Per the NFA:
Proposed amendments to NFA Bylaw 301 will require any individual seeking approval as a forex firm or forex individual to pass the Series 34 examination before engaging in off-exchange forex business with retail customers. The proposed amendments grandfather certain individuals who were approved sole proprietor principals or registered as APs or FBs on May 22, 2008, from the Series 34 proficiency requirement. (This means that those approved as sole proprietor principals and registered APs or FBs as of May 22, 2008 are exempt from the Series 34 exam.)
The proposed amendments provide that any individual applying for approval as a forex firm or forex individual shall not be granted approval as a forex firm or forex individual unless:
- the applicant has satisfied the Series 3 or Series 32 proficiency requirement (as described above) and
- NFA has received satisfactory evidence that the applicant has passed the Series 34 within two years of the date the application is filed or
- since the date the applicant last passed the Series 34 there has been no period of two consecutive years during which the applicant has not been either registered as an AP or FB or an approved principal of a registrant; or
- the applicant was registered as an AP, FB or an approved sole proprietor principal on May 22, 2008, and there has been no period of two consecutive years since that date during which the applicant has not been either registered as an AP or FB or an approved principal of a registrant.