NFA conducts periodic on-site examinations of its Member firms. The examinations are meant to support your firm's commitment to meet its regulatory obligations. During an examination of your firm, NFA examiners will communicate with your firm throughout the examination process. It is important for your firm to maintain accurate information in your firm's Annual Questionnaire. NFA requires that you complete the Annual Questionnaire every 12 months. However, if your customer base or business significantly changes more frequently, we encourage you to update the information accordingly.
Listen to NFA's podcast "Preparing for an NFA Audit" to learn more about the examination process and some tips for how to prepare an NFA examination. NFA announces nearly all of its examinations. During examinations, you'll encounter a lot of questions as our examiners are ensuring that they are clear in understanding your firm's operations.
How to make the examination process faster for you and your firm:
Tip: If you use third party service providers and will need their assistance to answer the examiners' questions, make arrangements to have the service providers available during fieldwork for conference calls.
New Members may request an educational examination or visit by NFA, voluntarily and free of charge. If an educational examination is conducted on your firm, the following areas will be reviewed: