Release:                      #4321-99
For Release:              October 4, 1999

Rule Enforcement Review of National Futures Association's Disclosure Document Review Program for CPOs and CTAs

Washington -- The Commodity Futures Trading Commission (Commission) has notified the National Futures Association (NFA) of the results of a rule enforcement review completed by the Commission's Division of Trading and Markets (T&M). The purpose of the review was to evaluate NFA's commodity pool operator (CPO) and commodity trading advisor (CTA) disclosure document review program (Program). The target period for the review was May 1, 1998 to April 30, 1999.

T&M found that NFA's Program generally meets the requirements of the Commodity Exchange Act and the Commission's regulations. The report sets forth four recommendations for enhancement of NFA's Program.

Copies of the report are available from the Commission's Office of Public Affairs, Three Lafayette Centre, 1155 21st Street, N.W., Washington, D.C. 20581, (202) 418-5080, or by accessing the Commission's website at

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