Limited Futures Examination-Regulations — Information & Free Practice
US · Examination information
200 free questions · Answer explanations · No signup required
Limited Futures Examination-Regulations
- Provider
- FINRA administers the NFA examination; appointments through Prometric
- Format
- NFA lists True/False and Multiple Choice; FINRA describes the format as Multiple Choice
- Exam questions
- Total questions: 35; Scored questions: 35.
- Time limit
- 45 minutes
- Passing score
- 70%
- Exam fee
- $90
Examination outline
General
- CFTC registrations/NFA membership
- Just and Equitable Principles of Trade (NFA Compliance Rule 2-4)
- Futures account opening requirements
- Position reporting requirements
- Speculative position limits
FCM/IB Regulations
- Guaranteed and independent IBs
- Net capital requirements
- Financial report
- Collection of margin deposits
- Customer complaints
- Time-stamping requirements
- Communication with the Public and Promotional Material (NFA Compliance Rule 2-29)
- Disclosure by FCMs and IBs required for costs associated with futures transactions
CPO/CTA
- CPO/CTA regulations (NFA Compliance Rule 2-13)
- Disclosure documents
- Records to be maintained
- Communications with the public and promotional material (NFA Compliance Rule 2-29)
- Arbitration Procedures
NFA Disciplinary Procedures
- Written complaints
- Warning letters
- Hearings
- Member responsibility actions (MRA)
- Penalties for violators
- CFTC Commodity Exchange Act Enforcement
Examination sources
- NFA Study Outline for Futures Industry Exams
Series 32 > Major Subject Areas of the Examination; entire listing, DOM blocks 586–652
- FINRA Series 32 examination page
Series 32 examination description, content outline referral
- FINRA Series 32 examination page
Series 32 examination description, second paragraph
- NFA Study Outline for Futures Industry Exams
Exam Types and Costs, Series 32 row; columns Exam Name, Cost, Number of Questions, Material Covered, Time Alotted
- FINRA Series 32 examination page
SERIES 32 AT A GLANCE > Number of Items
- NFA Study Outline for Futures Industry Exams
Signing up for the Futures Industry Exams, paragraph 1
- NFA Study Outline for Futures Industry Exams
Scheduling an Appointment to Take an Exam > General Information, first two paragraphs
- FINRA Series 32 examination page
Series 32 examination description, test delivery note
- NFA Proficiency Requirements
Futures Proficiency Requirements > alternatives introductory paragraph and Limited Futures Examination-Regulations (Series 32)
- NFA Registration Rule 401, Qualification Testing Requirement
Rule 401(f)(1)–(4), including introductory applicant scope