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FUTURES
MANAGED FUNDS
The
Futures Managed Funds examination is composed of 45 questions
with one hour of testing time allowed. This guide is intended
to be an outline of the subject areas covered by the examination,
and does not represent an exhaustive list of the actual test questions.
SECTION 1:
General Market Knowledge
Definition and significance of:
 margin
futures
and forward contracts
price
limits
open
interest
offsetting
contracts
marking-to-market
settlement
spread
trades
basis
hedging
yield
curve
cost
of carry
leverage
price
volatility
SECTION 2:
General Regulations
arbitration
claims and awards
NFA
disciplinary process
NFA
Compliance Rule 2-9, supervision of employees
Qualified
Eligible Participant
registration
requirements
trading
on foreign markets
books
and records to be maintained
SECTION 3:
CPO/CTA Regulations
reports
to customers
exemptions
from registration
records
to be maintained
limited
partnerships
accepting
funds from customers
SECTION 4:
CPO/CTA Disclosure Documents
management
and incentive fees
performance
records
conflict
of interest
how
long can a CPO or CTA use a disclosure document
pool
units purchased by principals
disclosure
statements
business
backgrounds of principals
NFA/CFTC
review of document before use
disclosure
of disciplinary action
SECTION 5:
Know Your Customer Rule
client
information required
risk
disclosures
SECTION 6:
Disclosure by CPOs and CTAs Required for Upfront Fees
disclosure
of upfront fees and expenses
effect
of upfront fees and organizational expenses on net performance
SECTION 7:
Promotional Material (NFA Rule 2-29)
definition
of promotional material
use
of a third party consulting or advertising firm
reprints
of articles from industry publications
hypothetical
trading results
past
performance
recordkeeping
of promotional material
written
procedures for promotional material
standardized
sales presentation
supervisory
review of promotional material
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