Registration Information for Swap FCMs, IBs, CPOs and CTAs

The Dodd-Frank Act of 2010 amended the definitions of FCM, IB, CPO and CTA to include "swaps." On August 13, 2012, the CFTC published final rule definitions for "swap", "security-based swaps" and "security-based swap agreements". Therefore, firms that are not currently registered but are acting as an FCM, IB or CTA with respect to swaps subject to the jurisdiction of the CFTC must register with the CFTC. By letter dated October 11, 2012, the CFTC's Division of Swap Dealer and Intermediary Oversight (DSIO) issued a staff no action letter to provide temporary registration relief to certain persons, including IBs, CPOs, CTAs and their APs, and APs of an FCM, where the requirement to be registered arises solely due to the person's involvement with swaps. Specifically, DSIO's letter stated that on or before December 31, 2012, the person must complete and file with NFA a registration application, including as appropriate, Forms 7-R and 8-R, as well as a fingerprint card for each of its principals and APs. Please see DSIO's letter for further details regarding this relief. Firms acting as CPOs will be required to register based upon their swaps activities unless the firm properly claims an exclusion or exemption from registration via NFA's Electronic Exemption System or the CFTC issues interpretive guidance providing that certain collective investment vehicles are not considered commodity pools.

In addition, any person associated with a firm newly registering or currently registered as a FCM, IB, CPO or CTA that engages in activities involving swaps subject to the jurisdiction of the CFTC must register as an Associated Person (AP). At this time, there will be no proficiency requirements for APs whose activities are limited solely to swaps.

Additionally, as of January 1, 2013, newly and currently registered FCMs, IBs, CPOs and CTAs whose activities include swaps subject to the jurisdiction of the CFTC will have to be approved as an NFA Member swaps designated firm. In addition, any person associated with a Member that is currently registered with the CFTC as an FCM, IB, CPO or CTA and engages in activities involving swaps subject to the jurisdiction of the CFTC must be approved as a swap designated AP by NFA in order to engage in swaps activities on behalf of such Member. No Member may be approved as a swap firm unless at least one of its principals is registered as an "associated person" and approved as a swap AP.

All registration applications are filed over the internet via NFA's Online Registration System.

Registration Resources

For information on the FCM registration process, click here.

For information on the IB registration process, click here.

For information on the CPO registration process, click here.

For information on the CTA registration process, click here.

All registration applications are filed over the internet via NFA's Online Registration System. NFA has produced several "Registration Video Tutorials" for information on accessing ORS and filing applications:

The Registration Process: Getting Started: The Enrollment Process
The Registration Process: Filing a Firm Application
The Registration Process: Filing an Individual Application

Contact NFA's Information Center if you need assistance or have any questions concerning the registration process. Our knowledgeable and helpful Information Center Representatives are available from 8:00 a.m. to 5:00 p.m. CST, Monday through Friday, to answer your questions and provide additional information on any NFA-related topic. Contact the Information Center by phone at 312-781-1410 or 800-621-3570, or send an email to information@nfa.futures.org.