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Associated Person (AP)

An AP is an individual who solicits orders, customers or customer funds (or who supervises persons so engaged) on behalf of an FCM, RFED, IB, CTA or CPO. An AP is, in effect, anyone who is a salesperson or who supervises salespersons for any of these categories of individuals or firms. The registration requirements apply to any person in the supervisory chain-of-command and not only to persons who directly supervise the solicitations of orders, customers or funds. Refer to the registration advisory about AP registration requirements for more detail. NFA also offers a podcast entitled "Registration Issues: Principals, APs and Branch Offices" which provides a detailed explanation of who needs to register as an AP.

Registration is generally required unless:

  • The individual is already registered as an FCM, IB or Floor Broker* or
  • The individual is already registered as a CPO if you are to be associated with a CPO or
  • The individual is already registered as a CTA if you are to be associated with a CTA or
  • The individual is already registered with the Financial Industry Regulatory Authority (FINRA) as a registered representative and limits futures activity to the solicitation of participations in a commodity pool.

*Registered Floor Brokers who intend to solicit customer business should review their exchanges' rules to determine if there are any additional exchange requirements or limitations on their activity.

For more details on AP exemptions, please refer to CFTC Regulation 3.12(h).

The following are filing requirements for an AP:

Additionally, all registered APs engaged in retail off-exchange forex activities are required to:

**An application fee is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant. 

AP applicants automatically apply for Associate membership when the Form 8-R is filed if their sponsor is or becomes an NFA Member.

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