Series 30 Practice Questions (2026) — Free Sample Questions with Answers

Answer: B

NFA must approve the arrangement before she begins supervising: Wrong. NFA does not pre-approve it. The Member makes the determination.

The firm must find she can supervise effectively and tailor its procedures: Correct. Since July 1, 2026, IN 9002 lets one manager supervise more than one branch, and supervise remotely, if the Member determines this is effective based on size, scope and operations and has tailored procedures.

Each branch must have its own manager; one person may not cover two: Wrong. This was the older view. The revised notice permits one manager for several branches.

She may cover both branches but must work on-site at one of them: Wrong. Remote supervision, full- or part-time, is allowed with procedures tailored to it.

One manager may oversee several branches, or supervise remotely, if the Member determines it is effective and tailors its procedures, and reassesses on red flags.

Answer: C

In its operating account, then sweep them to segregation at the next daily calculation: Wrong. Customer funds may not be commingled with the FCM's own funds, even briefly.

In a bank account opened in the customer's own name at the FCM's bank: Wrong. The FCM holds customer funds in its own accounts titled as customer segregated funds; a separate customer-named bank account is not FCM segregation.

In an account titled as customer segregated funds, under an acknowledgment letter: Correct. Under CEA Section 4d and 17 CFR 1.20, the FCM deposits customer funds in an account clearly titled as customer segregated funds, at a depository that has given a written acknowledgment letter.

In a segregated account at any bank, with the acknowledgment letter obtained later: Wrong. The acknowledgment letter must be in place no later than when the account is opened, not after funds arrive.

Customer funds go straight into a properly titled segregated account covered by a depository acknowledgment letter, never through the firm's own accounts.

Answer: A

The method is improper: no account may be consistently favored over others: Correct. CFTC Regulation 1.35(b)(5): allocations must be fair and equitable, with no account or group consistently favored or disfavored. Disclosure does not make a biased method acceptable.

The method is acceptable because it is disclosed to every client: Wrong. Disclosure is required, but it does not cure an allocation method that is not fair and equitable.

The method is acceptable if the clearing FCM approves the formula: Wrong. The FCM cannot approve a method the regulation forbids.

The method is acceptable if allocations reach the FCM that same day: Wrong. Timely allocation is a separate condition; it does not fix systematic favoritism.

Bunched-order allocations must be fair, equitable and independently verifiable; consistently favoring some accounts is improper whatever is disclosed.

Answer: D

He may keep relying on the exemption because he advises fewer than 15 persons: Wrong. This ignores the second condition: the exemption is lost once the person holds himself out to the public as a CTA.

He may advertise if the site states he is not CFTC-registered: Wrong. A disclaimer does not cure holding out. Advertising his program to the public ends the exemption whatever the site says.

He must register as an IB because the website will solicit customers: Wrong. Wrong category. An IB solicits or accepts orders for futures; selling trading advice is CTA activity.

He must register as a CTA before he holds himself out to the public: Correct. The CTA exemption for advising 15 or fewer persons in 12 months is available only to a person who does not hold himself out generally to the public as a CTA. The public website ends the exemption.

The 15-person CTA exemption requires both 15 or fewer advisory clients in the past 12 months and no holding out to the public as a CTA.

Answer: D

Both actions, since each was within five years: Wrong. This ignores the exclusion for concluded actions decided on the merits in the person's favor.

Neither action, since no trading ban resulted: Wrong. A settlement with a fine is a material action that must be disclosed whether or not trading was restricted.

Only the NFA complaint, since NFA reviews the document: Wrong. NFA's role as reviewer does not change the 4.24(l) test; the dismissed complaint is the one excluded.

Only the settled CFTC action: Correct. CFTC Regulation 4.24(l): material actions within five years are disclosed, except a concluded action resolved on the merits in the person's favor. The dismissed NFA complaint is excluded; the settlement is not.

Disclose material actions from the past five years, including settlements, but not concluded actions resolved on the merits in the person's favor.

Answer: A

Wait until NFA has reviewed and accepted the updated document: Correct. NFA reviews each CPO and CTA disclosure document filed under 17 CFR 4.26(d), and its practice is that a document may not be used until NFA has completed that review and accepted it. Regulation 4.26(d) itself only sets the minimum 21-day filing lead time, so the 25 days that have passed do not clear the document.

Use it now, since more than 21 days have passed since filing: Wrong. The 21-day period in Regulation 4.26(d) is only the minimum time between filing and planned first delivery. It is not an automatic clearance; NFA's review and acceptance must come first.

Use it now, because the earlier version had already been accepted: Wrong. Each updated document must be accepted before use; the earlier acceptance does not carry over.

Use it now with a legend stating that NFA review is pending: Wrong. No legend cures use of a document NFA has not yet accepted.

Regulation 4.26(d) requires filing at least 21 days before first delivery; NFA's review practice adds that the document is used only after NFA has completed its review and accepted it.

Answer: C

Refuse the account, since Rule 2-30 bars unsuitable customers: Wrong. Rule 2-30 does not prohibit the account. It requires information and appropriate risk disclosure.

Open it, since the standard Risk Disclosure Statement satisfies Rule 2-30: Wrong. The standard statement alone may not be enough. The firm must weigh her circumstances.

Give risk disclosure fitting her circumstances, with supervisory approval: Correct. Rule 2-30 requires risk disclosure in light of the customer information, and Rule 2-30(g) requires approval by a supervisory person before the account is opened.

Open it only if a family member co-signs as a guarantor: Wrong. A guarantor is a credit measure. It does not meet the disclosure duty.

Rule 2-30 is about disclosure, not suitability: the less a customer can bear the risk, the more disclosure the firm owes before opening.

Answer: B

1. Buying 5 and selling 5 = 5 round turns.
2. Commission: 5 × $20 = $100.
3. Fees: $1.50 × 5 contracts × 2 sides = $15.
4. Total = $100 + $15 = $115.

$107.50: Wrong. This charges the per-side fees on only one side of each round turn.

$115.00: Correct. Five round turns cost $100 in commission plus $15 in per-side fees, $115 in all. This is the figure IN 9005 cost disclosure lets the customer work out in advance.

$215.00: Wrong. This treats the round-turn commission as a per-side charge, counting it twice.

$230.00: Wrong. This doubles both the commission and the fees.

A round turn is the buy plus the sell. Per-side fees are charged twice per round turn; a round-turn commission is charged once.

Answer: C

No; termination released it from every obligation under the agreement: Wrong. Termination does not reach back. Obligations from the guarantee period survive.

No; the IB alone answers for its conduct during the guarantee: Wrong. The guarantee's purpose is that the FCM stands behind the IB's obligations during its term.

Yes; termination does not release obligations from acts during the term: Correct. 17 CFR 1.10(j)(7): termination does not relieve either party of liabilities arising from acts or omissions while the agreement was in effect.

Yes; but only if the claim is filed within 30 days of termination: Wrong. There is no 30-day cutoff. Liability tied to the term survives termination.

A guarantor FCM remains liable for the IB's obligations arising during the guarantee, even after termination.

Answer: B

True: Wrong. The statement is false. The exemption is narrower: the guarantee replaces the CFTC capital test only.

False: Correct. 17 CFR 1.17(a)(2)(ii): a guaranteed IB is deemed to meet the CFTC requirement, but if it is also a broker-dealer it must still meet the SEC Rule 15c3-1 requirement.

A guarantee covers an IB's CFTC capital requirement only; a broker-dealer IB still has its SEC capital requirement.

Answer: A

It must stop unless it filed a guarantee or 1-FR-IB 10 days before: Correct. 17 CFR 1.10(j)(9): the IB ceases IB business on termination unless, at least 10 days before, it filed a new guarantee effective the next day or a qualifying Form 1-FR-IB showing its own capital.

It may keep operating for 30 days while it raises $45,000 of capital: Wrong. There is no 30-day operating grace after a no-cause termination. The IB must stop unless it filed in advance.

It may keep operating, since the old guarantor stays liable for now: Wrong. The guarantor stays liable only for acts during the term. It does not keep guaranteeing new business.

It may keep operating if it notifies NFA within 30 days afterward: Wrong. A notice after the fact does not satisfy the capital requirement. The filing must precede termination.

A guaranteed IB losing its guarantee must have a new guarantee or its own capital filing in place 10 days before termination, or stop doing business.

Answer: B

1. List the requirements: CFTC minimum $45,000; NFA requirement $45,000; SEC Rule 15c3-1 requirement $100,000.
2. 17 CFR 1.17(a)(1)(iii) requires the greatest of these, not their total.
3. Greatest = $100,000.

$45,000: Wrong. This is the CFTC and NFA floor, but it ignores the larger SEC requirement that 1.17 also counts.

$100,000: Correct. 17 CFR 1.17(a)(1)(iii): an IB keeps the greatest of $45,000, its NFA requirement, or, for a broker-dealer, its SEC requirement. The greatest is $100,000.

$145,000: Wrong. This adds the $45,000 floor to the SEC amount. The rule takes the greatest figure, not a sum.

$190,000: Wrong. This adds all three figures, counting $45,000 twice. The rule takes the greatest figure.

An independent IB's adjusted net capital must meet the greatest of $45,000, the NFA amount, or the SEC amount if it is a broker-dealer.

Answer: A

A stop may fill well below $70 in a fast or gapping market: Correct. A triggered stop becomes a market order, so it can fill well below the stop price in a fast or gapping market. 17 CFR 1.55(b)(9) warns that liquidating may be difficult or impossible under some conditions.

The stop guarantees a $70 fill except on a limit-locked day: Wrong. There is no guaranteed fill price on any day. Limit moves are only one way a stop can fail.

The stop caps the loss only if it is entered as a stop-limit: Wrong. A stop-limit fixes a worst price but may not fill at all, leaving the position open.

The stop caps the loss once the exchange accepts the order: Wrong. Exchange acceptance does not fix the execution price.

Stop orders do not guarantee an exit price; a stop-limit may not fill at all.

Answer: A

One of the other supervisors, keeping a written record of the review: Correct. Rule 2-8(b) requires regular supervisory review by someone other than the person exercising discretion, and a written record that the review took place.

The manager himself, documenting his own review in a monthly log: Wrong. A person cannot be the reviewer of his own discretionary trading when other supervisors are available.

The carrying FCM's risk staff, as part of its daily margin checks: Wrong. Margin monitoring is not the IB's supervisory review, and the duty stays with the IB.

One of the other supervisors, with a written record only if issues arise: Wrong. The reviewer must keep a written record of every review, not only when issues arise.

Discretionary trading is reviewed regularly by a supervisor who does not exercise the discretion, and every review is documented.

Answer: C

The most recent 1 year: Wrong. Too short; the look-back runs at least five years.

The most recent 3 years: Wrong. Three years is a common confusion; the rule uses five.

The most recent 5 years: Correct. NFA Compliance Rule 2-29(c)(3): material with hypothetical results must include comparable actual results for all accounts the Member directed for at least the past five years (or its full history if shorter).

Its entire 7-year history: Wrong. Showing all 7 years is allowed, but it is not the minimum. The rule requires at least the most recent 5 years, or the full history only if that is shorter.

Retail material with hypothetical results must also show the Member's actual results for directed accounts over at least the past five years, or its full history if shorter.

Answer: D

It is not promotional material, because it is delivered orally to each prospect: Wrong. The definition covers the text of standardized oral presentations; being spoken does not take a script outside the rule.

It is promotional material, but only recordings of the calls need to be retained: Wrong. Copies of the script itself, plus its review and approval records, must be kept under Rule 2-29(f).

It needs supervisory approval only if it mentions specific past profits or returns: Wrong. Every piece of promotional material needs pre-use approval; profit claims add content duties, not the approval duty.

It is promotional material and needs written supervisory approval before first use: Correct. NFA Compliance Rule 2-29(i) includes the text of standardized oral presentations in promotional material, so Rule 2-29(e) requires written approval by a supervisor other than the preparer before first use.

A standardized sales script is promotional material: it must be approved in writing by a supervisor who did not prepare it, and kept on file.

Answer: B

Ursula only, plus one control person such as Sydney: Wrong. The test is 25% or more, so Nolan's 25% stake qualifies.

Ursula and Nolan, plus one control person such as Sydney: Correct. NFA Interpretive Notice 9045: the ownership prong covers each individual owning 25% or more of the equity, and the control prong adds at least one individual with significant management responsibility.

Ursula, Nolan and Morgan, but no control person: Wrong. Morgan is below 25%, and a control person is always required.

Only Sydney, as the company's senior control person: Wrong. A control person is added to, not substituted for, the 25% owners.

Identify every individual with 25% or more of the equity, plus one individual who controls the entity.