According to NFA, individuals that must comply with the requirements include (i) swap associated persons ("AP") at a futures commission merchant ("FCM"), (ii) introducing brokers ("IBs"), (iii) CPOs and CTAs and (iv) APs at swap dealers ("SDs"). NFA stated that compliance must be met in order to remain certified as a swap AP or an AP at an SD, and that firms must designate a Swaps Proficiency Requirements Administrator to aid enrollment.
In addition, NFA noted that it will provide an FAQ and host two webinars on January 15, 2020 and January 28, 2020.
The reference to "swap APs" and "APs at swap dealers" is not an illusion. There is a distinction. Under the CEA, the individual registration requirement applies to APs of CFTC-registered FCMs, IBs, CPOs, and CTAs who handle swaps ("swap APs"), but associated persons at swap dealers and major swap participants ("APs at swap dealers") are not required to register. See CEA Sections 4k and 4s(b)(6).