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Interpretive Notices


9022 - REGISTRATION RULE 402: CTAS TRADING PRIMARILY IN SECURITIES

(Board of Directors, September 21, 1993; revised December 10, 2007 and July 9, 2013.)

INTERPRETIVE NOTICE

The Board of Directors has granted the Vice-President of Registration and Membership the authority to waive the Series 3 examination for certain individuals associated with CTAs who are required to register solely because their securities advisory services include advice on the use of futures and options for risk management purposes. The individual or firm requesting the waiver must provide a written description of the facts which qualify the individual or firm for a waiver. The Vice-President of Registration and Membership's decision will be final.

The Vice-President of Registration and Membership is authorized to waive the Series 3 examination for a CTA and its APs if: (1) the CTA is subject to regulation by a federal or state regulator; (2) for each customer for whom the CTA provides futures trading advice such advice is incidental to the securities advisory services provided by the CTA to such customer; and (3) the futures trading advice offered by the CTA is for hedging or risk management purposes.

Waiver requests should be directed to:

Vice-President of Registration and Membership 
National Futures Association
300 South Riverside Plaza
Chicago, Illinois 60606