Notices to Members

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Notice I-21-04

January 25, 2021

Final Reminder: Compliance Date for NFA's Swaps Proficiency Requirements is January 31, 2021

All registered swap APs and individuals acting as APs at swap dealers are required to satisfy NFA's Swaps Proficiency Requirements by the January 31, 2021 compliance date. Individuals who do not satisfy the Swaps Proficiency Requirements by the compliance date will be unable to engage in swaps activities until they have done so. Those individuals' Associate Membership and AP registration will be withdrawn after the compliance date if the individual exclusively engages in swaps activities on behalf of an NFA Member FCM, IB, CPO or CTA.

After January 31, 2021, any individual seeking to engage in swaps activity will need to satisfy NFA's Swaps Proficiency Requirements prior to being approved as a swap AP at an NFA Member FCM, IB, CPO or CTA or acting as an AP at an SD.

Please note that NFA Member FCMs, IBs, CPOs and CTAs should withdraw the swap designation prior to the compliance date for registered swap APs who are not conducting swaps activities and will not do so in the future.

Accessing NFA's Swaps Proficiency Requirements

Individuals affiliated with a Member firm who are not already enrolled in the Swaps Proficiency Requirements but are conducting swaps activities should contact their firm's Swaps Proficiency Requirements Administrator (SPR Admin) as soon as possible. To avoid reporting discrepancies, SPR Admins at NFA Member swap firms and swap dealers should enroll individuals in the Swaps Proficiency Requirements using each individual's full legal name. If the individual is registered as an AP, SPR Admins should also provide their NFA ID and optionally provide the last four digits of their social security number (if applicable). For more information on accessing the Swaps Proficiency Requirements, please see NFA's instructions for using the Swaps Proficiency Requirements System.

Swaps Proficiency Requirements Resources

To help Members understand their obligations related to the Swaps Proficiency Requirements, Frequently Asked Questions, help guides, system requirements and other resources are available on NFA's Swaps Proficiency Requirements webpage. For more details, including information on how to access the Swaps Proficiency Requirements, please see Notice to Members I-19-09.

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