NFA Grade A

License requires

Commodity Pool Operator

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. Pay a non-refundable application fee of $200
5. Complete online Annual Questionnaire
6. Pay non-refundable CPO membership dues
7. Complete online Form 8-R for each principal and AP
8. Submit fingerprint cards for Principals and Associated Persons (AP)
9. Satisfy proficiency requirements for each sole proprietor, AP, forex AP and swap AP
10. Pay a non-refundable application fee of $85 for each principal and AP

Commodity Trading Advisor

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, if applicable
4. Pay a non-refundable application fee of $200
5. Complete online Annual Questionnaire
6. Pay non-refundable CTA membership dues
7. Complete online Form 8-R for each principal and AP
8. Submit fingerprint cards
9. Satisfy proficiency requirements for each sole proprietor, AP, forex AP and swap AP
10. Pay non-refundable application fee of $85 for each principal or AP

Future Commission Merchant

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 FCM applicants
5. Complete online Annual Questionnaire
6. Pay a non-refundable application fee of $500
7. Pay non-refundable FCM membership dues
8. Complete online Form 8-R for each principal and AP
9. Submit fingerprint cards
10. Satisfy proficiency requirements for each sole proprietor, AP, forex AP and swap AP
11. Pay a non-refundable application fee of $85 for each principal and AP

Introducing Broker

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
6. Pay a non-refundable application fee of $200
7. Pay non-refundable IB membership dues
8. Complete online Form 8-R for each principal and AP
9. Submit fingerprint cards
10. Satisfy proficiency requirements for each sole proprietor, AP, forex AP and swap AP
11. Pay a non-refundable application fee of $85 for each principal and AP

Retail foreign exchange dealer

1. Designate a Security Manager in order to obtain secure access to NFA's Online Registration System (ORS)
2. Complete online Form 7-R (which includes NFA membership sections)
3. Complete online NFA membership application
4. Satisfy compliance requirements for RFED applicants
5. Complete online Annual Questionnaire
6. Pay a non-refundable application fee of $500
7. Pay non-refundable RFED membership dues
8. Complete online Form 8-R
9. Submit fingerprint cards
10. Satisfy proficiency requirements for each sole proprietor, AP and forex AP
11. Pay non-refundable application fee of $85.00 for each principal and AP

Swap dealer

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. Pay non-refundable application fee of $15,000
5. Pay non-refundable SD membership dues
6. Submit documentation required to demonstrate compliance with the Section 4s Implementing Regulations
7. A completed online Form 8-R
8. Fingerprint Cards
9. A non-refundable Principal Application Fee of $85.00

Associated person

1. The sponsor must designate a Security Manager in order to obtain secure access to NFA's Online Registration System (ORS)
2. The sponsor completes online Form 8-R for the individual
3. Satisfy proficiency requirements
4. Complete application verification in ORS
5. Submit fingerprint cards
6. If engaging in retail off-exchange forex, be sponsored by a pending or an approved forex firm
7. If engaging in swaps, be sponsored by a pending or approved swap firm
8. Pay non-refundable application fee of $85 (An application fee is not required if the individual is currently registered with
9. The CFTC in any capacity or is listed as a principal of a current CFTC registrant.)

Floor Broker

1. Designate yourself as the Security Manager in order to obtain secure access to NFA's Online Registration System (ORS)
2. Complete online Form 8-R
3. Submit fingerprint cards
4. Contract markets and SEFs must submit proof that they have been granted trading privileges. Contract markets and
5. SEFs may provide proof in ORS after their applications have been filed.
6. Pay a non-refundable application fee of $85. (An application fee is not required if you are currently registered with the CFTC in any capacity or are listed as a principal of a current CFTC registrant.)

Floor trader

1. Designate yourself as the Security Manager in order to obtain secure access to NFA's Online Registration System (ORS)
2. Complete online Form 8-R
3. Submit fingerprint cards
4. Contract markets and SEFs must submit proof that they have been granted trading privileges. Contract markets and SEFs may provide proof in ORS after their applications have been filed.
5. Pay a non-refundable application fee of $85. (An application fee is not required if you are currently registered with the CFTC in any capacity or listed as a principal of a current CFTC registrant.)

Non-natural person floor

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. Submit proof from a contract market or SEF that the FTF has been granted trading privileges. The contract market or SEF may provide proof after the application has been filed
4. Pay a non-refundable application fee of $200.

A principal and/or order enterer of an FTF

1. A completed online Form 8-R for each principal and/or order enterer
2. Submit fingerprint cards
3. Pay a non-refundable application fee of $85. (An application fee is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant.)

Principal

1. A completed online Form 8-R
2. Verification of the Form 8-R
3. Fingerprint cards
4. A non-refundable Principal Application Fee of $85.00 (An application fee is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant.)