Pursuant to the NFA’s recent Amendment to Rule 2-7, Swap APs serving as Branch Managers of Member Firms engaged solely in swaps activities will not need to take/pass the series 30 exam, and will only be required to be up to date with the NFA’s swaps proficiency requirements.

The amended language  to Rule 2-7 reads as follows:


(a) No Member shall allow an Associate to be a branch office manager unless:

(1) The Associate has taken and passed the NFA Branch Manager Examination, provided, however, that any Associate who subsequently ceases acting as a branch manager will not be required to retake and pass the examination in order to resume acting as a branch manager unless after acting as a branch manager the Associate was not registered in any capacity for a period of more than two years; or

(2) The Associate is sponsored by a registered broker-dealer and is qualified to act as a branch office manager under the rules of either the New York Stock Exchange or the Financial Industry Regulatory Authority; or.

(3) The Member has been approved as a swap firm by NFA and its sole activities are soliciting and accepting orders for swaps subject to the jurisdiction of the CFTC and the Associate has taken and passed NFA’s Swaps Proficiency Requirements in accordance with NFA Bylaw 301(l).


For any questions regarding branch office supervision requirements please call Turnkey Trading Partners at 312-324-0040.