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NFA Reminder-Compliance Date for Swaps Proficiency Requirements

July 16th | 2020


Earlier this year, the NFA announced new proficiency requirements on individuals approved as swap associated persons (Aps) at FCMs, IBs, CPOs and CTAs in NFA Bylaw 301(l). Likely because the date is only about six months away, the NFA recently reminded its members that the compliance date for NFA's Swaps Proficiency Requirements is January 31, 2021.

The requirements will be administered via the internet through a number of individual modules covering specific topic areas, each of which contains both a training and testing component. 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. 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 at an intermediary or acting as an AP at an swap dealer.


The NFA's Swaps Proficiency Requirements webpage has helpful FAQ, help guides, system requirements and other resources that intended to help Members understand their obligations related to the Swaps Proficiency Requirements.

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