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:
As NFA is conducting a review of the firm's financial operations, NFA will often request additional items not listed above, such as bank statements, general ledger, and cancelled checks. An IB will not be approved until NFA reviews and approves all requested items. Any of these financial or procedural items can be submitted to NFA via email at Applicants@nfa.futures.org.
NFA Members can file many of their required documents electronically.