Section 17(j); Regulation 3.12(d);
As part of the change from a paper-based registration system to an online registration system, NFA, a registered futures association, will not be able to process any registration filings for a two week "quiet period" as of the end of business on May 17, 2002. As a result of this "quiet period," persons could be disadvantaged because they could incur a late filing fee if the 20-day period during which they must file a Form 8-T expires during the "quiet period." Also, individuals who would be eligible for a special temporary license would lose that eligibility if the 60-day period within which they must file a new application after leaving their prior sponsor expiries during the "quiet period." NFA asked that it be permitted to waive the late filing fee for any late Form 8-T filed within the first 20 days that the online registration system is available. Additionally, NFA asked that it be permitted to issue a special temporary license to eligible individuals during the "quiet period." To obtain the temporary license, the sponsor must notify NFA that the individual has been employed as an AP and must file an electronic application for the individual within 20 days after the online registration system is available. The Division of Trading and Markets indicated that permitting NFA to waive the late fee and to grant a special temporary license in the manner described, would not be contrary to the public interest and the purposes of the Act and the Commission's rules thereunder.