NFA reminded firms that January 31, 2021 is the compliance date for associated persons of swap dealers and intermediaries to satisfy their Swaps Proficiency Requirements.
In its Notice to Members, NFA emphasized that if an associated person fails to satisfy the requirements by the compliance date, such individual's Associate Membership and AP registration will be withdrawn if the individual exclusively engages in swap activities on behalf of an NFA Member FCM, IB, CPO or CTA. An individual newly seeking to engage in swaps activity will need to satisfy the requirements prior to being approved as an AP.
Primary Sources
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
