- What is a temporary license?
- Can I receive an AP TL with more than one sponsor?
- How do I receive a temporary license to act as an AP?
- How do I receive a temporary license to act as a guaranteed IB?
- How do I receive a temporary license to act as a floor broker or floor trader?
- If I receive a temporary license as a floor broker, can I accept customer orders?
What is a temporary license?
Temporary licenses allow applicants to conduct business in the registration capacity for which they have applied while NFA is conducting the required background checks. NFA grants temporary licenses to applicants for registration as Associated Persons, Floor Brokers, Floor Traders or Introducing Brokers if they meet certain conditions.
Can I receive an AP TL with more than one sponsor?
Yes, an AP can have TL's with more than one sponsor. This could occur if an AP has a TL with one sponsor and a second sponsor files an application for the AP to be associated with it as well. The same will be true if the individual is applying to be both an AP and a FB/FT. If the applicant is otherwise eligible, the fact that the applicant already has one TL will not prevent the applicant from obtaining additional TLs.
How do I receive a temporary license to act as an AP?
AP applicants who are eligible will receive a TL online after the sponsor files the electronic Form 8-R. The AP must file the verification and NFA must receive the fingerprint cards, the registration fee and, if applicable, evidence from FINRA that the applicant has passed a proficiency examination within 20 days after the sponsor files Form 8-R. If NFA does not receive any of these items within the 20 days, the TL will be withdrawn.
How do I receive a temporary license to act as a guaranteed IB?
NFA will grant a TL to a guaranteed IB after all the filings have been made for the IB and all of its individual principals and NFA determines that the IB and all of its individual principals meet the eligibility requirements for obtaining a TL. The FCM that guarantees the IB must also file its certification before the TL can be issued.
How do I receive a temporary license to act as a floor broker or floor trader?
Eligible FB/FT applicants will receive a TL after electronically filing the Form 8-R in ORS, submitting fingerprint cards, paying the required fee and obtaining trading privileges.
If I receive a temporary license as a floor broker, can I accept customer orders?
Yes.
If you have any other questions, contact NFA's Information Center at (800) 621-3570 or (312) 781-1410 or e-mail NFA.
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