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NFA Manual / Rules

Welcome to the online version of NFA's rulebook, the NFA Manual. We update this version on an ongoing basis. If you want to check out what changes have most recently been made to the NFA Manual, go to Recent Manual Updates. You may view a categorized list of the Interpretive Notices by visiting the Index of Interpretive Notices page.

Interpretive Notices

(Effective Dates of Amendments: May 5, 2003; revised December 4, 2006; December 17, 2007; December 28, 2009; February 21, 2013; and December 14, 2015.)


The Commodity Futures Modernization Act of 2000 amended the Securities Exchange Act of 1934 to require NFA to "have rules that ensure that members and natural persons associated with members meet such standards of training, experience, and competence necessary to effect transactions in security futures products and are tested for their knowledge of securities and security futures products."1 NFA has determined that Members and Associates may meet the proficiency requirements by taking an appropriate training course before they engage in activities involving security futures products. This notice describes training programs that would satisfy NFA's proficiency requirements.

NFA Members and Associates will be able to satisfy their proficiency requirements for security futures by taking any training program that covers the subject matter included in a content outline that has been jointly developed by NFA, the Financial Industry Regulatory Authority, and a number of securities and futures exchanges. A copy of that outline can be found on NFA's website at Additionally, NFA, in partnership with the Financial Industry Regulatory Authority and the Institute for Financial Markets, has developed a web-based training program that will satisfy the training requirement. That program can be accessed at There is no charge for completing this training program. THE TRAINING MUST BE COMPLETED BEFORE ANY INDIVIDUAL REGISTRANT ENGAGES IN ACTIVITIES INVOLVING SECURITY FUTURES PRODUCTS.

In order to meet the proficiency requirements to qualify as a designated security futures principal through training, supervisors must complete a training program that also includes a section devoted to supervisory issues as well as the portions intended for all Associates.

NFA Members and Associates are not required to notify NFA that they have completed a training program. However, Members must be able to demonstrate to NFA during an audit that those registered individuals who are engaging in security futures activities have completed the necessary training. For example, Members could keep records of Associates who attend internal training programs or require Associates to provide certificates of completion for outside training programs.

1 Section 15A(k)(2)(D) of the Securities Exchange Act of 1934.

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