NFA has developed a reference guide outlining our Members' regulatory requirements for Security Futures Products (SFPs). We hope this guide will serve as an educational resource for NFA Member FCMs and IBs who "passport" into broker-dealer registration (under Section 15(b)(11) of the Securities Exchange Act of 1934) because they limit their securities activities to SFPs. FCMs and IBs who are also registered as brokers or dealers and that are members of FINRA will be governed by rules relating to these products being developed by FINRA.

NFA has divided the guide into "Areas of Regulation" (e.g., registration, proficiency training, supervision, promotional material, etc.). For each area the guide lists the SFP regulatory requirements and references the specific NFA Compliance Rule or Interpretive Notice that contains the requirement.

This guide is not all-inclusive and should be used solely as reference material. NFA does have a comprehensive Regulatory Guide to Security Futures Products. If you have any questions regarding your regulatory requirements relating to SFPs, contact us by e-mail (information@nfa.futures.org) or call our Information Center (800-621-3570).

• Security Futures Products Regulatory Requirements Reference Guide (in PDF format, 9 pages)