The Foley Adviser

Reminder: Compliance Date for NFA's Swaps Proficiency Requirements is January 31, 2021

January 26, 2021

As a reminder, the compliance date for the National Futures Association’s (NFA) Swaps Proficiency Requirements is January 31, 2021. NFA Members with associated persons (AP) required to satisfy NFA's Swaps Proficiency Requirements must ensure these individuals do so by January 31, 2021. Individuals who do not satisfy the Swaps Proficiency Requirements by the compliance date will be unable to engage in swaps activities until they have done so. Further, those individuals' associate membership and AP registration will be withdrawn after the compliance date if the individual exclusively engages in swap activities on behalf of an NFA member. After January 31, 2021, any individual seeking to engage in swaps activity will need to satisfy NFA's Swaps Proficiency Requirements prior to being approved as a swap AP.

Please note that NFA member firms should withdraw the swap designation prior to the compliance date for registered swap APs who are not conducting swaps activities and will not do so in the future. Swap APs who are not already enrolled in the Swaps Proficiency Requirements should contact their member firm's SPR administrator. 

Click here for more details regarding the Swaps Proficiency Requirements.

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