As previously covered, NFA amended (i) NFA Bylaw 301 and NFA Compliance Rule 2-24 and (ii) the Interpretive Notice titled NFA Bylaw 301 and Compliance Rule 2-24: Proficiency Requirements for Swap APs.
The amendments require that any individual who is engaged in swaps activities (whether registered as a swap firm intermediary or swap-associated person ("AP")), or who is simply acting as an AP of a swap dealer, satisfy these requirements.
According to the Interpretive Notice, any individual who is "approved as swap APs" at a futures commission merchant, introducing broker, CPO or CTA member firm, or who is acting as an AP at a swap dealer on January 31, 2021, must have met the swaps proficiency requirements in order to remain approved as a swap AP or continue as an AP at a swap dealer following this date.
These requirements do not apply to certain individuals acting outside the United States as APs to non-U.S. counterparties.
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