Commodity Pool Operator (CPO) Registration
A commodity pool operator (CPO) is an individual or organization that operates a commodity pool and solicits funds for that commodity pool. A commodity pool is an enterprise in which funds contributed by a number of persons are combined for the purpose of trading futures or options on futures, retail off-exchange forex contracts, or swaps, or to invest in another commodity pool.
If a CPO qualifies for an exemption from registration, it must electronically file a notice of exemption from CPO registration through NFA's Electronic Exemption Filing System.
All registered CPOs must be NFA Members.
Registration Requirements for CPOs
To register as a CPO and become an NFA Member:
- Designate a Security Manager in order to obtain secure access to NFA's Online Registration System (ORS)
- Complete online Form 7-R
- Complete online NFA membership application
- Pay a non-refundable application fee of $200
- Complete online Annual Questionnaire
- Pay non-refundable CPO membership dues
Registration Requirements for Principals and Associated Persons (AP) of CPOs
- Complete online Form 8-R for each principal and AP
- Submit fingerprint cards
- Satisfy proficiency requirements for each sole proprietor, AP, forex AP and swap AP
- Pay a non-refundable application fee of $85 for each principal and AP
An application fee for principals and APs is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant. Only one application fee is required if the individual is filing an application as both an AP and principal. One principal of the CPO must be an AP. One principal of a forex firm CPO must be a forex AP. One principal of a swap CPO must be a swap AP.