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Which individual principals should also be registered as APs?

Section 4k of the Commodity Exchange Act provides that an individual must be registered as an AP if that person is involved in soliciting or accepting customer orders or supervising people who do, and the Commission has indicated that any individual who supervises APs must register as an AP, regardless of that person's title.

NFA Bylaw 301(a)(iii) states that "no person, unless eligible for membership in the contract market category, shall be eligible to become or remain a Member unless at least one of its principals is registered as an 'associated person' under the Act and Commission Rules. If any Member fails to have at least one principal that is registered as an 'associated person' NFA shall deem that Member's failure to be a request to withdraw from NFA membership and shall notify that Member accordingly."

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