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2007 Amendments to the Regulations

MEMORANDUM


To: NFLPA Registered Player Financial Advisors
From: Dana Hammonds, Director
Financial Programs and Advisor Administration Department
Re: 2007 Amendments to the NFLPA Regulations Governing Registered Player Financial Advisors
Date: April 25, 2007


The following resolutions amending the NFLPA Regulations Governing Registered Player Financial Advisors were passed by the Board of Player Representatives at the March 2007 Board of Player Representatives meeting. These amendments are effective immediately. We will notify you when an updated version of the Regulations is available. Please contact me with any questions.

2007 Amendments

Be it resolved that the NFLPA Regulations and Code of Conduct Governing Registered Player Financial Advisors be amended as follows:

  1. Require Financial Advisors to disclose all members of their "financial team," such as individuals with shared investment client responsibilities, relationship managers, account managers and other financial advisors/consultants.
  2. Provide that pursuant to Section Two (II) (B) an Applicant must have a minimum of five (5) years of relevant work experience and must hold an appropriate license for a minimum of five (5) years.
  3. Provide that pursuant to Section Two (III) (A)-(D) Applicants must not have any pending civil or criminal actions related to fraud, nor must they have any pending customer complaints while their application is pending.
  4. Provide that pursuant to Section Three (I) (J) a Registered Financial Advisor must attend at least one NFLPA Financial Advisor conference every two years, and further that a failure to do so would result in disciplinary action being taken against the Financial Advisor, including termination of registration.
  5. Provide that language regarding provisional registration be deleted.