Marketing & Business Development Flashcards
7 cards from real Series 3 – The National Commodities Futures Test practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Marketing & Business Development flashcards as text
Who must register as an associated person (AP)?
Answer: Anyone who solicits orders or customers on behalf of an FCM or IB
Persons soliciting orders, customers, or funds for a registered firm must register as APs.
What most distinguishes an introducing broker (IB) from an FCM?
Answer: An IB does not accept customer funds to margin trades
IBs solicit or accept orders but carry no customer funds; they introduce accounts to an FCM.
Under CFTC Rule 1.55, the risk disclosure statement must be given to a new customer:
Answer: Before the account is opened, with a signed acknowledgment
The disclosure must be furnished and acknowledged in writing before the account is opened.
When must a CPO deliver its disclosure document to a prospective pool participant?
Answer: At or before soliciting or accepting funds
The document must be delivered no later than when the CPO solicits or accepts the prospect's funds.
A CPO or CTA disclosure document generally may not be used more than how long after its date?
Answer: 12 months
Disclosure documents cannot be used if dated more than 12 months earlier.
An unregistered person offers to refer prospects to an IB for a commission. What is the concern?
Answer: Soliciting customers generally requires registration, so paying for it raises compliance issues
Soliciting for compensation generally triggers AP registration, and firms may not pay unregistered solicitors.
A CTA provides which service?
Answer: Giving individualized trading advice for compensation
A commodity trading advisor advises others about trading futures or options for compensation.
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Sources & references
Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy
- finra.org — Score release, test dates, test delivery, fees, exam format, passing score · verified Oct 2026
- nfa.futures.org — Eligibility, score validity · verified Oct 2026