NFA Swaps Proficiency Test: An Inside Look

In March 2019, NFA announced that all swap Associated Persons (APs) would be required to complete a new swaps proficiency requirement by January 31, 2021. As swap firms are aware, the initial registration process was completed by NFA earlier this year to setup a swap administrator for all firms and also list any APs that would be required to take the proficiency test.

Higher NFA Fees For Swap Firms: Are you Effected?

NFA’s membership fee increase is scheduled to go into effect January 1, 2020. Invoices for this surcharge will be scheduled to go out around November 15, 2019. Now is the time for NFA member firms to revisit whether or not their brokerage activities fall under NFA’s new swap firm considerations.