[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-394141-105":59,"doc-detail-394141-en":131},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":124,"head_meta":126,"extra_data":128,"updated_unix":130},105,"en","nfa-to-require-swap-proficiency-testing-for-associated-persons-of-cpos-and-ctas-who-engage-in-swaps-activity-march-8-2019","NFA to Require Swap Proficiency Testing for Associated Persons of CPOs and CTAs Who Engage in Swaps Activity - March 8, 2019","","Investment Management Alert outlines NFA amendments that will implement new “Swaps Proficiency Requirements” for associated persons of registered commodity pool operators (CPOs) and commodity trading advisors (CTAs) who solicit customers or accept orders to trade CFTC-regulated swaps. Effective January 31, 2021, Swap APs must complete and pass the “short track” online exam with four modules, and no grandfathering applies for existing Swap APs approved before the effective date. The alert explains the rationale and notes scope beyond CPOs/CTAs.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/nfa-to-require-swap-proficiency-testing-for-associated-persons-of-cpos-and-ctas-who-engage-in-swaps-activity-march-8-2019/394141/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/nfa-to-require-swap-proficiency-testing-for-associated-persons-of-cpos-and-ctas-who-engage-in-swaps-activity-march-8-2019/394141.png","ImageObject",300,407,{"name":92,"@type":93},"Rowan","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-09-26",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",12,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What is the deadline for Swap APs to meet the new NFA swaps proficiency requirements?","Question",{"text":113,"@type":114},"By January 31, 2021, all swap associated persons of registered CPOs and CTAs must take and pass the NFA’s new swaps proficiency requirements.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"Is there a grandfathering exception for Swap APs already approved before the effective date?",{"text":118,"@type":114},"No. The alert states there is no grandfathering exception, so current Swap APs must pass the Swaps Proficiency Requirements by no later than the Effective Date to continue serving.",{"name":120,"@type":111,"acceptedAnswer":121},"What does the “short track” online swaps proficiency exam include?",{"text":122,"@type":114},"The short track consists of four modules: (i) swaps products and applications; (ii) regulation of the swaps market; (iii) supervision and intermediary compliance; and (iv) anti-fraud and other requirements.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},394141,1790799696,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":14,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":24,"preview_page_count":4},1099514067415,"https://ap-avatar.wpscdn.com/avatar/100002539d78ffe74a7?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779092875211072502","Investment Management Alert  \nNFA to Require Swap Proficiency Testing for Associated Persons ofCPOs and CTAs Who Engage in Swaps Activity  \nMarch 8, 2019  \nKey Points  \n• By January 31, 2021, all swap associated persons of registered CPOs and CTAs must take and pass the NFA’s new swaps proficiency requirements.  \n• The swaps proficiency requirements mirror the proficiency testing long required for associated persons of CPOs and CTAs who engage in commodity futures or forex activity.  \nAbsent objections from the Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA) is adopting amendments to its Bylaws and Compliance Rules along with an explanatory Interpretive Notice 1 which will implement new “Swaps Proficiency Requirements” for associated persons of registered commodity pool operators (CPOs) and registered commodity trading advisors (CTAs), among others,2 who engage in (or supervise those who engage in) soliciting customers or accepting their orders to trade CFTC-regulated swaps (Swap APs) . Subject to certain exceptions, associated persons of CPOs and CTAs have long been required to pass the Series 3 or Series 34 proficiency exam if their activities involve commodity futures or forex activity, respectively. However, since the NFA created the Swap AP designation and approval requirement as a result of the Dodd-Frank reforms, no corollary proficiency testing component has existed. The NFA cited its statutory mandate and recent recommendation from the chairman of the CFTC as the rationale for moving ahead in adopting a training and testing program to raise the professional standards for all Swap APs.  \n1 See National Futures Association: Proposed Amendments to NFA Bylaw 301 and NFA Compliance Rule 2-24 and Proposed Interpretive Notice Entitled: NFA Bylaw 301 and Compliance Rule 2-24: Proficiency Requirements for Swap APs, available at [https://www.nfa.futures.org/news/PDF/CFTC/InterpNotcNFABylaw301CR2-](https://www.nfa.futures.org/news/PDF/CFTC/InterpNotcNFABylaw301CR2-)[ ](https://www.nfa.futures.org/news/PDF/CFTC/InterpNotcNFABylaw301CR2-)[24ProficiencyRequirementsSwapAPs.pdf](24ProficiencyRequirementsSwapAPs.pdf.)[.](24ProficiencyRequirementsSwapAPs.pdf.)  \n2 This Investment Management Alert focuses on the Swaps Proficiency Requirements applicable to Swap APs of CPOs and CTAs. However, the Swaps Proficiency Requirements are also applicable to Swap APs of swap dealers, major swap participants, futures commission merchants and introducing brokers.  \nContact Information  \nIf you have any questions regarding this alert, please contact the Akin Gump lawyer with whom you usually work or  \nJan-Paul Bruynes  \nPartner [jpbruynes@akingump.com](jpbruynes@akingump.com)[ ](jpbruynes@akingump.com)New York  \n+1 212.872.7457  \nJason M. Daniel  \nPartner [jdaniel@akingump.com](jdaniel@akingump.com)[ ](jdaniel@akingump.com)Dallas  \n+1 214.969.4209  \nMereen Miran  \nDirector of Business Development [mmiran@akingump.com](mmiran@akingump.com)[ ](mmiran@akingump.com)New York  \n+1 212.407.3050  \nEffective January 31, 2021 (the “Effective Date”), in order to receive NFA approval (or maintain such approval) as a Swap AP of a registered CPO or CTA, individuals must have passed the “short track”3 version of an online swaps proficiency exam consisting of four modules: (i) swaps products and applications; (ii) regulation of the swaps market; (iii) supervision and intermediary compliance; and (iv) anti-fraud and other requirements. There is no grandfathering exception for Swap APs approved by the NFA prior to the Effective Date, meaning all current Swap APs must pass the Swaps Proficiency Requirements by no later than the Effective Date in order to continue serving in such capacity.  \n[akingump.com](akingump.com)  \n3 A “long track” version of the Swaps Proficiency Requirements exists for certain Swap APs of swap dealers and major swap participants.","cbCaivYkuKXGDe53","https://ap.wps.com/l/cbCaivYkuKXGDe53","pdf",24828,"English","# Key Points\n## Implementation timeline and mandatory exam\n## Scope and rationale\n## Exam structure: short track modules\n## Contact information","[{\"question\":\"What is the deadline for Swap APs to meet the new NFA swaps proficiency requirements?\",\"answer\":\"By January 31, 2021, all swap associated persons of registered CPOs and CTAs must take and pass the NFA’s new swaps proficiency requirements.\"},{\"question\":\"Is there a grandfathering exception for Swap APs already approved before the effective date?\",\"answer\":\"No. The alert states there is no grandfathering exception, so current Swap APs must pass the Swaps Proficiency Requirements by no later than the Effective Date to continue serving.\"},{\"question\":\"What does the “short track” online swaps proficiency exam include?\",\"answer\":\"The short track consists of four modules: (i) swaps products and applications; (ii) regulation of the swaps market; (iii) supervision and intermediary compliance; and (iv) anti-fraud and other requirements.\"}]","NFA to Require Swap Proficiency Testing for Associated Persons of CPOs and CTAs Who Engage in Swaps Activity - March 8, 2019 | PDF",1790399246]