How do I become an Introducing broker?

To register as an IB and become an NFA Member:

1. Designate a Security Manager in order to obtain secure access to NFA’s Online Registration System (ORS)
2. Complete online Form 7-R.
3. Complete online NFA membership application.
4. Satisfy compliance requirements for IB applicants.
5. Complete online Annual Questionnaire.

Is an introducing broker required to be registered as an associated person?

Registration is generally required unless: The individual is already registered as an FCM, IB or Floor Broker* or. The individual is already registered as a CTA if he or she is to be associated with a CTA or.

Who needs to register with the NFA?

Any futures commission merchant, swap dealer or major swap participant, retail foreign exchange dealer, introducing broker, commodity pool operator, commodity trading advisor, or non-natural floor trader can establish a prepaid account with NFA. No minimum balance is required.

Do you need a license to be a broker dealer?

If you intend to be a Registered Investment Advisor or an independent broker-dealer, you’ll also need to be licensed. Here’s a rundown of the most common FINRA and NASAA securities licenses: Series 6: If you want to sell mutual funds, variable annuities, and other investment packages, you’ll need this license.

Is an introducing broker an intermediary?

Intermediaries include: Introducing Brokers (IBs) Commodity Pool Operators (CPOs) Commodity Trading Advisors (CTAs) Intermediaries are generally required to register with the CFTC.

Who is considered an associated person of a business?

A sole proprietor, partner, officer, director, branch manager of the member firm, or any person occupying a similar status of performing a similar function.

Do you need a license to trade futures?

Every commodity broker must be licensed and registered with the National Futures Association (NFA) as an “associated person.” To get that license, the applicant must pass a test called the Series 3 examination. The outline form for the test can be found on the NFA website.

What is NFA license?

NFA grants temporary licenses to applicants for registration as associated persons, floor brokers, individual floor traders, or guaranteed introducing brokers if they meet certain conditions.

Can an individual be a broker dealer?

Any person who intends to become a broker-dealer in California may apply for a broker-dealer certificate by filing an application. If the applicant is a member of Financial Industry Regulatory Authority (“FINRA”), the application (Form BD) should be filed directly with the Central Registration Depository (“CRD”).

What are the Series 7 and 63 licenses?

The Series 7 and Series 63 licenses are the basic broker licenses, although the Series 63 license is state-specific. The person you may work with for investing purposes may not prove to be a broker per se, but is a registered representative employed by a licensed broker or dealer.