NFA EXAMS OVERVIEW
The National Futures Association (NFA) is the CFTC’s SRO. It was created in 1982 by the futures industry. It is a non-profit that’s supported by membership dues and assessment fees.
Although the CFTC conducts some exams, the NFA is a more robust examination authority. Like FINRA, the NFA also engages in dispute resolution and arbitration.
The NFA has authority to examine commodity pool operators, commodity trading advisors, forex pool operators, introducing brokers, swap dealers and major swap participants.
Federal law requires affected firms to become NFA members. More than 4,100 firms and 57,000 associates were members in 2015.