The CFTC adopted amendments to Form 8-R ("Individual Application") for CFTC/NFA registrations. The form is used for registration as an "associated person of a registrant, floor broker, or floor trader, or to be listed as a principal of a registrant." The CFTC said that the amendments "are essentially technical and non-substantive in nature."

The amendments include:

  • additional language to note the obligation of certain persons to satisfy NFA Swap Proficiency Requirements in NFA  Bylaw 301 ("Requirements and Restrictions") and Compliance Rule 2-24 ("Qualification Testing of Associated Persons");
  • adding a question as to whether the applicant has completed the Swaps Proficiency Requirements in the past two years;
  • conforming changes aligned with the updated FBI-mandated disclosure for persons whose fingerprints are taken for non-criminal matters;
  • amending the definition of "adversary action" to conform it with the usage in the "Disciplinary Information Section" of the form; and
  • text changes to make clear that "person" and "entity" are defined terms on the form.

The revised form will become effective upon being posted on the NFA site.

Commentary Nihal Patel

The process for amending CFTC/NFA registration forms continues to be flawed. (See  commentary on prior Form 8R amendments.) While the new changes appear to be fairly technical, (i) registrants are given virtually no notice of the changes (which contain elements that will require updates to firm policies and procedures); (ii) the NFA filing requesting changes is not published (the CFTC says the filing "is on file with the Commission"); and (iii) the CFTC or NFA do not provide comparison files to show the exact changes - users must run their own comparisons or solely rely on the brief CFTC descriptions.

Originally published June 24, 2020.

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