{"metadata":{"generator":"Captivate","generatorVersion":"11.8.0","schemaVersion":"","author":"Deborah Diamanti","title":"Module 1 - Easy Notary","description":"General Information & Requirements Pennsylvania Notary Public online training.","email":"info@easy-notary.com","website":"www.easy-notary.com","tags":"","thumbnail":"","source":"assets","durationInFrames":144480,"frameRate":30,"totalSlides":113,"width":880,"height":660,"responsive":false,"scalable":true,"launchFile":"index.html","isVRProject":false},"contentStructure":[{"id":"Text_Caption_5","class":"TODO::Senthil","instance":"Text_Caption_5","title":"ESP Exam Securities Prep, Inc. Copyright © 2022. All rights reserved. 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Typically, there is a formalized department that works within the exchange, running constant surveillance and compliance measures on each and every activity performed at an exchange.  The Benefits of Regulation Regulated firms and associates are held to a higher standard because of the innovative regulatory and enforcement programs of regulators and exchanges. These rules aim to safeguard the integrity of the derivatives markets and work to protect market participants from fraud, manipulation and market abuse. Regulators and exchanges also provide important due diligence, arbitration, restitution and educational resources that help market participants protect themselves. 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The act establishes the statutory framework under which the CFTC operates. Under the act, the CFTC has the authority to establish regulations that are published in Title 17, Chapter I, of the Code of Federal Regulations.  CFTC Divisions The CFTC organization includes the offices of the Chairman and Commissioners, and 13 operating divisions and offices. ","roles":{"textData":{}}},{"id":"Text_Caption_2202","class":"TODO::Senthil","instance":"Text_Caption_2202","title":"COMMODITY FUTURES TRADING COMMISSION (CFTC) ","roles":{"textData":{}}},{"id":"Text_Caption_2231","class":"TODO::Senthil","instance":"Text_Caption_2231","title":"The CFTC plays an important role in regulating financial markets. Without such regulation and regulators, market participants could be subjected to fraud by unscrupulous individuals and, in turn, lose faith in our capital markets.   This could make capital markets ineffective at efficiently allocating financial resources to the most deserving means of production and productive economic activities to the detriment of investors, consumers, and society. Time will show if the agency is up to the new challenges it faces. 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An FCM must segregate all customer funds from its own. Therefore, customer funds cannot be treated as the FCMs own property, and cannot be used to pay its rent, telephone bills, etc.   In the case of a CPO, the pool operator must operate its pool as a separate legal entity from that of the CPO. Similar to an FCM, a CPO cannot treat customer funds as its own and must segregate them. 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FCMs, APs, and IBs must ensure (to the extent possible) that a customer order, which is able to be executed at or near the market, is transmitted to the exchange floor before an order for a personal or proprietary account of the futures commission merchant or associated person.  FCMs, IBs, and APs may not disclose a customer order to any other person unless it's necessary for the execution of the order.   FCMs, APs, and IBs may not knowingly take the opposite side of a customer order without prior specific consent of the customer.  APs may not have an account with another futures commission merchant without the consent of his employer.  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Each confirmation statement must contain the name of the FCM and, if appropriate, the IB.   The FCM must also provide its customers with a monthly statement to show open positions and their unrealized profit or loss as of the last business day of the month, in the case of an expired or exercised option, a confirmation must be made of the expiration or exercise, including date and details of current position.   For controlled or discretionary accounts, a separate copy of the confirmation statement must be given to the account owner and the controller. For a commodity pool, the FCM is required to provide a confirmation statement only to the CPO, not to each pool participant.  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This provision is included in the customer account agreement. 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If the customer dies, the member firm is required to cancel all open orders and liquidate all open positions. This provision is included in the customer account agreement. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si294920","class":"TODO::Senthil","instance":"Text_Caption_570","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide294934","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_2293","Image_1463","si294771","si294786","si294797","si294832","si294844","si294856"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide294934"},"question":{"interactionId":"294724","quizId":733,"title":"True/False","text":"If the customer dies, the member firm is not required to cancel all open orders and liquidate all open positions. This provision is included in the customer account agreement.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"]}}},{"id":"Button_2414","class":"TODO::Senthil","instance":"Button_2414","roles":{"click":{"subtype":"button"}}},{"id":"si274729","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si274742","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2415","class":"TODO::Senthil","instance":"Button_2415","roles":{"click":{"subtype":"button"}}},{"id":"si274780","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si274793","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2149","class":"TODO::Senthil","instance":"Text_Caption_2149","title":"REVIEW ","roles":{"textData":{}}},{"id":"Text_Caption_2150","class":"TODO::Senthil","instance":"Text_Caption_2150","title":"Customer Accounts ","roles":{"textData":{}}},{"id":"Line_55","class":"TODO::Senthil","instance":"Line_55","roles":{}},{"id":"Image_1348","class":"TODO::Senthil","instance":"Image_1348","roles":{"click":{"subtype":"button"},"question":{"interactionId":"274876","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_2151","class":"TODO::Senthil","instance":"Text_Caption_2151","title":"Read and review the information on the next slides, as there is a possibility that you will have to know this information to pass the Series 3 Examination. 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Given that the customer information provided came directly from the customer, the AP is NOT required to make every effort to verify with a third party any information provided by the customer. When assembling a customer's financial profile, the customer should be the sole source of information. Customers are NOT required to disclose all financial information to open an account.  In a joint tenants in common account, assets in the account could be distributed unequally, and one party could have a majority ownership position over the other. The parties in the account do NOT share an undivided interest, and upon the death of one tenant, all assets go to the decedent's estate, NOT to the surviving party to the account.  The AP on a joint account is NOT required to confirm instructions with both parties on the account. Both parties on the account must sign a commodities risk disclosure document, both parties can request distributions, and the names of all parties on the account should appear on any checks drawn from the account. 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Should a transfer on death account owner die, \"the beneficiary\" will become the new owner. That new owner, with a power of attorney, can enter orders for the account. Should the account owner become the subject of a lawsuit, the account assets will NOT be placed at risk by association, as is the case with a joint tenants with rights of survivorship account. 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This provision is included in the customer account agreement. Failure to do so may make the member firm liable to the estate for any loss subsequently incurred in the account.   The types of customer accounts include: Joint account Partnership account Trust account Investment company account  An NFA member or associate member must obtain written consent from a customer before he's able to exercise discretion over the customer's futures or options account.  In order to exercise discretion over a customer account, an associated person must have a minimum of two consecutive years of working experience as a registered associated person. However, this requirement doesn't apply to a person who's also registered as a commodity trading advisor.     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","roles":{"textData":{}}},{"id":"Slide295179","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_2294","Image_1464","si295016","si295031","si295042","si295077","si295089","si295101"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide295179"},"question":{"interactionId":"294965","quizId":733,"title":"True/False","text":"Records that are prepared by all NFA member firms must be kept for five years.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Image_1182","class":"TODO::Senthil","instance":"Image_1182","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Button_2183","class":"TODO::Senthil","instance":"Button_2183","roles":{"click":{"subtype":"button"}}},{"id":"si249836","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si249849","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2184","class":"TODO::Senthil","instance":"Button_2184","roles":{"click":{"subtype":"button"}}},{"id":"si249887","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si249900","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1904","class":"TODO::Senthil","instance":"Text_Caption_1904","title":"If a CPO or CTA or its principles has a personal account, he must maintain a daily itemized record of each transaction executed for that personal account.  Each commodity trading advisor must maintain certain records at its main business office. The client's record should include the following data:  name and address of each client, all powers of attorney, and all other written agreements including authorization for management fees a complete list of all commodity interests for each client copies of each confirmation, purchase and sale statement, and monthly statement from a Futures Commission Merchant copies of each report, letter, circular, memorandum, publication, writing, advertisement, or other literature or advice from the date of first use  It is the primary responsibility of the FCM to ensure that each client of  a CTA receives a monthly account statement.  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The purpose of this requirement is to prevent various forms of customer abuse and to provide an adequate audit trail that allows customer orders to be tracked through each step of the order processing system. The rules also require CTA members to provide FCMs with the same required information. However, in the current electronic market environment, CTA's may place orders for many accounts in one order, which is commonly referred to as a bunched order.  CTA's may place bunched orders with an FCM for different accounts and allocate those contracts after execution.   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Bunching is the combining of multiple odd-lot or round-lot orders for the same security so that they can all be executed at the same time. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si295394","class":"TODO::Senthil","instance":"Text_Caption_584","title":"Correct - Click anywhere or press ‘y’ to continue. 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Written consent is generally referred to as a power of attorney.   A person is not deemed to be exercising discretion if the customer specifies the commodity, year and delivery month of the contract, the number of contracts, and whether the transaction is to buy or sell.   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Each trade that's executed pursuant to a grant of discretion must be reviewed by a principal or supervisor of the Futures Commission Merchant by no later than the day after its execution.  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However, this requirement does not apply to a person who's also registered as a Commodity Trading Advisor.  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However, this prohibition doesn't apply if the FCM obtains a copy of the customers written grant of discretion and a signed acknowledgment from the customer that he has received a disclosure document.   Additionally, the prohibition does not apply for situations in which the person who owns the account and the person who is exercising discretion are members of the same family.  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A Futures Commission Merchant must segregate all customer funds from its own.   Therefore, customer funds cannot be treated as the FCMs own property, and cannot be used to pay its rent, telephone bills, etc. In the case of a Commodity Pool Operator, the pool operator must operate its pool as a separate legal entity from that of the Commodity Pool Operator. Similar to a Futures Commission Merchant, a Commodity Pool Operator cannot treat customer funds as its own and must segregate them. 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","roles":{"textData":{}}},{"id":"si295485","class":"TODO::Senthil","instance":"Text_Caption_586","title":"A) ","roles":{"textData":{}}},{"id":"si295489","class":"TODO::Senthil","instance":"Text_Caption_587","title":"True ","roles":{"textData":{}}},{"id":"si295485_a","class":"TODO::Senthil","instance":"68_83","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si295496","class":"TODO::Senthil","instance":"Text_Caption_588","title":"B) ","roles":{"textData":{}}},{"id":"si295500","class":"TODO::Senthil","instance":"Text_Caption_589","title":"False ","roles":{"textData":{}}},{"id":"si295496_a","class":"TODO::Senthil","instance":"70_84","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si295535","class":"TODO::Senthil","instance":"Button_188","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide295637q4","for":"Slide295637q4"},"textData":{}}},{"id":"si295547","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide295637q4","for":"Slide295637q4"},"textData":{}}},{"id":"si295559","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide295637q4","for":"Slide295637q4"},"textData":{}}},{"id":"si295591","class":"TODO::Senthil","instance":"Text_Caption_590","title":"Incorrect - The correct answer is True. FCMs and Commodity Pool Operators and leverage transactions merchants are the only category of registrants that may accept customer funds to trade futures and options contracts. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si295623","class":"TODO::Senthil","instance":"Text_Caption_591","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide295637","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_2296","Image_1466","si295474","si295489","si295500","si295535","si295547","si295559"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide295637"},"question":{"interactionId":"295423","quizId":733,"title":"True/False","text":"FCMs and Commodity Pool Operators and leverage transactions merchants are the only category of registrants that may accept customer funds to trade futures and options contracts.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_2210","class":"TODO::Senthil","instance":"Button_2210","roles":{"click":{"subtype":"button"}}},{"id":"si252020","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si252033","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2211","class":"TODO::Senthil","instance":"Button_2211","roles":{"click":{"subtype":"button"}}},{"id":"si252071","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si252084","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1941","class":"TODO::Senthil","instance":"Text_Caption_1941","title":"Trading Standards The CFTC prescribes the following minimum ethical standards governing trading for customers: FCMs are responsible for supervising the conduct of their APs. FCMs, Associated Persons, and Introducing Brokers must ensure to the extent possible, that a customer order, which is able to be executed at or near the market, is transmitted to the exchange floor before an order for a personal or proprietary account of an FCM or an IB. FCMs, Associated Persons, and Introducing Brokers may not disclose a customer order to any other person unless it's necessary for the execution of the order. FCMs, Associated Persons, and Introducing Brokers may not knowingly take the opposite side of a customer order without prior specific consent of the customer. Associated Persons may not have an account with another Futures Commission Merchant without the consent of his employer.  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Each confirmation statement must contain the name of their Futures Commission Merchant and, if appropriate, the Introducing Broker. The Futures Commission Merchant must also provide its customers with a monthly statement to show open positions and their unrealized profit as of the last business day of the month.  In the case of an expired or exercised option, a confirmation must be made of the expiration or exercise, including date and details of current position. For controlled or discretionary accounts, a separate copy of the confirmation statement must be given to the account owner and the controller. For a commodity pool, the Futures Commission Merchant is required to provide a confirmation statement only to the Commodity Pool Operator, not to each pool participant.  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These rules and regulations focus on the anti-fraud provisions that are covered in the Commodity Exchange Act and the CFTC regulations.   The NFA compliance director can require statements under oath from any member or Associated Person of a member and can also subpoena documents. If an applicant has been found guilty of conduct that is inconsistent with just and equitable principles of trade, their membership can be denied.  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Additionally, member firms that are required to maintain segregated customer accounts must conduct a financial analysis on a daily basis.  At least once every 24 months, a full scope audit is conducted by the NFA covering every facet of a firm's business activities. The NFA also conducts limited scope unannounced audits. If violations are found, this can trigger an in-depth investigation. The NFA president, with concurrence from the board of directors, can initiate with or without a hearing, a member's responsibility action which, at the extreme, can require the firm to immediately cease doing business.   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If the regional committee determines that the facts justify the issuance of a formal complaint, the respondent must answer and is entitled to a hearing before the committee.  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At least once every 24 months, a full scope audit is conducted by the NFA covering every facet of a firm's business activities. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si295852","class":"TODO::Senthil","instance":"Text_Caption_598","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide295866","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_2297","Image_1467","si295703","si295718","si295729","si295764","si295776","si295788"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide295866"},"question":{"interactionId":"295656","quizId":733,"title":"True/False","text":"At least once every 12 months, a full scope audit is conducted by the NFA covering every facet of a firm's business activities.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"]}}},{"id":"Button_2225","class":"TODO::Senthil","instance":"Button_2225","roles":{"click":{"subtype":"button"}}},{"id":"si253283","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si253296","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2226","class":"TODO::Senthil","instance":"Button_2226","roles":{"click":{"subtype":"button"}}},{"id":"si253334","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si253347","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1958","class":"TODO::Senthil","instance":"Text_Caption_1958","title":"Disciplinary Actions Upon conclusion of a disciplinary proceeding, the regional committee or the appeals committee may impose one or more of the following penalties: Expulsion or suspension from NFA membership for a specified time. This requires two-thirds vote of the committee members that are present Prohibition or suspension for a specified period from association with an NFA member Censure or reprimand A monetary fine that cannot exceed $250,000 per violation Issuance of a cease-and-desist order, or any other reasonable penalty or remedial action that's not inconsistent with NFA rules  ","roles":{"textData":{}}},{"id":"Button_2227","class":"TODO::Senthil","instance":"Button_2227","roles":{"click":{"subtype":"button"}}},{"id":"si253404","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si253418","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1959","class":"TODO::Senthil","instance":"Text_Caption_1959","title":"OTHER REQUIREMENTS - DISCIPLINARY ACTIONS ","roles":{"textData":{}}},{"id":"Text_Caption_1960","class":"TODO::Senthil","instance":"Text_Caption_1960","title":"DISCIPLINARY ACTIONS ","roles":{"textData":{}}},{"id":"Image_1201","class":"TODO::Senthil","instance":"Image_1201","roles":{"click":{"subtype":"button"},"question":{"interactionId":"253461","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Image_1202","class":"TODO::Senthil","instance":"Image_1202","roles":{"click":{"subtype":"button"},"question":{"interactionId":"253496","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1961","class":"TODO::Senthil","instance":"Text_Caption_1961","title":"The appeals committee may increase, decrease, or set aside the penalties that were imposed by the regional committee. ","roles":{"textData":{}}},{"id":"Slide253455","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Button_2225","si253283","si253296","Button_2226","si253334","si253347","Text_Caption_1958","Button_2227","si253404","si253418","Text_Caption_1959","Text_Caption_1960","Image_1201","Image_1202","Text_Caption_1961"],"roles":{"slide":{"durationInFrames":1923},"navigation":{"navid":"Slide253455"}}},{"id":"Button_2228","class":"TODO::Senthil","instance":"Button_2228","roles":{"click":{"subtype":"button"}}},{"id":"si253615","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si253628","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2229","class":"TODO::Senthil","instance":"Button_2229","roles":{"click":{"subtype":"button"}}},{"id":"si253666","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si253679","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1962","class":"TODO::Senthil","instance":"Text_Caption_1962","title":"The CFTC maintains exclusive disciplinary jurisdiction over floor brokers and exchanges. The CTFC is empowered to bring administrative or federal court actions against any registered person or entity for any violation of the Commodity Exchange act and CFTC regulations, regardless of whether the NFA also has jurisdiction.   Penalties that may be imposed by the CFTC include a maximum fine of the greater of $168,142 indexed for inflation, or three times the monetary gain per violation, a suspension or revocation of registration, a suspension or revocation of trading privileges, and a cease and desist order from future violations.  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Such settlements avoid a hearing that may carry penalties as those which may be applied following a hearing.   When a complaint by a Regulatory agency is issued against a member it becomes a matter of public record. 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Penalties that may be imposed by the CFTC include a maximum fine of the greater of $168,142 indexed for inflation, or three times the monetary gain per violation, a suspension or revocation of registration, a suspension or revocation of trading privileges, and a cease and desist order from future violations. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si296081","class":"TODO::Senthil","instance":"Text_Caption_605","title":"Correct - Click anywhere or press ‘y’ to continue. 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Industry members are required to utilize arbitration in their dispute resolution matters; it is NOT optional. Most arbitration claims are regarding financial matters. Public customers must commit in writing when agreeing to utilize arbitration as their means of dispute resolution, and the customer agreement may contain the dispute arbitration clause.  Under the Patriot Act, a firm's anti-money-laundering program must receive its senior management's approval. A firm must implement a customer identification program and anti-money-laundering rules apply to all customers who open an account. Individuals on the account with only trading authority however, are subject to these rules as well.  Disputes involving more than $100,000 require three arbitrators. Regardless of the amount of the claim, the number of arbitrators required for a decision must always be odd. Only one arbitrator is required for disputes of $50,000 or less. A hearing on the claim will allow for the presentation of both evidence and testimony.  An administrative law judge will be responsible for hearing and determining the outcome of a CFTC hearing. 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The purpose of this requirement is to prevent various forms of customer abuse and to provide an adequate audit trail that allows customer orders to be tracked through each step of the order processing system. The rules also require CTA members to provide FCMs with the same required information. However, in the current electronic market environment, CTA's may place orders for many accounts in one order, which is commonly referred to as a bunched order. CTA's may place bunched orders with an FCM for different accounts and allocate those contracts after execution.  Bunching is the combining of multiple odd-lot or round-lot orders for the same security so that they can all be executed at the same time. All affected clients must agree to the bunching, also known as block trades, before the order is submitted. 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Written consent is generally referred to as a power of attorney.  A person is not deemed to be exercising discretion if the customer specifies the commodity, year and delivery month of the contract, the number of contracts, and whether the transaction is to buy or sell.  Duty to Review & Supervise An FCM has a continuous obligation to supervise discretionary accounts. Each trade that's executed pursuant to a grant of discretion must be reviewed by a principal or supervisor of the Futures Commission Merchant by no later than the day after its execution.  Minimum Experience Required In order to exercise discretion over a customer account, an Associated Person must have a minimum of two consecutive years of working experience as a registered Associated Person. However, this requirement does not apply to a person who's also registered as a Commodity Trading Advisor. 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However, this prohibition doesn't apply if the FCM obtains a copy of the customers written grant of discretion and a signed acknowledgment from the customer that he has received a disclosure document.  Additionally, the prohibition does not apply for situations in which the person who owns the account and the person who is exercising discretion are members of the same family.  Options Customer Complaints For complaints made by options customers, a Futures Commission Merchant or introducing broker must: retain all written complaints  retain written records of all oral complaints make and retain a record of the date on which the complaint was received, the person who serviced the account, a general description of the complaint, and the action taken regarding the complaint customer complaints that a firm receives are not considered public information ","roles":{"textData":{}}},{"id":"Image_1275","class":"TODO::Senthil","instance":"Image_1275","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Button_2323","class":"TODO::Senthil","instance":"Button_2323","roles":{"click":{"subtype":"button"}}},{"id":"si267218","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si267232","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_1278","class":"TODO::Senthil","instance":"Image_1278","roles":{"click":{"subtype":"button"},"question":{"interactionId":"267234","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_2277","class":"TODO::Senthil","instance":"Text_Caption_2277","title":"REVIEW - OTHER REQUIREMENTS ","roles":{"textData":{}}},{"id":"Slide267266","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Button_2321","si267063","si267076","Button_2322","si267114","si267127","Text_Caption_2058","Image_1275","Button_2323","si267218","si267232","Image_1278","Text_Caption_2277"],"roles":{"slide":{"durationInFrames":2352},"navigation":{"navid":"Slide267266"}}},{"id":"Button_2324","class":"TODO::Senthil","instance":"Button_2324","roles":{"click":{"subtype":"button"}}},{"id":"si267320","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si267333","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2325","class":"TODO::Senthil","instance":"Button_2325","roles":{"click":{"subtype":"button"}}},{"id":"si267371","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si267384","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2060","class":"TODO::Senthil","instance":"Text_Caption_2060","title":"Treatment of Customer Funds FCMs, Commodity Pool Operators and leverage transactions merchants are the only category of registrants that may accept customer funds to trade futures and options contracts. A Futures Commission Merchant must segregate all customer funds from its own.   Trading Standards The CFTC prescribes the following minimum ethical standards governing trading for customers: FCMs are responsible for supervising the conduct of their APs. FCMs, APs, and IBs must ensure, to the extent possible, that a customer order which is able to be executed at or near the market, is transmitted to the exchange floor before an order for a personal or proprietary account of an FCM or an IB. FCMs, APs, and IBs may not disclose a customer order to any other person unless it's necessary for the execution of the order. FCMs, APs, and IBs may not knowingly take the opposite side of a customer order without prior specific consent of the customer. APs may not have an account with another FCM without the consent of his employer. 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Each confirmation statement must contain the name of the Futures Commission Merchant and, if appropriate, the Introducing Broker. The Futures Commission Merchant must also provide its customers with a monthly statement to show open positions and their unrealized profit as of the last business day of the month.  Disciplinary Proceedings - Compliance The NFA compliance rules and regulations that apply to members and associated members are designed to ensure the integrity of customer relationships. These rules and regulations focus on the anti-fraud provisions that are covered in the Commodity Exchange Act and the CFTC regulations.   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Additionally, member firms that are required to maintain segregated customer accounts must conduct a financial analysis on a daily basis. At least once every 24 months, a full scope audit is conducted by the NFA covering every facet of a firm's business activities. The NFA also conducts limited scope unannounced audits. If violations are found, this can trigger an in-depth investigation. The NFA president, with concurrence from the board of directors, can initiate with or without a hearing, a member's responsibility action which, at the extreme, can require the firm to immediately cease doing business. 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This requires two-thirds vote of the committee members that are present. Prohibition or suspension for a specified period from associating with an NFA member. A monetary fine that cannot exceed $250,000 per violation. Issuance of a cease-and-desist order, or any other reasonable penalty or remedial action that's not inconsistent with NFA rules.  The CFTC maintains exclusive disciplinary jurisdiction over floor brokers and exchanges. The CFTC is empowered to bring administrative or federal court actions against any registered person or entity for any violation of the Commodity Exchange Act and CFTC regulations, regardless of whether the NFA also has jurisdiction.  Penalties that may be imposed by the CFTC include a maximum fine of the greater of $168,142 indexed for inflation, or three times the monetary gain per violation, a suspension or revocation of registration, a suspension or revocation of trading privileges, and a cease-and-desist order from future violations. 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The claim is heard and decided by a CFTC administrative law judge and may be appealed to the Commission.  The three categories of reparations proceedings are:  Formal decisional procedure. The amount of damages claimed exceeds $10,000 exclusive of interest and costs. With this procedure, the parties may have an oral hearing if either so chooses.  Summary decisional procedure. The amount of damages claimed does not exceed $10,000 exclusive of interest and cost. With this procedure, if an oral hearing is not held due to either party so choosing, a decision is based on submitted documents.    ","roles":{"textData":{}}},{"id":"Text_Caption_1977","class":"TODO::Senthil","instance":"Text_Caption_1977","title":"Voluntary decisional procedure. A judgment officer gives an expedited decision which cannot be appealed. Both parties must agree to the use of this procedure.   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The disputes may be between members or between customers and members or the members associates. Proceedings must be initiated within two years of the event in dispute. If the aggregate claim is less than $50,000, the NFA will appoint one arbitrator. Also, for disputes between $50,000 and a $150,000, the NFA will generally appoint 1 arbitrator. However, if both parties submit a written request, the NFA will appoint 3 arbitrators.  On disputes exceeding $150,000, the NFA will automatically appoint 3 arbitrators. Parties involved in the dispute are notified of the decision within 30 days following the completion of the hearing. Decisions of the arbitrators are not subject to appeal and may be enforced in any court of competent jurisdiction.  CFTC regulations also require exchanges to provide arbitration procedures for disputes between members, as well, and for disputes between members and their customers.     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On disputes exceeding $150,000, the NFA will automatically appoint 3 arbitrators. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si296310","class":"TODO::Senthil","instance":"Text_Caption_612","title":"Correct - Click anywhere or press ‘y’ to continue. 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For example, a person who owns or controls 200 or more crude oil futures contracts on either the long or short side of the market must provide a report regarding his holding to the CFTC. In addition, the Futures Commission Merchant that carries this person’s account must also report his position to the CFTC. On the first day that the account drops below the reporting level, a report must be filed with CFTC.  The reporting level applies to both speculators and hedgers. A trader who is at the reporting level must report all of his trades, all deliveries of the cash commodity taken or made, and then number of open contracts that he maintains.    ","roles":{"textData":{}}},{"id":"Image_1214","class":"TODO::Senthil","instance":"Image_1214","roles":{"click":{"subtype":"button"},"question":{"interactionId":"255247","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1988","class":"TODO::Senthil","instance":"Text_Caption_1988","title":"Reports must be made daily and commence on the first day that the reporting level is reached. Reports are filed on each day that any trade is made, or if the trader makes or takes delivery of the cash commodity. The trader may cease reporting only after his position drops below the reporting level.     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The purpose of their trading limits is to prevent price manipulation and distortion of commodity futures prices. A bona fide hedger may apply for an exemption to the CFTC if his business needs justify exceeding the limits. Only certain commodities are covered by federal regulations as it relates to trading and position limits.   Other commodities are limited by the exchange on which they're traded, and some commodities are not limited either by federal law or by exchange rules.  Position reporting requirements and speculative position limits apply to all transactions, regardless of the exchange on which the transaction is made.     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The amendments address those rules already required for banks and financial institutions and coincide with the anti-money laundering of the securities industry. The requirements for FCMs and introducing brokers include:  Establishing and implementing policies, procedures, and internal controls that are reasonably designed to assure compliance with the applicable provisions of the Bank Secrecy Act. Providing for independent compliance testing to be conducted by member personnel, or by a qualified outside party. Designating an individual to be responsible for implementing and monitoring the day-to-day operations and internal controls of the program. Providing ongoing training for appropriate personnel.    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Firms are required to conduct ongoing training of personnel and a review of their procedures to ensure that they remain in compliance. A diligent commitment by the firm will detect money laundering schemes and make those engaged in money laundering reluctant to use such firms for these practices.  Reporting Requirements NFA members are required to file a report if a customer engages in a cash transaction or a series of cash transactions in a single day that exceeds $10,000. In addition, a member is also required to file a report if the amount of the cash transaction is $5,000 or more and the member suspects suspicious activity.   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In addition, a member is also required to file a report if the amount of the cash transaction is $5,000 or more and the member suspects suspicious activity. 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NFA members are required to file a report if a customer engages in a cash transaction or a series of cash transactions in a single day that exceeds $10,000. In addition, a member is also required to file a report if the amount of the cash transaction is $5,000 or more and the member suspects suspicious activity. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si296539","class":"TODO::Senthil","instance":"Text_Caption_619","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide296553","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_2300","Image_1470","si296390","si296405","si296416","si296451","si296463","si296475"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide296553"},"question":{"interactionId":"296343","quizId":733,"title":"True/False","text":"NFA members are required to file a report if a customer engages in a cash transaction or a series of cash transactions in a single day that exceeds $10,000. 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The CTFC has created a statement of acceptable practices which list the topics that should be addressed in the training program. NFA members are allowed flexibility as to the frequency, use of training providers, and method used to fulfill its ethics training obligation.   Proper documentation is also required. Members should keep records of the types of material used, when and to whom they were distributed and, if applicable, the date and record of attendance of any classroom training program.   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A voluntary decisional procedure provides for a decision that is expedited and one that cannot be appealed.   A formal decisional procedure is appropriate for a disputed amount greater than $10,000. 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The amount of damages claimed exceeds $10,000 exclusive of interest and costs. With this procedure, the parties may have an oral hearing if either so chooses.  Summary decisional procedure. The amount of damages claimed does not exceed $10,000 exclusive of interest and cost. With this procedure, if an oral hearing is not held due to either party so choosing, a decision is based on submitted documents.  Voluntary decisional procedure. A judgment officer gives an expedited decision which cannot be appealed. Both parties must agree to the use of this procedure.    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The disputes may be between members or between customers and members or the members associates. Proceedings must be initiated within two years of the event in dispute. If the aggregate claim is less than $50,000, the NFA will appoint one arbitrator. Also, for disputes between $50,000 and a $150,000, the NFA will generally appoint one arbitrator. However, if both parties submit a written request, the NFA will appoint three arbitrators.  On disputes exceeding $150,000, the NFA will automatically appoint three arbitrators. Parties involved in the dispute are notified of the decision within 30 days following the completion of the hearing. Decisions of the arbitrators are not subject to appeal and may be enforced in any court of competent jurisdiction.  CFTC regulations also require exchanges to provide arbitration procedures for disputes between members, as well as for disputes between members and their customers. 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For example, a person who owns or controls 200 or more crude oil futures contracts on either the long or short side of the market must provide a report regarding his holding to the CFTC. In addition, the Futures Commission Merchant that carries this person’s account must also report his position to the CFTC. On the first day that the account drops below the reporting level, a report must be filed with CFTC.  The reporting level applies to both speculators and hedgers. A trader who is at the reporting level must report all of his trades, all deliveries of the cash commodity taken or made, and number of open contracts that he maintains.    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Whether during the course of a trading day or overnight period, speculative trading limits apply to the gross long or gross short positions in an account.   Position reporting requirements and speculative position limits apply to all transactions, regardless of the exchange on which the transaction is made.   Speculators are not limited to the reporting levels in regard to the maximum positions they may hold. The reporting level, which is lower than the position limit, is the point at which all traders are required to file notice of their positions with the CFTC if any subsequent trades are made.      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The amendments addressed those rules already required for banks and financial institutions and coincide with the anti-money laundering of the securities industry. The requirements for FCMs and introducing brokers include:  Establishing and implementing policies, procedures, and internal controls that are reasonably designed to assure compliance with the applicable provisions of the Bank Secrecy Act. Providing for independent compliance testing to be conducted by member personnel, or by a qualified outside party. Designating an individual to be responsible for implementing and monitoring the day-to-day operations and internal controls of the program. Provide ongoing training for appropriate personnel. 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","roles":{"click":{"subtype":"button","question":"Slide205659q9"},"textData":{}}},{"id":"si205743","class":"TODO::Senthil","title":"Incorrect - The correct answer is True. The Commodity Futures and Options industry is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide205659q9"},"textData":{}}},{"id":"Slide205659","class":"Question Slide","instance":"Question 1","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_1609","si205696","si205715","si205726","si205861","si205878","si205891"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide205659"},"question":{"interactionId":"205676","quizId":733,"title":"True/False","text":"The Commodity Futures and Options industry is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). \r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1610","class":"TODO::Senthil","instance":"Text_Caption_1610","title":"QUIZ ","roles":{"textData":{}}},{"id":"si206143","class":"TODO::Senthil","instance":"Text_Caption_475","roles":{}},{"id":"si206066","class":"TODO::Senthil","instance":"Text_Caption_456","title":"The CFTC has overall responsibility to regulate futures and options. It has delegated certain responsibilities to the NFA and the contract markets exchanges. In turn, the NFA and the exchanges carry out these delegated responsibilities, but are still subject to the supervision and review of the CFTC.  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","roles":{"click":{"subtype":"button","question":"Slide206377q10"},"textData":{}}},{"id":"si206137","class":"TODO::Senthil","instance":"SmartShape_20","title":"Incorrect - The correct answer is True. The CFTC has overall responsibility to regulate futures and options. It has delegated certain responsibilities to the NFA and the contract markets exchanges. In turn, the NFA and the exchanges carry out these delegated responsibilities, but are still subject to the supervision and review of the CFTC. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206377q10"},"textData":{}}},{"id":"Slide206377","class":"Question Slide","instance":"Question 2","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_1610","si206066","si206081","si206092","si206255","si206267","si206279"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide206377"},"question":{"interactionId":"206022","quizId":733,"title":"True/False","text":"The CFTC has overall responsibility to regulate futures and options. It has delegated certain responsibilities to the NFA and the contract markets exchanges. In turn, the NFA and the exchanges carry out these delegated responsibilities, but are still subject to the supervision and review of the CFTC.\r\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1602","class":"TODO::Senthil","instance":"Text_Caption_1602","title":"QUIZ ","roles":{"textData":{}}},{"id":"si199458","class":"TODO::Senthil","title":"The NFA is a self regulatory organization of the commodities industry. Select the principle functions of the NFA from the list below. (select all that apply) ","roles":{"textData":{}}},{"id":"si199473","class":"TODO::Senthil","title":"A) ","roles":{"textData":{}}},{"id":"si199477","class":"TODO::Senthil","title":"audit its members to ensure that they meet minimum financial requirements and enforce ethical standards and customer protection rules ","roles":{"textData":{}}},{"id":"si199477","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide199421q11"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199473_a","class":"TODO::Senthil","roles":{"answer":{"title":"audit its members to ensure that they meet minimum financial requirements and enforce ethical standards and customer protection rules\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199484","class":"TODO::Senthil","title":"B) ","roles":{"textData":{}}},{"id":"si199488","class":"TODO::Senthil","title":"provide for arbitration of disputes between member firms and customers ","roles":{"textData":{}}},{"id":"si199488","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide199421q11"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199484_a","class":"TODO::Senthil","roles":{"answer":{"title":"provide for arbitration of disputes between member firms and customers\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199554","class":"TODO::Senthil","title":"C) ","roles":{"textData":{}}},{"id":"si199558","class":"TODO::Senthil","title":"conduct registration screening of commodity personnel ","roles":{"textData":{}}},{"id":"si199558","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide199421q11"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199554_a","class":"TODO::Senthil","roles":{"answer":{"title":"conduct registration screening of commodity personnel\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199569","class":"TODO::Senthil","title":"D) ","roles":{"textData":{}}},{"id":"si199573","class":"TODO::Senthil","title":"establish training standards and proficiency testing ","roles":{"textData":{}}},{"id":"si199573","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide199421q11"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199569_a","class":"TODO::Senthil","roles":{"answer":{"title":"establish training standards and proficiency testing\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199505","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide199421q11","for":"Slide199421q11"},"textData":{}}},{"id":"si199522","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide199421q11","for":"Slide199421q11"},"textData":{}}},{"id":"si199535","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide199421q11","for":"Slide199421q11"},"textData":{}}},{"id":"si199598","class":"TODO::Senthil","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si199883","class":"TODO::Senthil","title":"Incorrect - The correct answer is A, B, C and D. Click anywhere or press ‘y’ to continue.  ","roles":{"textData":{}}},{"id":"Slide199421","class":"Question Slide","instance":"Question 3","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_1602","si199458","si199477","si199488","si199558","si199573","si199505","si199522","si199535"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide199421"},"question":{"interactionId":"199438","quizId":733,"title":"Multiple Choice","text":"The NFA is a self regulatory organization of the commodities industry. Select the principle functions of the NFA from the list below. (select all that apply)\r","ikc":true,"type":"knowledgeCheck","interactionType":"choice","ramdomized":false,"correctAnswers":["A","B","C","D"]}}},{"id":"Text_Caption_1615","class":"TODO::Senthil","instance":"Text_Caption_1615","title":"QUIZ ","roles":{"textData":{}}},{"id":"si206756","class":"TODO::Senthil","instance":"Text_Caption_480","roles":{}},{"id":"si206679","class":"TODO::Senthil","instance":"Text_Caption_458","title":"FCMs are required to be registered with the National Futures Association (NFA). This is required unless the entity handles transactions only for the firm itself, or the firm's affiliates, top officers, or directors; or if the entity is a non-U.S. resident or firm with only non-U.S. customers and submits all trades for clearing to an FCM. 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","roles":{"click":{"subtype":"button","question":"Slide206990q12"},"textData":{}}},{"id":"si206750","class":"TODO::Senthil","instance":"SmartShape_22","title":"Incorrect - The correct answer is True. FCMs are required to be registered with the National Futures Association (NFA). This is required unless the entity handles transactions only for the firm itself, or the firm's affiliates, top officers, or directors; or if the entity is a non-U.S. resident or firm with only non-U.S. customers and submits all trades for clearing to an FCM. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206990q12"},"textData":{}}},{"id":"Slide206990","class":"Question Slide","instance":"Question 4","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_1615","si206679","si206694","si206705","si206868","si206880","si206892"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide206990"},"question":{"interactionId":"206639","quizId":733,"title":"True/False","text":"FCMs are required to be registered with the National Futures Association (NFA). This is required unless the entity handles transactions only for the firm itself, or the firm's affiliates, top officers, or directors; or if the entity is a non-U.S. resident or firm with only non-U.S. customers and submits all trades for clearing to an FCM.\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1616","class":"TODO::Senthil","instance":"Text_Caption_1616","title":"QUIZ ","roles":{"textData":{}}},{"id":"si207138","class":"TODO::Senthil","instance":"Text_Caption_486","roles":{}},{"id":"si207061","class":"TODO::Senthil","instance":"Text_Caption_481","title":"If a customer refuses to provide background information other than his name, address, age and occupation, the FCM may NOT open the account for the customer as long as the FCM or Associated Person makes a written record of the fact that the customer refused to disclose background information and the account has been approved. 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","roles":{"click":{"subtype":"button","question":"Slide207372q13"},"textData":{}}},{"id":"si207132","class":"TODO::Senthil","instance":"SmartShape_24","title":"Incorrect - The correct answer is False. If a customer refuses to provide background information other than his name, address, age and occupation, the FCM may NOT open the account for the customer as long as the FCM or Associated Person makes a written record of the fact that the customer refused to disclose background information and the account has been approved. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207372q13"},"textData":{}}},{"id":"Slide207372","class":"Question Slide","instance":"Question 5","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_1616","si207061","si207076","si207087","si207250","si207262","si207274"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide207372"},"question":{"interactionId":"207017","quizId":733,"title":"True/False","text":"If a customer refuses to provide background information other than his name, address, age and occupation, the FCM may NOT open the account for the customer as long as the FCM or Associated Person makes a written record of the fact that the customer refused to disclose background information and the account has been approved.\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1617","class":"TODO::Senthil","instance":"Text_Caption_1617","title":"QUIZ ","roles":{"textData":{}}},{"id":"si207508","class":"TODO::Senthil","instance":"Text_Caption_493","roles":{}},{"id":"si207431","class":"TODO::Senthil","instance":"Text_Caption_488","title":"An Introducing Broker (IB) is a broker in the futures markets who has a direct relationship with a client, but delegates the work of the floor operation and trade execution to another futures merchant, typically an FCM.  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","roles":{"click":{"subtype":"button","question":"Slide207742q14"},"textData":{}}},{"id":"si207502","class":"TODO::Senthil","instance":"SmartShape_26","title":"Incorrect - The correct answer is True. An Introducing Broker (IB) is a broker in the futures markets who has a direct relationship with a client, but delegates the work of the floor operation and trade execution to another futures merchant, typically an FCM. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207742q14"},"textData":{}}},{"id":"Slide207742","class":"Question Slide","instance":"Question 6","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_1617","si207431","si207446","si207457","si207620","si207632","si207644"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide207742"},"question":{"interactionId":"207391","quizId":733,"title":"True/False","text":"An Introducing Broker (IB) is a broker in the futures markets who has a direct relationship with a client, but delegates the work of the floor operation and trade execution to another futures merchant, typically an FCM. \r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1618","class":"TODO::Senthil","instance":"Text_Caption_1618","title":"QUIZ ","roles":{"textData":{}}},{"id":"si207878","class":"TODO::Senthil","instance":"Text_Caption_500","roles":{}},{"id":"si207801","class":"TODO::Senthil","instance":"Text_Caption_495","title":"An IB may accept funds in their customer’s name or in the name of the firm.  ","roles":{"textData":{}}},{"id":"si207812","class":"TODO::Senthil","instance":"Text_Caption_496","title":"A) ","roles":{"textData":{}}},{"id":"si207816","class":"TODO::Senthil","instance":"Text_Caption_497","title":"True ","roles":{"textData":{}}},{"id":"si207812_a","class":"TODO::Senthil","instance":"48_57","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si207823","class":"TODO::Senthil","instance":"Text_Caption_498","title":"B) ","roles":{"textData":{}}},{"id":"si207827","class":"TODO::Senthil","instance":"Text_Caption_499","title":"False ","roles":{"textData":{}}},{"id":"si207823_a","class":"TODO::Senthil","instance":"50_58","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si207990","class":"TODO::Senthil","instance":"Button_159","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208112q15","for":"Slide208112q15"},"textData":{}}},{"id":"si208002","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208112q15","for":"Slide208112q15"},"textData":{}}},{"id":"si208014","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208112q15","for":"Slide208112q15"},"textData":{}}},{"id":"si207853","class":"TODO::Senthil","instance":"SmartShape_27","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208112q15"},"textData":{}}},{"id":"si207872","class":"TODO::Senthil","instance":"SmartShape_28","title":"Incorrect - The correct answer is False. An IB may NOT accept funds in their customer’s name or in the name of the firm. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208112q15"},"textData":{}}},{"id":"Slide208112","class":"Question Slide","instance":"Question 7","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_1618","si207801","si207816","si207827","si207990","si208002","si208014"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide208112"},"question":{"interactionId":"207757","quizId":733,"title":"True/False","text":"An IB may accept funds in their customer’s name or in the name of the firm. \r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1619","class":"TODO::Senthil","instance":"Text_Caption_1619","title":"QUIZ ","roles":{"textData":{}}},{"id":"si208248","class":"TODO::Senthil","instance":"Text_Caption_507","roles":{}},{"id":"si208171","class":"TODO::Senthil","instance":"Text_Caption_502","title":"A Commodity Trading Advisor (CTA) is an individual or firm that provides personalized advice regarding the buying and selling of futures contracts, options on futures, and retail off-exchange forex contracts or swaps. They are required to be registered as a CTA by the National Futures Association (NFA), the self-regulatory organization for the derivatives industry.  ","roles":{"textData":{}}},{"id":"si208182","class":"TODO::Senthil","instance":"Text_Caption_503","title":"A) ","roles":{"textData":{}}},{"id":"si208186","class":"TODO::Senthil","instance":"Text_Caption_504","title":"True ","roles":{"textData":{}}},{"id":"si208182_a","class":"TODO::Senthil","instance":"48_59","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si208193","class":"TODO::Senthil","instance":"Text_Caption_505","title":"B) ","roles":{"textData":{}}},{"id":"si208197","class":"TODO::Senthil","instance":"Text_Caption_506","title":"False ","roles":{"textData":{}}},{"id":"si208193_a","class":"TODO::Senthil","instance":"50_60","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si208360","class":"TODO::Senthil","instance":"Button_162","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208482q16","for":"Slide208482q16"},"textData":{}}},{"id":"si208372","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208482q16","for":"Slide208482q16"},"textData":{}}},{"id":"si208384","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208482q16","for":"Slide208482q16"},"textData":{}}},{"id":"si208223","class":"TODO::Senthil","instance":"SmartShape_29","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208482q16"},"textData":{}}},{"id":"si208242","class":"TODO::Senthil","instance":"SmartShape_30","title":"Incorrect - The correct answer is True. A Commodity Trading Advisor (CTA) is an individual or firm that provides personalized advice regarding the buying and selling of futures contracts, options on futures, and retail off-exchange forex contracts or swaps. They are required to be registered as a CTA by the National Futures Association (NFA), the self-regulatory organization for the derivatives industry. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208482q16"},"textData":{}}},{"id":"Slide208482","class":"Question Slide","instance":"Question 8","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_1619","si208171","si208186","si208197","si208360","si208372","si208384"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide208482"},"question":{"interactionId":"208131","quizId":733,"title":"True/False","text":"A Commodity Trading Advisor (CTA) is an individual or firm that provides personalized advice regarding the buying and selling of futures contracts, options on futures, and retail off-exchange forex contracts or swaps. They are required to be registered as a CTA by the National Futures Association (NFA), the self-regulatory organization for the derivatives industry.\r\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1620","class":"TODO::Senthil","instance":"Text_Caption_1620","title":"QUIZ ","roles":{"textData":{}}},{"id":"si208618","class":"TODO::Senthil","instance":"Text_Caption_514","roles":{}},{"id":"si208541","class":"TODO::Senthil","instance":"Text_Caption_509","title":"A CPO is similar to a commodity trading advisor (CTA), but a CTA is an individual or firm that instead provides individualized advice regarding the buying and selling of commodities-related securities. ","roles":{"textData":{}}},{"id":"si208552","class":"TODO::Senthil","instance":"Text_Caption_510","title":"A) ","roles":{"textData":{}}},{"id":"si208556","class":"TODO::Senthil","instance":"Text_Caption_511","title":"True ","roles":{"textData":{}}},{"id":"si208552_a","class":"TODO::Senthil","instance":"48_61","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si208563","class":"TODO::Senthil","instance":"Text_Caption_512","title":"B) ","roles":{"textData":{}}},{"id":"si208567","class":"TODO::Senthil","instance":"Text_Caption_513","title":"False ","roles":{"textData":{}}},{"id":"si208563_a","class":"TODO::Senthil","instance":"50_62","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si208730","class":"TODO::Senthil","instance":"Button_165","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208852q17","for":"Slide208852q17"},"textData":{}}},{"id":"si208742","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208852q17","for":"Slide208852q17"},"textData":{}}},{"id":"si208754","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208852q17","for":"Slide208852q17"},"textData":{}}},{"id":"si208593","class":"TODO::Senthil","instance":"SmartShape_31","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208852q17"},"textData":{}}},{"id":"si208612","class":"TODO::Senthil","instance":"SmartShape_32","title":"Incorrect - The correct answer is True. A CPO is similar to a commodity trading advisor (CTA), but a CTA is an individual or firm that instead provides individualized advice regarding the buying and selling of commodities-related securities. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208852q17"},"textData":{}}},{"id":"Slide208852","class":"Question Slide","instance":"Question 9","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_1620","si208541","si208556","si208567","si208730","si208742","si208754"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide208852"},"question":{"interactionId":"208497","quizId":733,"title":"True/False","text":"A CPO is similar to a commodity trading advisor (CTA), but a CTA is an individual or firm that instead provides individualized advice regarding the buying and selling of commodities-related securities.\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_2005","class":"TODO::Senthil","instance":"Text_Caption_2005","title":"QUIZ ","roles":{"textData":{}}},{"id":"si256880","class":"TODO::Senthil","instance":"Text_Caption_517","roles":{}},{"id":"si256803","class":"TODO::Senthil","instance":"Text_Caption_516","title":"A Floor Broker (FB) is an independent member of an exchange who is authorized to execute trades for clients on the exchange floor. ","roles":{"textData":{}}},{"id":"si256814","class":"TODO::Senthil","instance":"Text_Caption_523","title":"A) ","roles":{"textData":{}}},{"id":"si256818","class":"TODO::Senthil","instance":"Text_Caption_524","title":"True ","roles":{"textData":{}}},{"id":"si256814_a","class":"TODO::Senthil","instance":"48_63","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si256825","class":"TODO::Senthil","instance":"Text_Caption_525","title":"B) ","roles":{"textData":{}}},{"id":"si256829","class":"TODO::Senthil","instance":"Text_Caption_526","title":"False ","roles":{"textData":{}}},{"id":"si256825_a","class":"TODO::Senthil","instance":"50_64","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si256992","class":"TODO::Senthil","instance":"Button_168","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257030q18","for":"Slide257030q18"},"textData":{}}},{"id":"si257004","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257030q18","for":"Slide257030q18"},"textData":{}}},{"id":"si257016","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257030q18","for":"Slide257030q18"},"textData":{}}},{"id":"si256855","class":"TODO::Senthil","instance":"SmartShape_33","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide257030q18"},"textData":{}}},{"id":"si256874","class":"TODO::Senthil","instance":"SmartShape_34","title":"Incorrect - The correct answer is True. A Floor Broker (FB) is an independent member of an exchange who is authorized to execute trades for clients on the exchange floor. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide257030q18"},"textData":{}}},{"id":"Slide257030","class":"Question Slide","instance":"Question 10","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_2005","si256803","si256818","si256829","si256992","si257004","si257016"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide257030"},"question":{"interactionId":"256763","quizId":733,"title":"True/False","text":"A Floor Broker (FB) is an independent member of an exchange who is authorized to execute trades for clients on the exchange floor.\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_2006","class":"TODO::Senthil","instance":"Text_Caption_2006","title":"QUIZ ","roles":{"textData":{}}},{"id":"si257166","class":"TODO::Senthil","instance":"Text_Caption_520","roles":{}},{"id":"si257089","class":"TODO::Senthil","instance":"Text_Caption_519","title":"Associated Persons, (APs) are bound by the rules and regulations of different futures exchanges and regulatory bodies. These entities regulate people in certain roles to make sure that an uneven flow of information, even if naturally occurring, does not impede or defraud investors in their trading and research activities.  ","roles":{"textData":{}}},{"id":"si257100","class":"TODO::Senthil","instance":"Text_Caption_527","title":"A) ","roles":{"textData":{}}},{"id":"si257104","class":"TODO::Senthil","instance":"Text_Caption_528","title":"True ","roles":{"textData":{}}},{"id":"si257100_a","class":"TODO::Senthil","instance":"48_65","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si257111","class":"TODO::Senthil","instance":"Text_Caption_529","title":"B) ","roles":{"textData":{}}},{"id":"si257115","class":"TODO::Senthil","instance":"Text_Caption_530","title":"False ","roles":{"textData":{}}},{"id":"si257111_a","class":"TODO::Senthil","instance":"50_66","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si257278","class":"TODO::Senthil","instance":"Button_171","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257316q19","for":"Slide257316q19"},"textData":{}}},{"id":"si257290","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257316q19","for":"Slide257316q19"},"textData":{}}},{"id":"si257302","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257316q19","for":"Slide257316q19"},"textData":{}}},{"id":"si257141","class":"TODO::Senthil","instance":"SmartShape_35","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide257316q19"},"textData":{}}},{"id":"si257160","class":"TODO::Senthil","instance":"SmartShape_36","title":"Incorrect - The correct answer is True. Associated Persons, (APs) are bound by the rules and regulations of different futures exchanges and regulatory bodies. These entities regulate people in certain roles to make sure that an uneven flow of information, even if naturally occurring, does not impede or defraud investors in their trading and research activities. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide257316q19"},"textData":{}}},{"id":"Slide257316","class":"Question Slide","instance":"Question 11","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_2006","si257089","si257104","si257115","si257278","si257290","si257302"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide257316"},"question":{"interactionId":"257045","quizId":733,"title":"True/False","text":"Associated Persons, (APs) are bound by the rules and regulations of different futures exchanges and regulatory bodies. These entities regulate people in certain roles to make sure that an uneven flow of information, even if naturally occurring, does not impede or defraud investors in their trading and research activities. \r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_2007","class":"TODO::Senthil","instance":"Text_Caption_2007","title":"QUIZ ","roles":{"textData":{}}},{"id":"si257452","class":"TODO::Senthil","instance":"Text_Caption_535","roles":{}},{"id":"si257375","class":"TODO::Senthil","instance":"Text_Caption_522","title":"For a customer to be able to trade commodity futures or options, he must open an account with an FCM or a CPO. The customer can do this by dealing directly with an AP of their FCM or the CPO they have contacted. The customer may also open an account through an AP of an IB or a CTA who will then introduce the customer’s account to an FCM or a CPO. The IB or the CTA will receive a Commission for this service.  ","roles":{"textData":{}}},{"id":"si257386","class":"TODO::Senthil","instance":"Text_Caption_531","title":"A) ","roles":{"textData":{}}},{"id":"si257390","class":"TODO::Senthil","instance":"Text_Caption_532","title":"True ","roles":{"textData":{}}},{"id":"si257386_a","class":"TODO::Senthil","instance":"48_67","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si257397","class":"TODO::Senthil","instance":"Text_Caption_533","title":"B) ","roles":{"textData":{}}},{"id":"si257401","class":"TODO::Senthil","instance":"Text_Caption_534","title":"False ","roles":{"textData":{}}},{"id":"si257397_a","class":"TODO::Senthil","instance":"50_68","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si257564","class":"TODO::Senthil","instance":"Button_174","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257602q20","for":"Slide257602q20"},"textData":{}}},{"id":"si257576","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257602q20","for":"Slide257602q20"},"textData":{}}},{"id":"si257588","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257602q20","for":"Slide257602q20"},"textData":{}}},{"id":"si257427","class":"TODO::Senthil","instance":"SmartShape_37","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide257602q20"},"textData":{}}},{"id":"si257446","class":"TODO::Senthil","instance":"SmartShape_38","title":"Incorrect - The correct answer is True. For a customer to be able to trade commodity futures or options, he must open an account with an FCM or a CPO. The customer can do this by dealing directly with an AP of their FCM or the CPO they have contacted. The customer may also open an account through an AP of an IB or a CTA who will then introduce the customer’s account to an FCM or a CPO. The IB or the CTA will receive a Commission for this service. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide257602q20"},"textData":{}}},{"id":"Slide257602","class":"Question Slide","instance":"Question 12","thumbnail":"","children":["Text_Caption_259","Text_Caption_2304","Text_Caption_2007","si257375","si257390","si257401","si257564","si257576","si257588"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide257602"},"question":{"interactionId":"257335","quizId":733,"title":"True/False","text":"For a customer to be able to trade commodity futures or options, he must open an account with an FCM or a CPO. The customer can do this by dealing directly with an AP of their FCM or the CPO they have contacted. The customer may also open an account through an AP of an IB or a CTA who will then introduce the customer’s account to an FCM or a CPO. The IB or the CTA will receive a Commission for this service.\r\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_2008","class":"TODO::Senthil","instance":"Text_Caption_2008","title":"QUIZ ","roles":{"textData":{}}},{"id":"si257738","class":"TODO::Senthil","instance":"Text_Caption_542","roles":{}},{"id":"si257661","class":"TODO::Senthil","instance":"Text_Caption_537","title":"Each commodity trading advisor and Commodity Pool Operator must print a standardized risk disclosure statement on page 1 of the disclosure document that's provided to prospective customers. ","roles":{"textData":{}}},{"id":"si257672","class":"TODO::Senthil","instance":"Text_Caption_538","title":"A) ","roles":{"textData":{}}},{"id":"si257676","class":"TODO::Senthil","instance":"Text_Caption_539","title":"True ","roles":{"textData":{}}},{"id":"si257672_a","class":"TODO::Senthil","instance":"48_69","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si257683","class":"TODO::Senthil","instance":"Text_Caption_540","title":"B) ","roles":{"textData":{}}},{"id":"si257687","class":"TODO::Senthil","instance":"Text_Caption_541","title":"False ","roles":{"textData":{}}},{"id":"si257683_a","class":"TODO::Senthil","instance":"50_70","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si257850","class":"TODO::Senthil","instance":"Button_177","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257888q21","for":"Slide257888q21"},"textData":{}}},{"id":"si257862","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257888q21","for":"Slide257888q21"},"textData":{}}},{"id":"si257874","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide257888q21","for":"Slide257888q21"},"textData":{}}},{"id":"si257713","class":"TODO::Senthil","instance":"SmartShape_39","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide257888q21"},"textData":{}}},{"id":"si257732","class":"TODO::Senthil","instance":"SmartShape_40","title":"Incorrect - The correct answer is True.  Each commodity trading advisor and Commodity Pool Operator must print a standardized risk disclosure statement on page 1 of the disclosure document that's provided to prospective customers. Click anywhere or press ‘y’ to continue. 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