The National Futures Association ("NFA") will develop an online learning program and proficiency examination for individuals engaged in swaps activities.
Although the Commodity Exchange Act requires the NFA to establish training standards and proficiency testing, those standards apply only to associated persons ("APs") in futures and forex activities. The NFA's new proficiency requirements will apply to APs employed by various types of CFTC registrants engaged in swaps activities. The NFA will form a "Swaps Proficiency Requirements Advisory Committee" to aid NFA staff in developing the program.
The NFA anticipates that the program will commence in 2020.
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