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We believe this information is accurate, but no guarantee can be given that is completely correct. Information, registration status and complaint history can change at any time. We urge you to check the NFA's website for the most current information at www.nfa.futures.org. Below is some information that may help give you a better understanding of a broker's registration requirements and the meaning of disciplinary practices by the regulatory agencies.

What is NFA?
National Futures Association (NFA) is the industrywide self-regulatory organization for the U.S. futures industry. NFA's mission is to provide innovative regulatory programs and services that ensure futures industry integrity, protect market participants and help its Members meet their regulatory responsibilities. NFA's activities are overseen by the Commodity Futures Trading Commission (CFTC), the government agency responsible for regulating the U.S. futures industry.

Who are NFA's members?
Virtually every firm or individual who conducts futures or options on futures business with the public, must be registered with the CFTC and a Member of NFA. NFA performs the registration process on behalf of the CFTC. NFA Member categories include: Commodity Trading Advisors (CTA), Commodity Pool Operators (CPO), Futures Commission Merchants (FCM) and Introducing Brokers (IB). Definitions of each of these terms can be found in the Glossary. There are approximately 4,000 NFA Member firms. There also are about 55,000 NFA Associate Members, individuals who are Associated Persons of these NFA Member firms.

IF YOU HAVE ENTERED AN NFA ID THAT YOU ARE CERTAIN IS CORRECT AND "NO CURRENT STATUS" DISPLAYS, YOU MAY BE DEALING WITH AN INDIVIDUAL OR FIRM NOT REGISTERED WITH THE CFTC AND NOT AN NFA MEMBER. CONDUCTING FUTURES-RELATED BUSINESS WITH INDIVIDUALS OR FIRMS WHO ARE NOT CFTC REGISTRANTS AND NOT NFA MEMBERS COULD CAUSE YOU PROBLEMS.

Virtually all individuals and firms who conduct futures-related business with the public must be registered with the CFTC and be NFA Members. Under most circumstances, it is unlawful for firms or individuals, who are not CFTC registrants and are not NFA Members, to conduct futures business with public customers. If you think you are dealing with an individual or firm not registered with the CFTC and not an NFA Member, please inform NFA by going to File a Complaint or by calling NFA's Information Center at (800) 621-3570 between the hours of 8:00 AM and 5:00 PM Central Time.

Please Note: There are a variety of legitimate reasons why the status information of an individual or firm displays as "NO CURRENT STATUS." The most common reason is that the individual or firm is not currently registered with the CFTC and is not an NFA Member. Some individuals and firms have more than one NFA ID. To be certain of an individual's or firm's current CFTC registration and NFA membership status, you must check all the NFA IDs associated with the individual or firm.

Regulatory Action:
A disciplinary or remedial action taken by a regulatory body, such as the exchanges, NFA and the CFTC in enforcing its rules and the requirements of the Commodity Exchange Act.

Arbitration:
Arbitration is a dispute resolution forum. It is not a regulatory action.

CFTC Reparations Cases:
Reparations claims are not enforcement actions. They are attempts by customers to resolve futures-related disputes. The number of reparations claims filed does not necessarily mean that the individual or firm violated any rules. Some of the claims may have been dismissed, settled or withdrawn.

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