Notices to Members

2022 | 2021 | 2020 | 2019 | 2018 | Show more years

Notice I-21-44

December 20, 2021

Effective date for amendment to exclude certain associated persons from the Branch Office Manager Examination requirement

NFA Compliance Rule 2-7 generally prohibits a Member from permitting an associated person (AP) to act as a branch office manager unless the individual has taken and passed NFA's Branch Office Manager Examination (Series 30). NFA recently amended NFA Compliance Rule 2-7 to exclude from the Series 30 requirement any swap AP acting as a branch office manager for a Member engaged solely in swap activities. NFA adopted this amendment because swap APs are also required to pass NFA's Swaps Proficiency Requirements, which include a section on supervision and are directly related to a Member's swap activities. Passing the Series 30, which in addition to supervision covers topics not directly applicable to a branch office solely engaged in swaps, is no longer necessary for these APs.

This amendment was unanimously approved by the Board and will become effective on January 3, 2022.

More information regarding this amendment can be found in NFA's November 22, 2021 submission letter to the CFTC.

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

Subscribe to NFA Email Communications