Summary suspension

Occurs when a member fails to pay NFA levied fines after seven days written notice. One may also be summarily suspended from membership (and trading) when the President and the NFA Board of Directors or Executive Committee have reason to believe that summary suspension is necessary (an emergency) to protect the futures industry, customers, NFA members, etc. Notice of such action is given to the CFTC. NFA members are prohibited from conducting futures-related business while under suspension or with a suspended firm.