ _ _ _ _ _ __
Street Address 3_ _ _ _ _ _ _ _ __
City**_ _ _ _ _ _ _ _ _ _ _ _ _State* (US Only) _ _ _ __
Province_ _ _ _ _ _ _ _ _ _ _ _ _,Zip/Postal Code**_ _ _ _ _ _ _ _ __
Count~*-------------
*Required to file application
**Required to file application for United States address
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U.S. Social Security#_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19681
Floor broker and floor trader applicants complete this section
Business Mailing Address
Street Address 1*_ _ _ _ _ _ _ _ __
Street Address 2_ _ _ _ _ _ _ _ __
Street Address 3_ _ _ _ _ _ _ _ __
City**_ _ _ _ _ _ _ _ _ _ _ _ _State* (US Only) _ _ _ __
Province_ _ _ _ _ _ _ _ _ _ _ _ _.Zip/Postal Code**_ _
Country*_ _ _ _ _ _ __
E-mail _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
CRDID _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Fingerprint Card Information
o The applicant's properly signed fingerprint cards will be sent to NFA.
oThe applicant is a non-U.S. natural person and:
Pursuant to CFTC Regulation 3.21 (e), the sponsor has caused a criminal history
background check to be performed for the applicant and the criminal history
background check:
A) Is of a type that would reveal all matters listed under Sections 8a(2)(D)
or 8a(3)(D), (E) or (H) of the Act;
B) Does not reveal any matters that constitute a disqualification under
Sections 8a(2)(D) or 8a(3)(D), (E) or (H) of the Act, other than those
disclosed to NFA; and
C) Was completed not more than one calendar year prior to the date this
application is filed.
*Required to file application
**Required to file application for United States address
Fingerprint Card Demographic Information
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oThe applicant is an outside director and the sponsor will file with NFA a notice pursuant to
CFTC Regulation 3.21(c).
oThe applicant's fingerprint card was sent to FINRA within the past 90 days.
19682
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Individuals submitting a fingerprint card or who sent a fingerprint card to FINRA within the past 90
days complete this section.
The following information is used to conduct a criminal background check with the U.S. Federal
Bureau of Investigations. The FBI requires this information to be submitted with your fingerprints to
perform this check.
Gender* ---------------Eye Color*
Height*
feet _ _ _ _ ,inch(es)
Country of Citizenship ___________
Race*
--------------------Hair Color* ------------------Weight* _____,pounds
Floor broker and floor trader applicants complete this section
Exchange Affiliation
Select the exchange(s) at which you have been granted membership or trading privileges or at
which you have an application pending.
D
D
D
D
D
D
D
D
*Required to file application
Disciplinary Information- Criminal Disclosures
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Chicago Board of Trade
Commodity Exchange Inc.
CBOE Futures Exchange LLC
Chicago Mercantile Exchange
ICE Futures US Inc.
Minneapolis Grain Exchange
NASDAQ Futures Inc.
New York Mercantile Exchange
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19683
For additional assistance and information on completing this page refer to the Instructions and
Definition of Terms at the beginning of this document.
Answer the following questions.
YOU MUST ANSWER "YES" TO THE QUESTIONS ON THIS PAGE EVEN IF:
• ADJUDICATION OF GUILT WAS WITHHELD OR THERE WAS NO CONVICTION; OR
• THERE WAS A CONDITIONAL DISCHARGE OR POST-CONVICTION DISMISSAL AFTER
SUCCESSFUL COMPLETION OF A SENTENCE; OR
• A STATE CERTIFICATE OF RELIEF FROM DISABILITIES OR SIMILAR DOCUMENT WAS
ISSUED RELIEVING THE HOLDER OF FORFEITURES, DISABILITIES OR BARS RESULTING
FROM A CONVICTION; OR
• THE RECORD WAS EXPUNGED OR SEALED; OR
• A PARDON WAS GRANTED.
YOU MAY ANSWER "NO" IF THE CASE WAS DECIDED IN A JUVENILE COURT OR UNDER A
YOUTH OFFENDER LAW.
For each matter that requires a "Yes" answer to Questions A, B or C below, you must provide
additional information by filing a Criminal Disclosure Matter Page ("DMP") for each criminal
matter using NFA's DMP Filing system that requests:
•
•
•
•
•
You must also
show
•
•
•
•
•
who was involved;
when it occurred;
what the allegations were;
what the final determination was, if any; and
the date of the determination.
provide documents regarding each criminal matter requiring a "Yes" answer, that
the charges;
the classification of the offense, i.e., felony or misdemeanor;
the plea, sentencing and probation information, as applicable;
the final disposition; and
a summary of the circumstances surrounding the criminal matter.
You may provide these documents electronically using the upload function in the DMP Filing
System or sending them to NFA (See Instruction).
Question A.*
*Required to file application
(2) has any entity of which you were a Principal at the time the activities occurred
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(1) Have you personally or
19684
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
ever pled guilty or nolo contendere ("no contest") to or been convicted or found guilty of any
felony in any U.S., non-U.S. or military court?
oYes
o No
Question B.*
(1) Have you personally or
(2) has any entity of which you were a Principal at the time the activities occurred
ever pled guilty to or been convicted or found guilty of any misdemeanor in any U.S., nonU.S. or military court which involves:
• embezzlement, theft, extortion, fraud, fraudulent conversion, forgery,
counterfeiting, false pretenses, bribery, gambling, racketeering or misappropriation
of funds, securities or property;
• violation of sections 7203, 7204, 7205 or 7207 of the Internal Revenue Code of
1986;or
• violation of sections 152. 1341, 1342, or 1343 or chapters 25. 4 7, 95 or 96 of the
U.S. Criminal Code; or
• any transaction in or advice concerning futures, options, leverage transactions or
securities?
o Yes
o No
Question C.*
(1) Are you personally or
(2) is any entity of which you were a Principal at the time the activities occurred
a party to any action, or is there a charge pending, the resolution of which could result in a
"Yes" answer to the above questions?
o Yes
o No
Applicants with all "No" answers above answer this question
*Required to file application
Applicants with "Yes" answers above answer this question
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Even though you answered "No" to all of the above questions, would you like to provide a Criminal
DMP?*
o Yes
o No
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19685
Will you be filing a Criminal DMP with respect to a new matter?*
o Yes
o No
Disciplinary Information- Regulatory Disclosures
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*Required to file application
19686
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
For additional assistance and information on completing this page refer to the Instructions and
Definition of Terms at the beginning of this document.
For each matter that requires a "Yes" answer to Questions D, E, F, G, H or I below, you must
provide additional information by filing a Regulatory DMP for each regulatory matter using
NFA's DMP Filing system that requests:
•
•
•
•
•
•
who was involved;
when it occurred;
what the allegations were;
what the final determination was, if any;
the date of the determination; and
a summary of the circumstances surrounding the regulatory matter.
You must also provide documents regarding each regulatory matter requiring a "Yes" answer, that
show
• the allegations; and
• the final disposition.
You may provide these documents electronically using the upload function in the DMP Filing
System or sending them to NFA (See Instruction).
Answer the following questions.
Question D.*
In any case brought by a U.S. or non-U.S. governmental body (other than the CFTC),
(1) have you personally or
(2) has any entity of which you were a Principal at the time the activities occurred
ever been permanently or temporarily enjoined after a hearing or default or as the result of
a settlement, consent decree or other agreement, from engaging in or continuing any
activity involving:
• any transaction in or advice concerning futures, options, leverage transactions or
securities; or
• embezzlement, theft, extortion, fraud, fraudulent conversion, forgery,
counterfeiting, false pretenses, bribery, gambling, racketeering or misappropriation
of funds, securities or property?
o Yes
o No
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*Required to file application
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19687
Question E.*
In any case brought by a U.S. or non-U.S. governmental body (other than the CFTC),
(1) have you personally or
(2) has any entity of which you were a Principal at the time the activities occurred
ever been found after a hearing or default or as the result of a settlement, consent decree
or other agreement, to:
• have violated any provision of any investment-related statute or regulation
thereunder; or
• have violated any statute, rule, regulation or order which involves embezzlement,
theft, extortion, fraud, fraudulent conversion, forgery, counterfeiting, false
pretenses, bribery, gambling, racketeering or misappropriation of funds, securities
or property; or
• have willfully aided, abetted, counseled, commanded, induced or procured such
violation by any other person; or
• have failed to supervise another person's activities under any investment-related
statute or regulation thereunder?
o Yes
o No
Question F.*
(1) Have you personally or
(2) has any entity of which you were a Principal at the time the activities occurred
ever been debarred by any agency of the U. S. from contracting with the U. S.?
o Yes
o No
Question G.*
(1) Have you personally or
ever been the subject of any order issued by or a party to any agreement with a U.S. or
non-U.S. regulatory authority (other than the CFTC), including but not limited to a licensing
authority, or self-regulatory organization (other than NFA or a U.S. futures exchange) that
prevented or restricted your ability to engage in any business in the financial services
industry?
o Yes
o No
*Required to file application
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asabaliauskas on DSK3SPTVN1PROD with NOTICES
(2) has any entity of which you were a Principal at the time the activities occurred
19688
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Question H.*
Are any of the orders or other agreements described in Question G currently in effect
against you personally?
o Yes
o No
Question 1.*
(1) Are you personally or
(2) is any entity of which you were a Principal at the time the activities occurred
a party to any action, or is there a charge pending, the resolution of which could result in a
"Yes" answer to the above questions?
o Yes
o No
Applicants with all "No" answers above answer this question
Even though you answered "No" to all of the above questions, would you like to provide a
Regulatory DMP?*
o Yes
o No
Applicants with "Yes" answers above answer this question
Will you be filing a Regulatory DMP with respect to a new matter?*
o No
*Required to file application
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o Yes
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19689
Disciplinary Information- Financial Disclosures
For additional assistance and information on completing this page refer to the Instructions and
Definition of Terms at the beginning of this document.
For each matter that requires a "Yes" answer to Questions J and K below, you must provide
additional information by filing a Financial DMP for each financial matter using NFA's DMP
Filing system that requests:
•
•
•
•
•
•
who was involved;
when it occurred;
what the allegations were;
what the final determination was, if any;
the date of the determination; and
a summary of the circumstances surrounding the financial matter.
For actions filed with bodies other than NFA or the CFTC, you must also provide documents
regarding each financial matter requiting a "Yes" answer that show
•
•
the allegations; and
the final disposition.
You may provide these documents electronically using the upload function in the DMP
Filing System or sending them to NFA (See Instruction).
Answer the following questions.
Question J.*
Have you failed to pay any arbitration awards involving CFTC-regulated products, CFTC
civil monetary penalties, CFTC restitution amounts, CFTC disgorgement amounts, or CFTC
reparation amounts?
o Yes
o No
Question K.*
(1) Have you personally or
(2) has any entity of which you were a Principal at the time the activities occurred
ever been the subject of an adversary action brought by a U.S. bankruptcy trustee?
o No
*Required to file application
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o Yes
19690
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Applicants with all "No" answers above answer this question
Even though you answered "No" to all of the above questions, would you like to provide a Financial
DMP?*
o Yes
o No
Applicants with "Yes" answers above answer this question
Will you be filing a Financial DMP with respect to a new matter?*
o No
*Required to file application
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asabaliauskas on DSK3SPTVN1PROD with NOTICES
o Yes
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19691
Disciplinary Information- Employment Disclosures
For additional assistance and information on completing this page refer to the Instructions and
Definition of Terms at the beginning of this document.
For each matter that requires a "Yes" answer to Question L below, you must provide additional
information by filing an Employment DMP for each employment matter using NFA's DMP Filing
system that requests:
•
•
•
•
•
•
who was involved;
when it occurred;
what the allegations were;
what the final determination was, if any;
the date of the determination; and
a summary of the circumstances surrounding the employment matter.
You must also provide documents regarding each employment matter requiring a "Yes"
answer that show
•
•
the allegations; and
the final disposition.
You may provide documents regarding each employment matter electronically using the
upload function in the DMP Filing System or sending them to NFA (See Instruction).
Answer the following question.
Question L.*
Have you ever been discharged or permitted to resign for cause as a result of allegations
of:
• embezzlement, theft, extortion, fraud, fraudulent conversion, forgery,
counterfeiting, false pretenses, bribery, gambling, racketeering or misappropriation
of funds, securities or property; or
• failure to supervise another person in the conduct of such person's activities as a
registrant of the CFTC, SEC, NFA, FINRA or other U.S. or non-U.S. self-regulatory
organization?
o Yes
o No
Applicants with a "No" answer above answer this question
*Required to file application
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Even though you answered "No" to all of the above questions, would you like to provide an
Employment DMP?*
o Yes
o No
19692
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Applicants with "Yes" answers above answer this question
Will you be filing an Employment DMP with respect to a new matter?*
o No
*Required to file application
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o Yes
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19693
Employment, Education and Residential History
Employment and Education History
The CFTC requires that the sponsor attempt to communicate with all of the applicant's previous
employers and educational institutions for the past three years and to maintain documentation in
their files that includes the names of the persons contacted and the dates of contact or, if no
contact was made, the reason why.
Enter your employment and personal history, working back 10 years. All time must be accounted
for, including self-employment, part-time employment, unemployment, military service and full-time
education. If more spaces are needed, complete the information in another document and attach it
to this document.
Month and Year
From*:
To:
EmploymenUSchool
Name*:
- - - - - - - - _ _ _ _ _ _ _ __
Location: _ _ _ _ _ _ _ - - - - - - - - - (leave blank if current) (City, state or country)
Position Held and
Reason for Leaving:
------
Month and Year
From*:
To:
EmploymenUSchool
Name*:
-----------------Location:
---------------(leave blank if current) (City, state or country)
Position Held and
Reason for Leaving:
------
Month and Year
EmploymenUSchool
From*:
Name*:
- - - - - - - - _ _ _ _ _ _ _ __
To:
Location: _ _ _ _ _ _ _ - - - - - - - - - (leave blank if current) (City, state or country)
Position Held and
Reason for Leaving:
Month and Year
Name*:
-----------------Location:
----~----------(leave blank if current) (City, state or country)
Position Held and
Reason for Leaving:
------
*Required to file application
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asabaliauskas on DSK3SPTVN1PROD with NOTICES
From*:
To:
EmploymenUSchool
19694
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Residential History
List your residential addresses, working back five (5) years. All time must be accounted for. Post
office box address is not acceptable. If more spaces are needed, complete the information in
another document and attach it to this document.
Month and Year
Residential Address
From:*
-------------------
To:
--------------------(leave blank if current)
Month and Year
Residential Address
From:*
-------------------
To:
--------------------(leave blank if current)
Month and Year
Residential Address
From:*
-------------------
To:
--------------------(leave blank if current)
Residential Address
Month and Year
From:*
-------------------
To:
--------------------(leave blank if current)
Residential Address
Month and Year
From:*
-------------------
--------------------(leave blank if current)
*Required to file application
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To:
19695
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Associated Person applicants and principals of sole proprietors complete this section
Proficiency Requirements
Answer the following questions.
Have you passed the Series 3 Examination within the past two years?*
o Yes
o No
Only individuals intending to use an alternative(s) to satisfy the proficiency requirements complete
this section.
Check one of the following, if applicable
If you are a registered General Securities Representative of the sponsor, and your futures activity will be
limited to any of the two following activities, check each that applies:
o
You limit futures activities to those activities covered in the Futures Managed Funds
Examination (Series 31 ): the solicitation of pool participants and/or the solicitation of
discretionary accounts managed by aCTA, or the supervision of others engaged in such
solicitations.
Have you passed the Series 31 Examination within the past two years?* o Yes
o
o
o No
You limit your futures activity as provided in Registration Rule 401 (b) to referring clients to
another AP of the sponsor or to supervising others who make such referrals.
Check here if you have been registered or licensed to solicit futures business by a foreign
regulatory authority located in Canada or the United Kingdom within the past two years and are
therefore eligible to satisfy the proficiency requirements by passing the Limited Futures
Examination - Regulations (Series 32).
Have you passed the Series 32 Examination within the past two years?* o Yes
o No
Check here if your sponsor is a CPO that trades swaps subject to the jurisdiction of the CFTC
in a commodity pool that but for the trading of such swaps would be eligible for the exclusion
under CFTC Regulation 4.5(c)(2)(iii)(A) or (B) or the exemption under CFTC Regulations
4.13(a)(3) and the sponsor has been granted or is seeking a waiver from the Series 3 for its
APs pursuant to NFA Registration Rule 401 (e)(2)(ii) or if your sponsor is aCTA that provides
advice on behalf of the sponsor to a commodity pool as described above.
o
Check here if your sponsor is a CPO that operates pools primarily engaged in securities
transactions or a CTA that provides futures trading advice solely incidental to its securities
advisory services and your sponsor has been granted or is seeking a waiver from the Series 3
for its APs pursuant to the Interpretive Notices to Registration Rule 402.
*Required to file application
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asabaliauskas on DSK3SPTVN1PROD with NOTICES
o
19696
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
Only individuals filing as a forex associated person complete this section.
Have you passed the Series 34 Examination within the past two years?* o Yes
o No
Only individuals filing as a branch office manager complete this section
o No
Are you eligible to be a Branch Office Manager or Designated Supervisor
o Yes
under FINRA rules?*
o No
*Required to file application
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asabaliauskas on DSK3SPTVN1PROD with NOTICES
Have you passed the Series 30 Examination within the past two years?* o Yes
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19697
OMB Numbers 3038-0023 and 3038-0072
You are not required to provide the information requested on a form subject to the Paperwork
Reduction Act unless the form displays a valid OMB Control Number.
The time needed to complete and file Form 7-R, Form 7-W, Form 8-R and Form 8-T may vary
depending upon individual circumstances. The estimated average times are:
Form 7-R
FCM
SD
MSP
RFED
0.6
1.1
1.1
0.6
hours
hour
hour
hours
IB
CPO
CTA
FT
0.5
0.5
0.5
0.6
hours
hours
hours
hours
Form 7-W
Form 8-R
Form 8-T
0.1 hours
1.0 hour
0.2 hours
Privacy Act Notice
The information in Forms 7-R, 7-W, 8-R and 8-T and on the fingerprint card is being collected
pursuant to authority granted in Sections 2(c), 4f, 4k, 4n, 4s, Sa and 19 of the Commodity Exchange
Act, 7 U.S.C. 2(c), 6f, 6k, 6n, 6s, 12a and 23. Under Section 2(c), it is unlawful for anyone to engage in
off-exchange foreign currency futures transactions or off-exchange foreign currency leveraged,
margined or financed transactions with persons who are not eligible contract participants without
registration, or exemption from registration, as a retail foreign exchange dealer, futures commission
merchant, introducing broker, commodity pool operator or commodity trading advisor, as
appropriate. Under Section 4d of the Commodity Exchange Act, 7 U.S.C. 6d, it is unlawful for anyone
to act as a futures commission merchant or introducing broker without being registered in that
capacity under the Act. Under Section 4m of the Commodity Exchange Act, 7 U.S. C. 6m, it is unlawful
for a commodity trading advisor or commodity pool operator to make use of the mails or any means
or instrumentality of interstate commerce in connection with his business as a commodity trading
advisor or commodity pool operator without being registered in the appropriate capacity under the
Act, except that a commodity trading advisor who, during the course of the preceding 12 months,
has not furnished commodity trading advice to more than 15 persons and does not hold himself out
generally to the public as a commodity trading advisor, need not register. Under Section 4s of the
Commodity Exchange Act, 7 U.S.C. 6s, it is unlawful for anyone to act as a swap dealer or major swap
participant without being registered in that capacity under the Act. Under Section 19 of the
Commodity Exchange Act, 7 U.S. C. 23, and Section 31.5 of the CFTC's regulations, it is unlawful for
anyone to act as a leverage transaction merchant without being registered in that capacity under the
Act.
The information requested in Form 8-R and on the fingerprint card will be used by the CFTC or NFA,
as appropriate, as a basis for conducting an inquiry into the individual's fitness to be an associated
person, floor broker or floor trader or to be a principal of a futures commission merchant, swap
dealer, major swap participant, retail foreign exchange dealer, introducing broker, commodity
VerDate Sep<11>2014
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asabaliauskas on DSK3SPTVN1PROD with NOTICES
The information requested in Form 7-R is designed to assist NFA and the CFTC, as appropriate, in
determining whether the application for registration should be granted or denied and to maintain the
accuracy of registration files. The information in Form 7-W is designed to assist NFA and the CFTC in
determining whether it would be contrary to the requirements of the Commodity Exchange Act, or any
rule, regulation or order thereunder, or the public interest to permit withdrawal from registration.
19698
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
trading advisor, commodity pool operator, leverage transaction merchant or non-natural person
floor trader.
Portions of the information requested in Form 8-R will be used by the CFTC and, in appropriate cases,
by NFA, to confirm the registration of certain associated persons. The information requested in Form
8-T will be used by the CFTC, and, in appropriate cases, by NFA, to record the registration status of
the individual and, in appropriate cases, as a basis for further inquiry into the individual's fitness to
remain in business subject to the CFTC's jurisdiction.
With the exception of the social security number and Federal employer identification number, all
information in Forms 8-R and 8-T must be furnished. Disclosure of the social security number and
Federal employer identification number is voluntary. The social security number and the Federal
employer identification number are sought pursuant to the Debt Collection Improvement Act of 1996,
which allows the CFTC to use the social security number or taxpayer identifying numberfurnishedto
the CFTC as part ofthe registration process for purposes of collecting and reporting on any debt owed
to the U.S. Government, including civil monetary penalties. Although voluntary, the furnishing of a
social security number or Federal employer identification number assists the CFTC and NFA in
identifying individuals and firms, and therefore expedites the processing of those forms.
The failure by an applicant, registrant or principal to timely file a properly completed Form 7-R and all
other related required filings may result in the denial of an application for registration or withdrawal
thereof or, in the case of an annual records maintenance fee, treating the registrant as having
petitioned for withdrawal. Failure by an applicant, registrant or principal to timely file or cause to be
filed a properly completed Form 8-R or 8-T, any other required related filings, or a fingerprint card may
result in the lapse, denial, suspension or revocation of registration, withdrawal of the application or
other enforcement or disciplinary action by the CFTC or NFA.
NFA makes available to the public on NFA website(s), including the Background Affiliation Status
Information Center (BASIC), firm directories, business addresses, telephone numbers, registration
categories, effective dates of registration, registration status, and disciplinary action taken concerning
futures commission merchants, introducing brokers, commodity pool operators, commodity trading
advisors, swap dealers, major swap participants and retail foreign exchange dealers and their
associated persons and principals; non-natural person floor traders and their principals; and floor
trader order enterers.
Additional information on Forms 7-R, 7-W, 8-R and 8-T is publicly available, and may be accessed by
contacting the National Futures Association, Registration Department, Suite 1800, 300 S. Riverside
Plaza, Chicago, IL 60606-6615, except for the following information, which is generally not available for
public release unless required under the Freedom of Information Act (FOIA) :
•
The fingerprint card, including its demographic information;
•
social security number;
•
date of birth;
any supplementary information filed in response to the Form 8-R "Personal Information,"
"Disciplinary Information," "Matter Information," or "Disclosure Matter" sections, Form 8-T
"Withdrawal Reasons," "Disciplinary Information," or "Matter Information" sections, and
Form 7-W, "Additional Customer Information" sections.
17:38 Apr 27, 2017
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current residential address; and
•
VerDate Sep<11>2014
location of birth;
•
asabaliauskas on DSK3SPTVN1PROD with NOTICES
•
19699
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
The CFTC, or NFA acting in accordance with rules approved by the CFTC, may disclose to third parties
any information provided on Forms 7-R, 7-W, 8-R and 8-T pursuant to the Commodity Exchange Act,
7 U.S.C. 1 et. seq., Privacy Act of 1974, 5 U.S.C. 552a (Privacy Act), and the Commission's Privacy Act
routine uses published in the Federal Register, which may include, but is not limited to, disclosure to
Federal, state, local, or foreign law enforcement or regulatory authorities acting within the scope of
their jurisdiction or for their use in meeting responsibilities assigned to them by law. The information
will be maintained and disclosures will be made in accordance with CFTC Privacy Act System of
Records Notice CFTC-12, National Futures Association (NFA) Applications Suite System (Exempted),
CFTC-10, Investigatory Records (Exempted), or another relevant System of Records Notice, available
from the CFTC "Privacy Program" page, ;..;;.;;;.;=..:..u....;;,~~,;;;.:...;;,=c~"-""..;;;;;.;..,=,;;;;.:...;:;;.;;..;..;::..u..,;;_:...;,..;;..;;;;.,;;;..z...;:;;;..:..;c=·
If an individual believes that information on the forms is
the individual may
to 17 CFR
to treat such information as confidential in response to
under
FOIA. 5 U.S.C. 552. The
of a
for confidential
does not
that
the information will be treated
The CFTC will make no
determination as to confidential treatment of information submitted unless and until the information
is the
of an FOIA
This notice is provided in accordance with the requirements ofthe Privacy Act, 5 U.S.C. 552a(e)(3),
and summarizes some of an individual's rights under the Privacy Act, 5 U.S.C. 552a. Individuals
desiring further information should consult the CFTC's regulations under the Privacy Act, 17 CFR Part
146, and under the Freedom of Information Act, 17 CFR Part 145, and the CFTC's published System of
Records Notices, which describe the existence and character of each system of records maintained
by the CFTC, available at the CFTC "Privacy Program" page.
and executed in
with
may
Forms which have not been
not be
for
of this form shall not constitute any
information is
current or
Misstatements or omissions of fact may constitute federal
criminal violations [7 U.S.C. 13 and 18 U.S.C.
or
for
from
certifies that:
the Form 8-R
to the best of the
information and
of the circumstances under which the
has
accurate and that in
answers and statements in the Form 8-R are not
the AP
and
or Floor Trader Order Enterer
file the Form 8-R on the AP
Forex AP
the
behalf or the Floor Trader Order Enterer's
to file the Form 8-
to communicate with all of the
has communicated or has
and educational institutions for the
three years and has documentation
on file with the names of the persons contacted and the dates of contact or, if no contact was
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asabaliauskas on DSK3SPTVN1PROD with NOTICES
R and to make the certifications and
19700
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
the reason
the
has been hired or is
or that it is the intention of the
Sponsor to hire or otherwise
as an AP, Forex AP or
AP within 30 days
after receipt of notification that the applicant has received a
license or has been
the
license or has been
to act as an AP until the
as an AP
has verified that the
of the
if the applicant is
that the
has reviewed the information
has received a copy of the notice of the institution of any nn•r~·""
the
under Sections 6(c),
7 U.S.C. 9,
and
rules or that was instituted in accordance with the
Rules
within the
3.51 or Part 500 ofthe NFA
resulted in the Commission or NFA
the withdrawal of such
C\lc•Tcoln<-.
and
""c·'""''""' that is
8a or 9 of the
3.55 or 3.60
to any current NFA or Commission order
conditions on the
that the
meets the
set forth in NFA
to sponsor a conditioned registrant, that it has reviewed the conditions
contained in any current NFA or Commission order
conditions on the
of the
and that the
will
the applicant in accordance with the conditions
contained in the
and
the
has
and will
such measures as are necessary to
the unwarranted
dissemination of any of the information contained in the Form 8-R and the records and documents
retained in
of the Form 8-R.
that:
while the individual is an
forex AP or
AP
or a
orders on behalf of the Floor Trader's own
or is
to the information contained
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asabaliauskas on DSK3SPTVN1PROD with NOTICES
of criminal
under Section
of the
and 18 U.S.C. 1001 for any false statements or omissions
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19701
it is the duty and
an individual as an AP with a statutory
7 U.S.C. 12(a)(2Lto notify the
Commission when any individual associated with the Sponsor is
to a statutory
under Section
of the Act and to
any individual for whom the
with a view toward
him
violations of the
Act and the
orders
and
the information contained in the Form 8-R has been
to the
of
it to
the information contained in the Form 8-R.
for the sole purpose
The applicant, principal or Floor Trader Order Enterer verifies that:
the answers and statements in the application or Form 8-R are true,
and accurate and that
in
of the circumstances under which the
or Floor Trader Order Enterer has
in any material
given them, the answers and statements in the Form 8-R are not
The
certifies that
if applying for a
that the
rules or any
3.51 or Part 500 of the
resulted in the Commission or NFA
for
in any
Rules and, within the
the withdrawal of such
The applicant,
or Floor Trader Order Enterer
the
that:
to the
of criminal
and 18 U.S. C. 1001 for any false
the residential address
on the Form 8-R may be deemed to be the address for delivery to
the
or Floor Trader Order Enterer of any written communications from the
Commission and NFA,
revoke or otherwise affect the
or individual's status as
any summons,
claim,
arbitration claim, order or subpoena;
for
or any other written communication
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asabaliauskas on DSK3SPTVN1PROD with NOTICES
the
or Floor Trader Order Enterer is
at all times for
the
information in the Form 8-R in a
accurate and current manner by promptly
the
whenever any of the information on the Form 8-R is no
accurate or current
the
to electronically file
19702
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
unless the
purpose;
or Floor Trader Order Enterer
another address for this
or
must keep current the residential address provided on the Form 8-R while
as an AP or affiliated as a principal and for two years after termination of
or
and
is not
and may not act as an AP until a notice has been issued that
or a TL has been
if
the
may not act as a Forex AP until
is not
approved as a
AP and may not act as a
The applicant,
or Floor Trader Order Enterer authorizes that:
and any contract market of which the
CFTC
ofthe
or
for Associate status and NFA may conduct a
or non-U.S.
on behalf of NFA
NFA to
that any person,
but not limited to contract
furnish upon
to NFA or any
NFA in connection with any
any information
determine the
fitness for
or fitness of the
of the Floor Trader Order
and
The
or Floor Trader Order Enterer agrees that:
the
or Floor Trader Order Enterer will
fitness for
or Associate status or any
which may include rnln+~>rh
promptly and fully, consistent
or
of the Floor Trader Order
the submission of documents and information to NFA that NFA, in its
or
fitness for roncic+lrO>h
or Associate status or
of the Floor Trader Order Enterer;
of any contract market, of which the
CFTC
l.lO(j)) ofthe
any person
information to NFA or any
on behalf of NFA in connection with the
so authorized is released from any and all
of whatever nature
reason of
such information to NFA or any
on behalf of N
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contract
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
19703
as an associated person, the
is also applying
is or becomes a Member of NFA;
and
if the applicant is
and remain bound
as an Associate of a Member of
the
shall become
NFA
without limitation all
NFA
Rules, Financial
Rules, Code of Arbitration and
Member Arbitration Rules, as then and thereafter in
and that this
shall apply each
time that the applicant is
as an Associate.
Floor Broker/Floor Trader Agreement
The applicant certifies that:
the answers and statements in the Form 8-R are true, complete and accurate and that in light of
the circumstances under which the applicant has given them, the answers and statements in the
Form 8-R are not misleading in any material respect.
The applicant acknowledges that:
the applicant is subject to the imposition of criminal penalties under Section 9(a) of the Commodity
Exchange Act, 7 U.S. C. 13(a), and 18 U.S. C. 1001 for any false statements or omissions made in the
Form 8-R;
the applicant is responsible at all times for maintaining the information in the Form 8-R in a
complete, accurate and current manner by electronically filing updates to the information
contained therein;
the business address provided on the Form 8-R may be deemed to be the address for delivery to
the applicant of any written communications from the Commission and NFA, including any notice
of intent to deny, revoke or otherwise affect the applicant's registration; any summons, complaint,
reparations claim, arbitration claim, order or subpoena; request for information; or any other
written communication unless the applicant specifies another address for this purpose;
the applicant must keep current the business address provided on the Form 8-R while registered
and for two years after termination of registration; and
the applicant is not registered and may not act as an FB or FT until a notice has been issued that
registration or a temporary license has been granted.
The applicant authorizes that:
and requests that any person, including but not limited to contract markets or non-U.S. regulatory
or law enforcement agencies, furnish upon request to NFA or any agent acting on behalf of NFA
any information requested by NFA in connection with any investigation conducted by NFA to
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NFA may conduct an investigation to determine the applicant's fitness for registration;
19704
Federal Register / Vol. 82, No. 81 / Friday, April 28, 2017 / Notices
BILLING CODE 6351–01–C
BUREAU OF CONSUMER FINANCIAL
PROTECTION
Academic Research Council Meeting
Bureau of Consumer Financial
Protection.
ACTION: Notice of public meeting.
AGENCY:
This notice sets forth the
announcement of a public meeting of
the Academic Research Council (ARC or
Council) of the Consumer Financial
Protection Bureau (Bureau). The notice
also describes the functions of the
Council. Notice of the meeting is
permitted by section 8 of the ARC
Charter.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
SUMMARY:
The meeting date is Wednesday,
May 17, 2017, 9:00 a.m. to 12:00 p.m.
eastern standard time.
ADDRESSES: The meeting location is
Consumer Financial Protection Bureau,
DATES:
VerDate Sep<11>2014
17:38 Apr 27, 2017
Jkt 241001
1275 First Street NE., Washington, DC
20002.
FOR FURTHER INFORMATION CONTACT:
Emily Turner, Director’s Financial
Analyst, 202–435–7730, CFPB_
AcademicResearchCouncil@cfpb.gov,
Academic Research Council, Office of
Research, 1275 First Street NE.,
Washington, DC 20002.
SUPPLEMENTARY INFORMATION:
I. Background
Section 1013(b)(1) of the Consumer
Financial Protection Act, 12 U.S.C.
5493(b)(1), establishes the Office of
Research (OR) and assigns to it the
responsibility of researching, analyzing,
and reporting on topics relating to the
Bureau’s mission, including
developments in markets for consumer
financial products and services,
consumer awareness, and consumer
behavior. The Academic Research
Council is a consultative body
comprised of scholars that help the
Office of Research perform these
responsibilities. Section 3 of the ARC
PO 00000
Frm 00053
Fmt 4703
Sfmt 4703
Charter states: The Council will provide
the Office of Research advice and
feedback on research methodologies,
framing research questions, data
collection, and analytic strategies.
Additionally, the Council will provide
both backward- and forward-looking
feedback on the Office of Research’s
research work and will offer input into
its research strategic planning process
and research agenda. Specifically,
Section 8(d) of the ARC Charter states:
(1) The Council will convene in person
from time to time at the call of the Assistant
Director or the Assistant Director’s designee,
but at a minimum shall meet annually.
Council members may also make additional
visits to the Bureau or participate in
additional meetings for educational or other
research-related purposes.
II. Agenda
The Academic Research Council will
discuss methodology and direction for
consumer finance research at the
Bureau.
Persons who need a reasonable
accommodation to participate should
E:\FR\FM\28APN1.SGM
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EN28AP17.043</GPH>
[FR Doc. 2017–08558 Filed 4–27–17; 8:45 am]
]]>Agencies
[Federal Register Volume 82, Number 81 (Friday, April 28, 2017)]
[Notices]
[Pages 19665-19704]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08558]
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
Adoption of Revised Registration Form 8-R
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Commodity Futures Trading Commission (the ``Commission''
or ``CFTC'') is revising its Form 8-R, the application form that
individuals must use to register with the Commission as an associated
person of a registrant, floor broker, or floor trader, or to be listed
as a principal of a registrant (collectively, ``applicants'').
DATES: Effective Date: The new, revised version of Form 8-R shall be
effective (and the prior version shall cease to be effective) when the
National Futures Association (``NFA'') makes the new, revised version
of the Form 8-R available on the NFA Web site for use by individual
applicants.
FOR FURTHER INFORMATION CONTACT: Erik F. Remmler, Deputy Director,
(202) 418-7630, eremmler@cftc.gov; Laura Gardy, Associate Director,
(202) 418-7645, lgardy@cftc.gov; or August A. Imholtz III, Special
Counsel, (202) 418-5140, aimholtz@cftc.gov, Division of Swap Dealer and
Intermediary Oversight, Commodity Futures Trading Commission, 1155 21st
Street NW., Washington, DC 20581.
SUPPLEMENTARY INFORMATION:
I. Background
Individuals acting in certain capacities in the markets regulated
by the Commission must file a completed Form 8-R with NFA.\1\ These
applicants include: Associated persons of futures commission merchants,
retail foreign exchange dealers, introducing brokers, commodity trading
advisors, commodity pool operators, and leverage transaction merchants;
floor brokers; and floor traders.\2\ Additionally, any individual
acting in the capacity as principal of a futures commission merchant,
retail foreign exchange dealer, introducing broker, commodity trading
advisor, commodity pool operator, swap dealer, major swap participant,
floor trader or leverage transaction merchant also must file a
completed Form 8-R.\3\ Lastly, individuals that enter orders for floor
trader firms must file the Form 8-R as well.\4\ Individual applicants
have been required to use Form 8-R since 1977.\5\
---------------------------------------------------------------------------
\1\ 17 CFR 3.10(a)(2), 3.11(a), and 3.12(c).
\2\ 17 CFR 3.11(a); 3.12(c).
\3\ 17 CFR 3.1(a); 3.10(a)(2); 3.11(a)(1). While ``principal''
is not technically a registration class and principals do not apply
for registration, for purposes of this Notice, the Form 8-R filings
by principals will be referred to with the other Form 8-R filings as
``registration applications.''
\4\ 17 CFR 3.11(a)(1).
\5\ Revision of Registration Forms and Amendment of Related
Rules, 42 FR 23988 (May 11, 1977) (Form 8-R replaced Forms 2-R, 4-R
and 94).
---------------------------------------------------------------------------
Form 8-R requests information about the applicant that can be used
to assess the applicant's fitness to engage in business as a
derivatives professional. Form 8-R is a Commission form maintained and
used primarily by the NFA. NFA is currently the only registered futures
association authorized by the Commission in accordance with Section 17
of the Commodity Exchange Act (``Act'').\6\ Pursuant to Section 17(o)
of the Act,\7\ Regulation 3.2,\8\ and a series of orders, the
Commission delegated to NFA certain registration functions including,
among other things, the processing of all Form 8-R filings.\9\ Since
the first delegation to NFA in 1984, NFA has developed substantial
expertise in registration matters, including reviewing and processing
completed Forms 8-R. In 2002, with the approval of the Commission, NFA
transitioned from a paper-based registration system to an online
registration system that utilizes, among other things, an electronic
version of Form 8-R.\10\
---------------------------------------------------------------------------
\6\ 7 U.S.C. 21 (2012).
\7\ 7 U.S.C. 21(o) (2012).
\8\ 17 CFR 3.2.
\9\ See, e.g., Introducing Brokers and Associated Persons of
Introducing Brokers; Authorization of National Futures Association
to Perform Commission Registration Functions, 48 FR 35158 (Aug. 3,
1983); Performance of Registration Functions by National Futures
Association, 49 FR 39593 (Oct. 9, 1984) (futures commission
merchants, commodity pool operators, commodity trading advisors, and
associated persons thereof); Performance of Registration Functions
by National Futures Association; Delegation of Authority, 51 FR
34490 (Sept. 29, 1986) (floor brokers); Performance of Registration
Functions by National Futures Association with Respect to Floor
Traders and Floor Brokers, 58 FR 19657 (Apr. 15, 1993); and
Performance of Registration Functions by National Futures
Association with Respect to Swap Dealers and Major Swap
Participants, 77 FR 2708 (Jan. 19, 2012).
\10\ Registration of Intermediaries, 67 FR 38869 (June 6, 2002).
The transition to an online registration system has permitted
greater efficiencies, including allowing individuals to update their
existing Forms 8-R instead of completing a separate Form 3-R. To
that end, in 2012, the Commission eliminated the requirement that
registrants and individuals use Form 3-R to update information in
their existing Form 7-R or 8-R, and provided that an update to a
registrant's online Form 7-R or 8-R would automatically create a
record of changes equivalent to a completed Form 3-R. Registration
of Intermediaries, 77 FR 51898 (Aug. 28, 2012); see also,
Registration of Intermediaries, 76 FR 12888, 12891 (proposed Mar. 9,
2011).
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[[Page 19666]]
II. Revisions To Commission Form 8-R
NFA has requested that the Commission make several changes to Form
8-R.\11\ Upon consideration of NFA's request, the Commission is
revising and updating Form 8-R. In addition, the Commission is updating
the Form 8-R Privacy Act and Paperwork Reduction Act Statements. The
Form 8-R revisions are described below.\12\
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\11\ Request from NFA to CFTC, dated Sept. 8, 2016, as amended
on Oct. 31, 2016. Both communications are on file with the
Commission.
\12\ This Notice describes the substantive changes to Form 8-R.
The Commission also is making a number of minor, non-substantive, or
technical changes to Form 8-R that are not described herein.
---------------------------------------------------------------------------
In the section titled ``Sponsor Information and Registration
Categories,'' Form 8-R previously listed three categories of persons
that could be associated with a sponsor: Associated persons, branch
office managers, and principals.\13\ The revised Form 8-R includes a
fourth category, floor trader order enterer. This addition addresses
the Form 8-R filing requirement for employees of an entity that is a
registered floor trader who execute swap transactions on a swap
execution facility for the floor trader's own account.\14\ In
connection with this change, the revised Form 8-R includes two newly
defined terms: ``Entity floor trader'' and ``floor trader order
enterer.'' ``Entity floor trader'' is defined as an entity that is ``an
applicant or registrant that filed a Form 7-R for registration as a
floor trader.'' \15\ ``Floor trader order enterer'' is defined as ``an
individual responsible for entry of orders from an entity floor
trader's own account.'' \16\
---------------------------------------------------------------------------
\13\ Associated persons and principals must file Form 8-R. 17
CFR 1.3(aa), 3.1(a), 3.10(a) and 3.12. Branch Office Manager is a
category that NFA utilizes to ensure proper oversight of branch
offices. See NFA Interpretive Notice 9002, Registration
Requirements; Branch Offices (Staff, Sept. 6, 1985; revised July 1,
2000; Dec. 9, 2005; and Sept. 30, 2010).
\14\ 17 CFR 1.3(ggg)(6)(iv), 3.11(a)(1). Commission Regulation
3.11(a)(1) was amended in 2012 to require individuals that enter
swap orders for the account of an entity floor trader to file a Form
8-R. 77 FR 51898. These individuals are required to file a Form 8-R,
but are not required to register with the Commission in any
specified capacity. Since 2012, NFA has required these individuals
to file a separate, paper version of the Form 8-R titled Floor
Trader Order Enterer Application. The revisions to the Form 8-R
discussed in this paragraph result from combining the pre-existing,
electronic Form 8-R with the paper version for floor trader order
enterers.
\15\ Entities that act as market participants or intermediaries
must use the Commission Form 7-R to register with the Commission. 17
CFR 3.10 and 3.11.
\16\ The revised Form 8-R includes additional conforming changes
to incorporate entity floor traders and floor trader order enterers
as appropriate.
---------------------------------------------------------------------------
In the section titled ``Principal Information,'' the prior version
of Form 8-R contained a blank space in which an applicant entered a
title. In the revised Form 8-R, the space is replaced with a menu of
available titles.
In the ``Fingerprint Card Information'' section, revised Form 8-R
adds two new questions. One new question addresses new requirements and
exemptions thereto contained in Commission Regulation 3.21(e)
applicable to non-U.S. persons. A non-U.S. natural person may now claim
an exemption under Commission Regulation 3.21(e) from the fingerprint
submission requirement where the applicant otherwise underwent a
qualifying criminal history background check.\17\ The other new
question addresses the fingerprinting requirement exception for certain
outside directors of registered firms.\18\
---------------------------------------------------------------------------
\17\ 17 CFR 3.21(e); Alternative to Fingerprinting Requirements
for Foreign Natural Persons, 81 FR 18743 (Apr. 1, 2016).
\18\ 17 CFR 3.21(c) (permitting an outside director to indicate
that he or she will file the appropriate notice required by
Commission Regulation 3.21(c) instead of supplying his or her
fingerprints).
---------------------------------------------------------------------------
The sections in Form 8-R titled ``Disciplinary Information--
Criminal Disclosures,'' ``Disciplinary Information--Regulatory
Disclosures,'' and ``Disciplinary Information--Financial Disclosures''
contain a series of questions that inquire about the disciplinary
history of the applicant. These questions are designed to identify and
gather information that may reflect on the fitness of the applicant and
whether he or she may be subject to a statutory disqualification from
registration.\19\ Among other things, these questions ask about the
disciplinary history of ``any entity of which you [the applicant] were
a principal at the time the [potentially reportable] activities
occurred.'' The term ``principal'' as used in the Disciplinary History
section of Form 8-R was sometimes understood by applicants to mean that
only firms that were subject to Commission registration were relevant.
The long-standing interpretation of the term ``principal'' as used in
that context was not limited to the applicant's status as a principal
only for Commission registrants, but also if the applicant served in
one of the capacities included in the definition of ``principal'' for
any firm. The definition of ``principal'' is revised to clarify this
issue.\20\
---------------------------------------------------------------------------
\19\ See 7 U.S.C. 12a(2) and (3) (2012).
\20\ A provision was added to the definition of ``principal''
that states, ``[f]or the purpose of answering Questions A, B, C, D,
E, F, G, I and K of the Disciplinary History sections, principal
also means an individual described in [paragraphs] (1), (2) or (4)
above with respect to any entity whether or not the entity is an
applicant, registrant, or a person required to be registered under
the Act.''
---------------------------------------------------------------------------
In the section titled ``Disciplinary Information--Regulatory
Disclosures,'' a new question was added to existing Question E. Among
other things, Question E inquires whether the applicant (or an entity
of which the applicant was a principal) violated, or aided and abetted
the violation of, any investment-related statutes or regulations, a
potential statutory basis for refusing or conditioning
registration.\21\ The new question directs the applicant to disclose
whether he or she has ever been found to have failed to supervise
another person's activities under any investment-related statute or
regulation.\22\ The new question is intended to ensure complete
disclosure of conduct that may result in a refusal or limitation on
registration.
---------------------------------------------------------------------------
\21\ 7 U.S.C. 12(a)(3).
\22\ See 7 U.S.C. 12(a)(3)(C).
---------------------------------------------------------------------------
In the section titled ``Disciplinary Information--Financial
Disclosures,'' the Commission revised Question J, which asked whether
the applicant has ``currently failed to comply with any order to pay
any futures-related civil monetary penalties, restitution amounts,
disgorgement amounts, reparation amounts or arbitration awards.'' As
revised, Question J now inquires whether the applicant ``failed to pay
any arbitration awards involving CFTC-regulated products, CFTC civil
monetary penalties, CFTC restitution amounts, CFTC disgorgement
amounts, or CFTC reparation amounts.'' The revision is designed to
clarify that this question is not limited solely to unpaid monetary
awards related to futures contracts, but also includes unpaid awards
related to all products subject to the jurisdiction of the Commission.
Lastly, NFA is simplifying the process by which it requests
supplemental information and documentation regarding the applicant's
criminal, regulatory, financial, or employment disclosures. The prior
version of Form 8-R requested that applicants provide a written
explanation of the facts and circumstances regarding any such
disclosures. Applicants were also separately requested to provide NFA
with copies of pertinent documents associated with each disclosure. To
consolidate and modernize this process, the revised Form 8-R allows
applicants
[[Page 19667]]
to complete a separate ``Disclosure Matter Page'' for each matter,
instance, or event requiring disclosure and to simultaneously upload
all pertinent documents associated with each disclosure. The Disclosure
Matter Page provides applicants with an efficient and effective method
of supplying the supplemental information and documentation that NFA
requests in the normal course whenever an applicant responds
affirmatively to any of the questions regarding criminal, regulatory or
financial disclosures.
A revised version of Form 8-R that incorporates the changes
discussed above, as well as other non-substantive changes, is attached
as Appendix A to this Notice.
III. Related Matters
Paperwork Reduction Act. Recordkeeping or information collection
requirements under the Paperwork Reduction Act (``PRA'') related to
Form 8-R exist under current law. The titles for the existing
information collections are ``Registration Under the Commodity Exchange
Act,'' OMB control number 3038-0023, and ``Registration of Swap Dealers
and Major Swap Participants,'' OMB control number 3038-0072. The
preliminary view of the Commission is that the revisions to Form 8-R
may modify the existing recordkeeping or information collection
requirements under the PRA. To ensure compliance with the PRA, the
Commission will publish in the Federal Register a separate notice and
request for comment on the amended PRA burden associated with the
revised Form 8-R.\23\ The Commission also will submit to OMB an
information collection request to amend the information collection, in
accordance with 44 U.S.C. 3506(c)(2)(A) and 5 CFR 1320.8(d).
---------------------------------------------------------------------------
\23\ The notice and request for comment on the amended PRA
burden will also address reassigning from Form 3-R to Form 8-R the
PRA burden associated with providing updated information on Form 8-
R.
Issued by the Commission on April, 24 2017, in Washington, DC.
Robert N. Sidman,
Deputy Secretary of the Commission.
Note: The following appendices will not appear in the Code of
Federal Regulations.
Appendices to Adoption of Revised Registration Form 8-R
Appendix 1--Commission Voting Summary
On this matter, Acting Chairman Giancarlo and Commissioner Bowen
voted in the affirmative. No Commissioner voted in the negative.
Appendix A--Individual Application (Form 8-R)
BILLING CODE 6351-01-P
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[FR Doc. 2017-08558 Filed 4-27-17; 8:45 am]
BILLING CODE 6351-01-C
