The CFTC designated NFA a registered futures association on September 22, 1981. NFA describes itself as "the industrywide, self-regulatory organization for the U.S. derivatives industry."
CFTC rules (17 CFR 3.10) provide that the application to register as a swap dealer or major swap participant (Form 7-R) is filed with NFA, and require registrants to review and update their registration information once a year, on a date NFA sets. A registrant must also become and remain a member of a registered futures association (17 CFR 170.16).