Commodity Trading Advisor (CTA)
A CTA is an individual or organization which, for
compensation or profit, advises others as to the value of or the advisability of
buying or selling futures contracts, options on futures, or retail off-exchange
forex contracts.
Providing advice includes exercising trading authority
over a customer's account as well as giving advice based upon knowledge of or
tailored to customer's particular commodity interest account, particular
commodity interest trading activity, or other similar types of information.
Registration is required unless:
- You have provided advice to 15 or fewer persons during
the past 12 months and do not generally hold yourself out to the public as a CTA
or
- You are in one of a number of businesses or professions
listed in the Commodity Exchange Act or are registered in another capacity and
your advice is solely incidental to your principal business or profession or
- You are providing advice that is not based upon knowledge
of or tailored to customer's particular commodity interest account, particular
commodity interest trading activity, or other similar types of information, such
as, for example
-
You make recommendations, such
as advice to buy or sell specific futures contracts should a particular price
level be reached, through newsletters, books and periodicals. The advice
includes specific recommendations and the recipients of publications all receive
the same advice or
-
You provide specific advice
through e-mails, facsimiles, an Internet web site, telephone calls or
face-to-face meetings with customers consisting of instructions to buy or sell a
futures contract based on a computerized trading system, which also is available
for purchase and use on a personal computer, and the customers all receive the
same advice or
-
You conduct seminars at which
you teach attendees how to trade commodity futures contracts aided by a software
program that you sell and you invite seminar attendees to participate in a
question-and-answer session at which you provide commodity trading advice
without asking or receiving information about the personal characteristics of
the attendees.
All registered CTAs who manage or exercise discretion over
customer accounts must be Members of NFA in order to conduct futures business
with the public.
CTA is required to file the following:
- A completed online Form 7-R (includes NFA membership sections)
- A non-refundable application fee of $200.00
- CTA Membership Dues, if applicable of $750.00
A CTA is required to file applications for its Principals
and Associated Persons
Additionally, all registered CTAs engaged in retail
off-exchange forex activities are required to:
*An application fee is not required if the individual is
currently registered with the CFTC in any capacity or is listed as a principal
of a current CFTC registrant. In addition, only one application fee is required
if the individual is filing an application as both an Associated Person and
Principal
Click here if you do not already have access to the
Online Registration System.
Featured Information
NFA publishes several guides to help CTAs meet their
regulatory requirements. Visit NFA's
publication library for a complete list.
Special Messages
CTAs are required to file their disclosure documents with
NFA electronically usinig NFA's DDoc system.
Click here for more information.
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