|On October 3, 2012, the National Futures Association (the “NFA”) released a notice announcing that it had amended NFA Registration Rules 401 and 402 to exempt from the Series 3 proficiency exam requirement “associated persons” of commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) whose activities subject to Commodity Futures Trading Commission (“CFTC”) jurisdiction are limited to swaps. Such amendments were effective immediately.
Rules 401 and 402 require that an associated person of a registered CPO or CTA pass the Series 3 exam unless the person can rely on an exemption to, or obtain a waiver from, this requirement. Absent the relief provided by the NFA’s amendments to these rules, associated persons of CPOs and CTAs that are required to register with the CFTC solely as a result of their swap activities would have been required to pass the Series 3 exam. (Press Release)