NFA · Lapsed exemptions

Missed your NFA annual affirmation? Reinstate your exemption.

Fund managers that rely on a CFTC exemption from commodity pool operator or trading advisor registration — most often Rule 4.13(a)(3) or 4.5 — must affirm it every year through NFA's Exemption System. Miss it, and the exemption is treated as withdrawn.

The rules at a glance

Affirmation due: Within 60 days after the end of each calendar year
If missed: Exemption is treated as withdrawn
Filed on: NFA Exemption System
Check status: NFA BASIC (public)

Who this applies to

Private fund managers with a 4.13(a)(3) de minimis exemption
Registered fund advisers relying on Rule 4.5
CTAs relying on Rule 4.14 exemptions
Managers who see 'withdrawn' on NFA BASIC

Why it matters

• Operating a pool without an exemption or registration can breach CFTC rules
• Counterparties and FCMs check NFA BASIC and may restrict trading
• Fund documents and Form ADV may describe an exemption you no longer have

How to get current

1Check each fund and entity on NFA BASIC
2Confirm the fund still meets the exemption's trading limits
3Re-file the exemption notice in the NFA Exemption System
4Update offering documents and Form ADV if needed
5Calendar the next annual affirmation

Have us handle it

NFA Exemption Reinstatement & Affirmation

$1,500 one-time · $750/yr renewal

We confirm your status, re-file the exemption, and track every year's affirmation on your RegReview calendar.

$2,500 minimum engagement. Smaller items are available to existing clients as add-ons or combined in the $2,500 Missed Deadline Rescue Bundle. Government and issuer fees pass through at cost.

Common questions

What happens if I miss the NFA annual affirmation?

The exemption is treated as withdrawn. If the fund still trades commodity interests, it may need to re-claim the exemption or register. Talk to counsel about any trading done while it was lapsed.

When is the NFA affirmation due?

Within 60 days after the end of the calendar year, which usually means by the end of February or March 1.

How do I check my exemption status?

Search the firm or fund on NFA BASIC. It shows active and withdrawn exemptions.

Official sources: NFA: Exemptions · NFA BASIC

Public-record status does not confirm a violation. Confirm deadlines and requirements with the regulator before filing. This guide is general information, not legal advice.