National Commodity Futures Examination (NCFE or Series 3)

The testing application form (U10) can either be downloaded or completed online by visiting FINRA's web site at www.finra.org. Normally, NFA will receive evidence directly from FINRA that individuals have passed the Series 3 or another examination. In unusual circumstances, NFA may request the individual to submit proof that he or she passed an examination.

Individuals may not be required to take an examination if:

• they have passed the examination that they intend to use to satisfy the proficiency requirements
  • within two years of the date the application is filed; or
  • more than two years prior to the date their application is filed and since that date there has not been a period of two consecutive years during which they were not registered as an AP or FB or were not an approved principal of a registrant; or
• they are currently registered as a Floor Broker.

  Alternatives
  Based on the individuals' registration status and the type of business the individuals conduct, they may be eligible for one of the following alternatives to the Series 3 examination:
  

  Futures Managed Funds Examination
  (Series 31)
  Individuals may use the Series 31 if (1) they are registered with FINRA as a General Securities Representative with their sponsor and (2) they are going to limit their futures activities of behalf of their sponsor to soliciting funds, securities or property for participation in a commodity pool, soliciting discretionary accounts to be managed by CTAs or supervising persons who perform these same limited activities.

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  Limited Futures Examination - Regulations
  (Series 32)
  Individuals may use the Series 32 if, within the two years prior to filing the application, they have been registered or licensed to solicit customer business in futures in a jurisdiction outside of the United States (currently UK and Canada only). In order to be eligible for this alternative exam, applicants must submit proof of such registration or license to NFA

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  Referral of Securities' Clients
  Individuals are not required to take an examination if (1) they are registered with FINRA as a General Securities Representative with their sponsor and (2) they are going to limit their futures activities on behalf of their sponsor to referring clients to APs of the sponsor, which referrals are solely incidental to their business as a General Securities Representative, or supervising persons who perform these same limited activities.

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  Waivers for CPOs and CTAs Trading Primarily in Securities
  Under NFA Registration Rule 402, NFA may waive the examination requirements for certain individuals who are associated with CPOs that are required to register solely because they operate commodity pools principally engaged in securities transactions and/or who are associated with CTAs that are required to register solely because their securities advisory services include advice on the use of futures and options for risk management purposes. The individual or firm requesting the waiver must provide a written description of the facts that qualify the individual for a waiver.

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Proposed amendments to NFA Bylaw 301 will require any individual seeking approval as a forex firm or forex individual to pass the Series 34 examination before engaging in off-exchange forex business with retail customers. The proposed amendments grandfather certain individuals who were approved sole proprietor principals or registered as associated persons or floor brokers on May 22, 2008, from the Series 34 proficiency requirement.

The proposed amendments provide that any individual applying for approval as a forex firm or forex individual shall not be granted approval as a forex firm or forex individual unless:

• the applicant has satisfied the Series 3 or Series 32 proficiency requirement (as described above) and
• NFA has received satisfactory evidence that the applicant has passed the Series 34 within two years of the date the application is filed or
• since the date the applicant last passed the Series 34 there has been no period of two consecutive years during which the applicant has not been either registered as an associated person or floor broker or an approved principal of a registrant; or
• the applicant was registered as an associated person, floor broker or an approved sole proprietor principal on May 22, 2008, and there has been no period of two consecutive years since that date during which the applicant has not been either registered as an associated person or floor broker or an approved principal of a registrant.

Branch Manager Examination - Futures (Series 30)

NFA must receive evidence that individuals applying to be a branch office manager have passed the Series 30. However, NFA will not require evidence that they have passed the Series 30 if, since the date they last ceased acting as a branch office manager, there has not been a period of two consecutive years during which they have not been registered as an AP. Additionally, individuals whose sponsor is a registered broker-dealer may, in lieu of the Series 30, provide proof that they are qualified to act as a branch office manager or designated supervisor under the rules of FINRA.

If you have questions, contact NFA's Information Center at (800) 621-3570 or (312) 781-1410 or e-mail NFA.