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:
*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:
**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.
NFA Members can file many of their required documents electronically.
You can check the registration status and disciplinary history of any derivatives firm or individual.