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(2) It is fully responsible for the conduct of the associated persons specified in accordance with the requirements of paragraph (a)(1) of this section as if those associated persons had been registered as associated persons of the introducing broker or futures commission merchant in accordance with the procedures specified in $ 3.12.

(c) An introducing broker may not use the provisions of this $ 3.12a-(T) more than once nor may the registration of an associated person be transferred more than once pursuant to the provisions of this section. (48 FR 35294, Aug. 3, 1983)

8 3.14 Registration of commodity pool op

erators. (a) Initial registration. (1) Application for initial registration as a commodity pool operator must be on Form 7-R, completed and filed with the National Futures Association in accord. ance with the instructions thereto and the provisions of $ 4.13(c) of this chapter.

(2) Each Form 7-R filed in accord. ance with the requirements of paragraph (a)(1) of this section must be accompanied by a Form 8-R, completed in accordance with the instructions thereto and executed by each natural person who is a principal of the applicant, and must be accompanied by the fingerprints of that principal on a fingerprint card provided by the National Futures Association for that purpose. The provisions of this paragraph (a)(2) do not apply to any principal who has a current Form 8-R or Form 94 on file with the Commission or the National Futures Association.

(b) Renewal of registration. Application for renewal of registration as a commodity pool operator must be on Form 7-R, completed and filed with the National Futures Association in accordance with the instructions thereto.

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§ 3.13 Registration of commodity trading

advisors. (a) Initial registration. (1) Application for initial registration as a commodity trading advisor must be on Form 7-R, completed and filed with the National Futures Association in accordance with the instructions thereto.

(2) Each Form 7-R filed in accordance with the requirements of paragraph (a)(1) of this section must be accompanied by a Form 8-R, completed in accordance with the instructions thereto and executed by each natural person who is a principal of the applicant, and must be accompanied by the fingerprints of that principal on a fingerprint card provided by the National Futures Association for that purpose. The provisions of this paragraph (a)(2) do not apply to any principal who has a current Form 8-R or Form 94 on file with the Commission or the National Futures Association.

(b) Renewal of registration. Application for renewal of registration must be on Form 7-R, completed and filed with the National Futures Association in accordance with the instructions thereto.

(Secs. 2(a)(1), 40, 4d, 4e, 4f, 4k, 4m, 4n, 4p, 8. 8a and 19 of the Commodity Exchange Act (7 U.S.C. 2 and 4, 60, 60, 6e, 6f, 6k, 6m, 6n, 6p, 12, 12a and 23 (1982); 5 U.S.C. 552 and 552b)) (49 FR 39531, Oct. 9, 1984)

8 3.15 Registration of introducing brokers.

(a) Initial registration. (1) Applica. tion for initial registration as an introducing broker must be on Form 7-R, completed and filed with the National Futures Association in accordance with the instructions thereto and the provisions of $ 1.10 of this chapter.

(2) Each Form 7-R filed in accordance with the requirements of para. graph (a)(1) of this section must be accompanied by a Form 8-R, completed in accordance with the instructions thereto and executed by each natural person who is a principal of the appli. cant, and must be accompanied by the fingerprints of that principal on a fin. gerprint card provided by the National

(Secs. 2(a)(1), 40, 4d, 4e, 48, 4k, 4m, 4n, 4p, 8, 8a and 19 of the Commodity Exchange Act (7 U.S.C. 2 and 4, 60, 60, 6e, 6f, 6k, 6m, 6n, 6p, 12, 12a and 23 (1982); 5 U.S.C. 552 and 552b)) (49 FR 39531, Oct. 9, 1984)

tures Association for that purpose. for, or on behalf of a commodity trade provisions of this paragraph ing advisor (i) which is not exempt (2) do not apply to any principal from registration pursuant to the proo has a current Form 8-R or Form visions of $ 4.14(a)(1) or § 4.14(a)(2) of on file with the Commission of the this chapter or (ii) which is registered tional Futures Association.

as a commodity trading advisor notb) Renewal of registration. Applica-' withstanding the availability of that n for renewal of registration as an exemption; roducing broker must be on Form (4) Is exempt from registration as a ?, completed and filed with the Na

commodity pool operator pursuant to nal Futures Association in accord- the provisions of § 4.13 of this chapter ce with the instructions thereto. or is associated with a person who is so cs. 8a(5) and 19 of the Commodity Ex

exempt from registration: Provided, inge Act, as amended, 7 U.S.C. 12a(5) and That the provisions of this paragraph

(1982); 5 U.S.C. 552 and 552b; secs. (a)(4) shall not apply to the solicita(1), 40, 40, 4e, 48, 4k, 4m, 4n, 4p, 8, 8a tion of funds, securities, or property

19 of the Commodity Exchange Act (7 for a participation in a commodity 5.C. 2 and 4, 60, 60, 6e, 6f, 6k, 6m, 6n, 6p,

pool, or the supervision of any person 12a and 23 (1982); 5 U.S.C. 552 and

or persons so engaged, by, for, or on b))

behalf of a commodity pool operator | FR 35295, Aug. 3, 1983, as amended at 49

(i) which is not exempt from registrao 5523, Feb. 13, 1984; 49 FR 39532, Oct. 9, 34]

tion pursuant to the provisions of

§ 4.13 of this chapter or (ii) which is 1.16 Registration of associated persons registered as a commodity pool operaof commodity trading advisors and tor notwithstanding the availability of commodity pool operators.

that exemption; (a) Registration required. Except as

(5) Is enaged in the solicitation of herwise provided in $ 3.12(f) or in

funds, securities, or property for a parvragraph (e) of this section, it shall

ticipation in a commodity pool, or su: unlawful for any person to be asso

pervises any person or persons so enated with a commodity trading advi

gaged, pursuant to registration with ir or with a commodity pool operator

the National Association of Securities į an associated person unless that

Dealers as a registered representative, erson:

registered principal, limited represent(1) Is registered under the Act as an

ative, or limited principal, and that sociated person of the sponsoring

person does not engage in any other immodity trading advisor or com- activity subject to regulation by the odity pool operator in accordance

Commission; or ith the procedures in paragraphs (c)

(6) Where a commodity pool is oper(d) of this section;

ated or to be operated by two or more (2) Is registered (i) as a futures com- commodity pool operators, is regisLission merchant, floor broker, or in- tered as an associated person of one of oducing broker, (ii) as a commodity the pool operators of the commodity ading advisor, if that person is asso- pool in accordance with the provisions iated with a commodity trading advi- of paragraphs (c), (d), or (e)(2) of this br, or (iii) as a commodity pool opera

section: Provided, That each such ör, if that person is associated with a commodity pool operator shall be ommodity pool operator;

jointly and severally liable for the con(3) Is exempt from registration as a duct of that associated person in the ommodity trading advisor pursuant solicitation of funds, securities, or o the provisions of $ 4.14(a)(1) or property for participation in the com4.14(a)(2) of this chapter or is associ- modity pool, or the supervision of any ted with a person who is so exempt person or persons so engaged, regardrom registration: Provided, That the less of whether that associated person rovisions of this paragraph (a)(3) is registered as an associated person of hall not apply to the solicitation of a each such commodity pool operator. lient's or prospective client's discre- (b) Duration of registration. А ionary account, or the supervision of person registered in accordance with iny person or persons so engaged, by, paragraphs (c), (d), or (e)(2) of this

section and whose registration has neither been suspended nor revoked will continue to be so registered until the cessation of the association of the registrant with, or the revocation, suspension, lapse, or withdrawal of the registration of, each of the associated person's sponsors.

(c) Application for initial registration. Except as otherwise provided in paragraph (d) and (e) of this section, application for initial registration as an associated person of a commodity trading advisor or commodity pool operator must be on Form 8-R, completed and filed with the National Futures Association in accordance with the instructions thereto.

(1) No person will be registered as an associated person in accordance with this paragraph (c) unless an officer, if the sponsor is a corporation, a general partner, if a partnership, or the sole proprietor, if a sole proprietorship, of such sponsor has signed and dated a certification in writing, stating that:

(i) It is the intention of the sponsor to hire or otherwise employ the applicant as an associated person and that it will do so within thirty days after the receipt of the notification provided in accordance with paragraph (c)(4) of this section and that the applicant will not be permitted to engage in any activity requiring registration as an associated person until the applicant is registered as such in accordance with this section;

(ii) The sponsor has verified the information supplied by the applicant in response to the questions on Form 8-R which relate to the applicant's education and employment history during the preceding five years;

(iii) To the best of the sponsor's knowledge, information, and belief, all of the publicly available information supplied by the applicant on Form 8-R is accurate and complete: Provided, That it is unlawful for the sponsor to make the certification required by this paragraph (c)(1)(iii) if the sponsor knew or should have known that any of that information is not accurate and complete; and

(iv) The sponsor has taken, and will take, such measures as are necessary to prevent the unwarranted dissemination of any of the information con

tained in that Form 8-R, or in the records and documents obtained in support of the certifications required by this section.

(2) The certification required by paragraph (c)(1) of this section must be submitted concurrently with the Form 8-R.

(3) Each Form 8-R filed in accordance with the requirements of paragraph (c) of this section must be accompanied by the fingerprints of the applicant on a fingerprint card provided for that purpose by the National Futures Association.

(4) When the Commission determines that an applicant for registration as an associated person is not unfit for such registration, it will provide notification in writing to the sponsor which has made the certifications required by paragraph (c)(1) of this section that the applicant's registration as an associated person is granted contingent upon the sponsor hiring or otherwise employing the applicant as such within thirty days.

(d) Special registration procedures for certain persons. (1) Except as otherwise provided in paragraph (e) of this section, any person who is no longer registered as an associated person in any capacity and who becomes associated with a sponsoring commodity trading advisor or commodity pool operator which makes the certification provided by paragraph (d)(1)(i) of this section within sixty days after the termination of that person's registration as an associated person, will be registered as, and in the capacity of, an associated person of such sponsoring commodity trading advisor or commodity pool operator upon the mailing by that sponsor to the Commission of written certifications stating:

(i) That such person has been hired or is otherwise employed by that sponsor;

(ii) That such person's registration as an associated person in any capacity is not suspended or revoked;

(iii) That such person is eligible to be registered in accordance with this paragraph (d);

(iv) Whether there is a pending proceeding under sections 6(b) or 8a of the Act or $ 3.52, $ 3.55 or $ 3.60, or $ 3.20 or former $ 1.10e, to deny, suspend, revoke, condition or restrict such person's registration in any capacity or if, within the preceding twelve months, the Commission has permitted the withdrawal of an application for registration in any capacity after instituting the procedures provided in $ 3.51 or $ 3.20 and, if so, that the sponsor has been given a copy of the complaint or letter issued by the Commission in connection therewith; and

(v) That the sponsor has received a copy of the complaint or letter issued by the Commission if the applicant for registration has certified, in accordance with paragraph (d)(1)(iv)of this section, that there is a proceeding pending against him as described in that paragraph or that the Commission has permitted the withdrawal of an application for registration as described in that paragraph.

(2) The certifications permitted by paragraphs (d)(1)(i) and (d)(1)(v) of this section must be signed and dated by an officer, if the sponsor is a corporation, a general partner, if a partnership, or the sole proprietor, if a sole proprietorship. The certifications permitted by paragraphs (d)(1) (ii)-(iv) of this section must be signed and dated by the applicant for registration as an associated person.

(3) Within sixty days of mailing the certificates permitted by paragraph (d)(1) of this section, the associated person and the sponsor must complete and the sponsor must file with the National Futures Association a Form 8-R in accordance with the instructions thereto. The Form 8-R must contain the certifications required by paragraphs (c)(1) (ii)-(iv) of this section and must be accompanied by the fingerprint card provided by the National Futures Association for that purpose.

(e) Reporting of dual and multiple association. (1) No person may be simultaneously associated with:

(i) A commodity trading advisor and with a futures commission merchant or an introducing broker in violation of $ 3.12(f);

(ii) A commodity pool operator and a futures commission merchant or an introducing broker in violation of $ 3.12(f);

(iii) A sponsoring commodity trading advisor or commodity pool operator and any other sponsor other than in accordance with the provisions of paragraph (e)(2) of this section;

(iv) A commodity trading advisor and a leverage transaction merchant; or

(v) A commodity pool operator and a leverage transaction merchant. Provided, however, That the provisions of paragraphs (e)(1) (i)-(iii) of this section shall not apply to any person who is exempt from registration as an associated person of a commodity trading advisor or as an associated person of a commodity pool operator pursuant to the provisions of paragraphs (a)(2) through (a)(6) of this section if that person is not otherwise required to register as an associated person of a commodity trading advisor or as an associated person of a commodity pool operator.

(2)(i) A person who is already registered as an associated person in any capacity may become associated with a commodity trading advisor or with a commodity pool operator if that commodity trading advisor or commodity pool operator files with the National Futures Association a Form 3-R in accordance with the instructions thereto. Such filing shall constitute a certification that the commodity trading advisor or commodity pool operator has verified that the associated person is currently registered as an associated person in any capacity and that the associated person is not subject to a statutory disqualification as set forth in section 8a(2) of the Act, and an acknowledgment that in addition to its responsibility to supervise that associated person, the commodity trading advisor or commodity pool operator is jointly and severally responsible for the conduct of the associated person with respect to the solicitation of any client's or prospective client's discretionary account or the solicitation of funds, securities, or property for a participation in a commodity pool, with respect to any customers or option customers common to. it and any other commodity trading advisors or commodity pool operators with which the associated person is assocision hereby delegates to the Director of the Division of Trading and Markets or the Director's designee the authority to grant or deny petitions filed pursuant to this paragraph (g).

(ii) The Director of the Division of Trading and Markets may submit to the Commission for its consideration any matter which has been delegated pursuant to paragraph (g)(2)(i) of this section.

(Secs. 2(a)(1), 4, 4b, 4c, 4d, 4e, 4f, 48, 4h, 41, 4k, 4m, 4n, 40, 4p, 6, 8, 8a, 14, 15, 17 and 19 of the Commodity Exchange Act (7 U.S.C. 2 and 4, 6, 6b, 60, 60, 6e, 6f, 6g, 6h, 61, 6k, 6m. 6n, 60, 6p, 8, 9, 9a and 13b, 12, 12a, 18, 19, 21 and 23 (1982); 5 U.S.C. 552 and 552b)) (48 FR 35295, Aug. 3, 1983, as amended at 49 FR 5523, Feb. 13, 1984; 49 FR 8218, Mar. 5. 1984; 49 FR 39532, Oct. 9, 1984)

ated. Upon receipt by the National Futures Association of such a Form 3-R, the associated person named therein shall be registered as an associated person of the sponsoring commodity trading advisor or commodity pool operator.

(ii) A person who is simultaneously associated with more than one sponsor in accordance with the provisions of this paragraph (e)(2) shall be required, upon receipt of notice from the Na. tional Futures Association, to file with the National Futures Association the registrant's fingerprints on a fingerprint card provided by the National Futures Association for that purpose as well as such other information as the National Futures Association may require.'The National Futures Association may require such a filing every two years, or at such greater period of time as the National Futures Association may deem appropriate, after the associated person has become associated with a commodity trading advisor or with a commodity pool operator in accordance with the requirements of this paragraph (e)(2).

(f) Retention of records. The sponsor must retain in accordance with $ 1.31 of this chapter such records as are necessary to support the certifications required by this section.

(g) Peititons for exemption. (1) Any person adversely affected by the operation of this $ 3.16 may file a petition with the Secretary of the Commission, which petition must set forth with particularity the reasons why that person believes that applicant should be exempted from the requirements of this section and why such an exemption would not be contrary to the public interest and the purposes of the provision from which exemption is sought. The petition will be granted or denied by the Commission on the basis of the papers filed. The Commission may grant such a petition if it finds that the exemption is not contrary to the public interest and the purposes of the provision from which exemption is sought. The petition may be granted subject to such terms and conditions as the Commission may find appropriate.

(2)(i) Until such time as the Commission orders otherwise, the Commis

8 3.17 Registration of leverage transaction

merchants. (a) Initial registration. (1) Applica. tion for initial registration as a leverage transaction merchant must be on Form 7-R, completed and filed with the Commission in accordance with the instructions thereto and the provi. sions of § 31.13 of this chapter.

(2) Each Form 7-R filed in accord. ance with the requirements of para. graph (a)(1) of this section must be ac. companied by a Form 8-R, completed in accordance with the instructions thereto and executed by each natural person who is a principal of the appli. cant, and must be accompanied by the fingerprints of that principal on a fingerprint card provided by the Commis. sion for that purpose. The provisions of this paragraph (a)(2) do not apply to any principal who has a current Form 8-R Form 94 on file with the Commission or the National Futures Association.

(b) Renewal of registration. Application for renewal of registration as a le. verage transaction merchant must be on Form 7-R, completed and filed with the Commission in accordance with the instructions thereto.

an

(Secs. 8a(5) and 19 of the Commodity Exchange Act, as amended (7 U.S.C. 12a(5) and 23 (1982); 5 U.S.C. 552 and 552b); secs. 2(a)(1), 40, 4d, 4e, 4f, 4k, 4m, 4n, 4p, 8. 8a and 19 of the Commodity Exchange Act ( 7 U.S.C. 2 and 4, 6c, 60, 6e, 61, 6k, 6m, 6n, 6p.

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