PROPOSED AMENDMENTS TO NFA REGISTRATION RULE 401
(additions are underscored and deletions are
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PART 400. PROFICIENCY REQUIRMENTS
Registration Rule 401. Qualification Testing Requirement.
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(d) Notwithstanding the provisions of Rule 401(a), a person applying to be registered as an AP will satisfy the proficiency requirements of this Rule if:
(1) NFA receives satisfactory evidence that the applicant has taken and passed the Financial Instruments Examination (Series 33) on a date which is no more than two years prior to the date the application is received by NFA; or
21) NFA has received satisfactory evidence that the applicant has taken and passed the Financial Instruments Examination (Series 33) and since the date the applicant last passed such examination, there has been no period of two consecutive years during which the applicant has not been either registered as an AP or a principal of an FCM, IB, CTA, CPO or LTM; and
32) the applicant currently is registered with the National Association of Securities Dealers, Inc., as a GSR of the sponsor; and
43) the applicant's sole activities, subject to regulation by the Commission, are and will continue to be limited to the solicitation or acceptance on behalf of the sponsor of customer orders for futures or options involving stock index, currency or interest rate products, or security futures products or the supervision on behalf of the sponsor of persons whose activities are so limited.
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(g) An individual may contemporaneously engage in any activity permitted pursuant to the provisions of paragraphs (b)(2), (c)(4) and (d)(
43) provided that the individual meets the other pertinent requirements of paragraphs (b)-(d).