IB Applicants

If applying as an Independent IB, the firm has a financial filing requirement (either a Form 1-FR-IB or a FOCUS report), which can be met in one of the following ways:

  • A financial statement certified by an independent public accountant as of a date not more than 45 days prior to the date on which such report is filed; or
  • A financial statement as of a date not more than 17 business days prior to the date on which such report is filed and a financial statement certified by an independent public accountant as of a date not more than one year prior to the date on which such report is filed; or
  • A financial statement as of a date not more than 17 business days prior to the date on which such report is filed. Please be aware that with this option, the firm will be subject to an examination by NFA within 6 months of becoming registered. (This option is not available to a firm switching from Guaranteed to Independent; these firms must provide a certified statement as part of the application in accordance with option 1 or option 2.)

See NFA Financial Requirements Section 5 to determine the firm's net capital requirement. Generally, NFA would expect an IB to maintain adjusted net capital of at least $50,000 to ensure that the firm does not fall below the capital requirement if it incurs unexpected liabilities.

If applying as a guaranteed IB, the firm must file the appropriate guarantee agreement and will not be subject to the minimum net capital or financial reporting requirements. The Form 1 FR-IB Part B  is the only acceptable form for a guarantee agreement.

Both Independent and Guaranteed IBs may also need to provide compliance procedures, additional documents and written representation to NFA for review as part of the application. Such procedures, documents and written representation would generally include, but are not limited to:

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Electronic Filings

NFA Members can file many of their required documents electronically.

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