Notices to Members

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Notice I-20-01

January 07, 2020

NFA's Swaps Proficiency Requirements become effective January 31, 2020

NFA's Swaps Proficiency Requirements will launch and become accessible online on January 31, 2020. Each individual who is approved as a swap associated person (AP) at a futures commission merchant (FCM), introducing broker (IB), commodity pool operator (CPO) or commodity trading advisor (CTA) Member firm or is acting as an AP at a swap dealer (SD) on January 31, 2021 (the Compliance date) must satisfy NFA's Swaps Proficiency Requirements to remain approved as a swap AP or continue acting as an AP at an SD after this date. This provides registered APs engaging in swaps activities and individuals acting as APs at SDs an entire year to complete the requirements. Subsequent to January 31, 2021, any individual who wants to engage in swaps activity will need to satisfy NFA's Swaps Proficiency Requirements prior to being approved as a swap AP at an FCM, IB, CPO or CTA Member or acting as an AP at an SD. For complete details regarding who must fulfill these requirements, see Notice to Members I-19-09.

Enrollment in NFA's Swaps Proficiency Requirements

Each NFA Member firm subject to NFA's Swaps Proficiency Requirements will be required to have a Swaps Proficiency Requirements Administrator who will facilitate enrollment of individuals into either the Long Track or Short Track. See Notice to Members I-19-09 for information on the Swaps Proficiency Requirements Tracks.

Individuals who wish to take NFA's Swaps Proficiency Requirements but who are not associated with an NFA Member may create an account in NFA's Swaps Proficiency Requirements system starting January 31, 2020. These individuals are required to pay a $100 fee to take either the Long Track or Short Track.

Resources and Member Education

To help Members understand their obligations related to the Swaps Proficiency Requirements, NFA has posted Frequently Asked Questions, help guides and other resources on NFA's Swaps Proficiency Requirements webpage. In addition, NFA is holding two webinars with identical content on the following dates:

There is no charge to participate in these webinars. However, webinar registration is required using one of the links above. Upon registration, an email will be sent containing a link to the webinar's website, system requirements and other details. If an individual is unable to attend, an archived version of the webinar and transcript will be available on NFA's website.

If you have any questions regarding NFA's Swaps Proficiency Requirements, please contact NFA's Information Center (312-781-1410, 800-621-3570 or information@nfa.futures.org).

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