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New Swaps Proficiency Requirements for All Swap-Related Associated Persons

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On March 25, 2019, the National Futures Association (NFA) published amendments to NFA Bylaw 301 and Compliance Rule 2-24 to require all associated persons (APs) of registered swap dealers (SDs), major swap participants (MSPs), futures commission merchants (FCMs), commodity pool operators (CPOs), commodity trading advisors (CTAs), and introducing brokers (IBs) who engage in or supervise activities involving swaps to satisfy new swaps proficiency requirements (the Swap Proficiency Rules).1

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