NFA reminded firms that January 31, 2021 is the compliance date for the associated persons ("APs") of swap dealers and intermediaries to satisfy the Swaps Proficiency Requirements.
In a Notice to Members, NFA reiterated that individuals who do not satisfy the requirements by such date will be unable to engage in swaps activities, and will have their registration withdrawn if they fail to comply. NFA noted that, prior to the compliance date, firms should withdraw the swap designation of registered APs who will no longer conduct swaps activities.
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