Notices to Members

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Notice I-20-03

January 27, 2020

NFA's Swaps Proficiency Requirements now available online

The effective date for NFA's Swaps Proficiency Requirements is January 31, 2020. To provide NFA Member firms with additional time to enroll individuals in the Requirements, NFA's Swaps Proficiency Requirements are now available online. 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 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. 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 is required to have a Swaps Proficiency Requirements Administrator (SPR Admin) 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 taking the Requirements can expect an email from the firm's SPR Admin or the Swaps Proficiency Requirements system with information on how to access the system.

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

Swaps Proficiency Requirements Resources

To help Members understand their obligations related to the Swaps Proficiency Requirements, Frequently Asked Questions, help guides and other resources are posted on NFA's Swaps Proficiency Requirements webpage.

In addition, NFA is holding a webinar for firms' legal and compliance staff as well as individuals taking the Requirements on Tuesday, January 28, 2020 at 8:30 a.m. CT/9:30 a.m. ET. This webinar's content will be identical to that of the January 15, 2020 webinar. If you've already registered, thank you. We look forward to your participation. If you are interested and have not yet signed up, register now.

There is no charge to participate in the webinar. However, webinar registration is required. Upon registration, an email will be sent containing a link to the webinar's website, system requirements and other details. For those 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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