Registration Rules

Part 400. Proficiency Requirements

RULE 402. WAIVER OF TESTING REQUIREMENT.

[Adopted effective August 1, 1992. Effective dates of amendments: September 21, 1993; May 31, 2002; December 15, 2004; October 3, 2012 and June 24, 2025.]

NFA may waive the requirements of Rule 401 under circumstances approved by the Board of Directors. The decision of NFA shall be final. Any sponsor which has been granted a waiver with respect to its APs that becomes ineligible for such waiver shall promptly notify NFA in writing of such ineligibility.