Proficiency Requirements
Post on: 11 Июль, 2015 No Comment
Individuals who are applying for NFA membership as a sole proprietor FCM, RFED, IB, CPO, CTA or for registration as an AP of these categories must satisfy proficiency requirements. Unless they are eligible for the alternatives listed below, they must have passed the National Commodity Futures Examination ( NCFE or Series 3 ) within the two years preceding their application.
Individuals may not be required to take the Series 3 examination if:
- they have passed the examination that they intend to use to satisfy the proficiency requirements:
within two years of the date the application is filed; or
more than two years prior to the date their application is filed and since that date there has not been a period of two consecutive years during which they were not registered as an AP or FB or were not an approved principal of a registrant; or
The testing application form (U10) must be completed online by visiting FINRA’s website. Normally, NFA will receive evidence directly from FINRA that individuals have passed the Series 3 or another examination. In unusual circumstances, NFA may request the individual to submit proof that he or she passed an examination.
ALTERNATIVES
Based on the individuals’ registration status and the type of business the individuals conduct, they may be eligible for one of the following alternatives to the Series 3 examination:
Individuals may use the Series 32 if, within the two years prior to filing the application, they have been registered or licensed to solicit customer business in futures in a jurisdiction outside of the United States (currently UK and Canada only). In order to be eligible for this alternative exam, applicants must submit proof of the appropriate registration or license to NFA along with additional information or documentation relating to an applicant’s market knowledge such as completion of the appropriate qualifications testing. For example, in the UK an individual would need to be currently approved or have been approved as Control Function 30 (CF30) within the two years prior to filing the application and also provide one of the following Certificates in Derivatives: Unit 3 Derivatives, Unit 7 Financial Derivatives or Unit 9 Commodity Derivatives; or Level 4 Derivatives (Investment Advice Diploma Derivatives). If an individual has been continuously approved as CF30 (previously CF21) since December 1, 2001, that individual would not be required to provide proof of having obtained a Certificate in Derivatives. Any questions regarding eligibility should be directed to NFA prior to taking the Series 32.
