Which of the Following Statements Is INCORRECT About the National

Multiple Choice

Which of the following statements is INCORRECT about the National Futures Association (NFA) ?

A) The NFA is a self-regulating organization composed of futures commission merchants,commodity pool operators,commodity trading advisers,introducing brokers,leverage transaction merchants,commodity exchanges,commercial firms,and others who work in the futures industry.
B) The NFA must approve new contracts and changes to existing contracts.
C) The NFA screens and tests registration applicants and determines their qualifications and proficiency.
D) The NFA requires futures commission merchants and introducing brokers to keep sufficient capital and maintain good trading records.
E) The NFA audits,examines,and conducts financial surveillance to enforce compliance by members.