100+ Free Series 32 Practice Questions

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What is the purpose of the NFA Series 32 examination?

To qualify candidates as Futures Commission Merchants (FCMs) in the United States

To allow UK or Canada-registered futures representatives to solicit US business under a limited regulations exam

To replace the Series 3 examination for all NFA Associated Persons

To register Commodity Pool Operators (CPOs) with the CFTC

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Same family resources

More NFA Futures and Commodities Series Exams Prep

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Practice Pages

Series 3 National Commodity Futures Practice200 questions Series 30 NFA Branch Manager Practice200 questions Series 31 Futures Managed Funds Practice200 questions Series 34 Retail Off-Exchange Forex Practice200 questions

2026 Statistics

Key Facts: Series 32 Exam

35 Qs

Real Exam Questions

FINRA Series 32 page

45 min

Time Limit

FINRA

70%

Passing Score

NFA / FINRA

$70

Exam Fee

FINRA fee schedule

100 Qs

Free Practice Bank

OpenExamPrep

UK/Canada

Eligible Reps

Limited registration

The Series 32 is a 35-question, 45-minute regulations-only exam (70% to pass) used by UK or Canada-registered futures reps to solicit US business. FINRA administers it on behalf of the NFA. This free practice bank delivers 100 multiple-choice questions across NFA Compliance Rules (2-4, 2-9, 2-26, 2-29, 2-30), Bylaw 1101, CFTC Regulations 1.20–1.31, 1.55, and Part 30, segregation, AML, and NFA disciplinary procedures.

Sample Series 32 Practice Questions

Try these sample questions to test your Series 32 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1What is the purpose of the NFA Series 32 examination?

A.To qualify candidates as Futures Commission Merchants (FCMs) in the United States

B.To allow UK or Canada-registered futures representatives to solicit US business under a limited regulations exam

C.To replace the Series 3 examination for all NFA Associated Persons

D.To register Commodity Pool Operators (CPOs) with the CFTC

Explanation: The Series 32 (Limited Futures Examination — Regulations) is the regulations-only exam taken by representatives already registered as futures professionals in the United Kingdom or Canada who wish to solicit US futures business. Because they are presumed to know the markets, they only test on US regulatory content.

2How many scored questions are on the actual NFA Series 32 examination?

A.25

B.35

C.60

D.100

Explanation: The real Series 32 contains 35 scored questions delivered as a mix of true/false and multiple-choice items, completed within 45 minutes. A score of 70% is required to pass. (This practice bank contains 100 multiple-choice questions for deeper preparation.)

3Who administers the Series 32 examination on behalf of the National Futures Association?

A.CFTC

B.SEC

C.FINRA

D.Prometric for the NFA directly

Explanation: FINRA administers the Series 32 examination on behalf of the NFA under a co-administration arrangement. The NFA is the self-regulatory organization for the US futures industry, but it does not operate testing centers itself.

4Under NFA Bylaw 1101, an NFA Member is prohibited from doing futures business with which of the following counterparties?

A.Any non-US person with a UK FCA registration

B.A person required to be registered under the Commodity Exchange Act who is not so registered and is not an NFA Member

C.Any introducing broker that is guaranteed by another FCM

D.A foreign regulator collecting routine information

Explanation: NFA Bylaw 1101 prohibits Members from carrying an account, accepting orders, or otherwise transacting customer business with any person who is required to be registered under the Commodity Exchange Act and who is not so registered and an NFA Member. It is a strict-liability obligation: due diligence on counterparties is required.

5An NFA Member FCM accepts an omnibus account from a foreign firm without checking whether the foreign firm transacts US customer business that would require CFTC registration. Which rule has the FCM most directly violated?

A.NFA Compliance Rule 2-29

B.NFA Bylaw 1101

C.CFTC Regulation 1.55

D.NFA Compliance Rule 2-26

Explanation: NFA Bylaw 1101 obligates Members to verify that any counterparty required to be registered with the CFTC is in fact registered and an NFA Member. Failing to perform that diligence on a foreign omnibus counterparty is a direct Bylaw 1101 violation.

6NFA Compliance Rule 2-29 governs which subject area?

A.Customer fund segregation

B.Communications with the public and promotional material

C.Books and records retention

D.Disciplinary hearings

Explanation: NFA Compliance Rule 2-29 sets the standards for communications with the public and promotional material. It prohibits false, misleading, or deceptive statements and requires balanced presentation of risks and rewards.

7Under NFA Compliance Rule 2-29, promotional material that discusses profit potential MUST also include which of the following?

A.An estimate of expected return for the next year

B.A balanced discussion of the risk of loss

C.The personal trading record of the firm's principal

D.A guarantee of past performance

Explanation: Rule 2-29 requires promotional material to be balanced — any reference to profit potential must be accompanied by an equally prominent discussion of the risk of loss. Forecasts of future returns and performance guarantees are prohibited.

8Under NFA Compliance Rule 2-29, who must review and approve promotional material before it is used with the public?

A.The firm's outside counsel

B.A designated supervisory employee of the Member

C.The CFTC's Division of Market Oversight

D.Each Associated Person who plans to distribute it

Explanation: Rule 2-29 requires that promotional material be reviewed and approved by a supervisory employee of the Member who is not directly responsible for creating the material. Records of the review and approval must be retained.

9An AP claims in a brochure that a trading system has produced "100% winning trades for three years." The claim is unverified. Which provision is most clearly violated?

A.CFTC Regulation 1.31 recordkeeping

B.NFA Compliance Rule 2-29 on misleading communications

C.NFA Bylaw 1101 on registration

D.CFTC Regulation 1.20 on segregation

Explanation: Unverified, exaggerated, or one-sided performance claims violate NFA Compliance Rule 2-29's prohibition on false or misleading communications. All performance claims must be substantiated and presented in a balanced way.

10Under NFA Compliance Rule 2-29, hypothetical performance results presented to the public must:

A.Be presented without any cautionary language to keep them concise

B.Be accompanied by the prescribed hypothetical-performance disclaimer

C.Be guaranteed by the FCM carrying the account

D.Be approved by the CFTC before use

Explanation: When hypothetical or simulated trading results are shown, NFA Compliance Rule 2-29 requires the prescribed cautionary statement explaining the inherent limitations of hypothetical results, including that they have not been actually executed.

About the Series 32 Exam

The NFA Series 32 (Limited Futures Examination — Regulations) is the regulations-only futures exam for representatives already registered as futures professionals in the United Kingdom or Canada who wish to solicit US futures business. The real exam is 35 true/false and multiple-choice questions in 45 minutes; this practice bank provides 100 multiple-choice questions for deeper preparation across NFA Compliance Rules, CFTC regulations, customer-account rules, sales practice and anti-fraud, recordkeeping, and NFA disciplinary procedures.

Questions

35 scored questions

Time Limit

45 minutes (real exam)

Passing Score

70%

Exam Fee

$70 (NFA / FINRA-administered)

Series 32 Exam Content Outline

25%

NFA Compliance Rules & Bylaws

NFA Rules 2-4 (just and equitable), 2-9 (supervision), 2-26 (Part 30), 2-29 (communications), 2-30 (KYC/risk disclosure), and Bylaw 1101 (no business with non-NFA persons)

25%

CFTC Regulations

CFTC Regulations 1.20–1.30 (segregation), 1.25 (permitted investments), 1.31 (recordkeeping), 1.33 (statements/confirmations), 1.55 (risk disclosure), 4.41 (anti-fraud), and Part 30 (foreign futures)

20%

Customer Account Rules

Account opening, KYC, suitability, discretionary accounts, joint accounts, margin, segregation of customer property, monthly statements, and confirmations

15%

Sales Practice & Anti-Fraud

CEA Section 4b anti-fraud, churning, bucketing, front-running, wash trades, spoofing, guarantees against loss, hypothetical performance, AML/Bank Secrecy Act, and FCPA

10%

Recordkeeping & Reporting

Books and records under Reg 1.31 (5-year retention; first 2 readily accessible), order tickets, time stamps, financial reporting, large-trader reporting, and post-MF Global daily segregation confirmations

NFA Disciplinary Procedures

Business Conduct Committee, sanctions (fines, suspension, expulsion, bar), CFTC appeals, NFA arbitration vs. CFTC reparations

How to Pass the Series 32 Exam

What You Need to Know

Passing score: 70%
Exam length: 35 questions
Time limit: 45 minutes (real exam)
Exam fee: $70

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

Series 32 Study Tips from Top Performers

1Memorize the differences between FCMs, IBs, CTAs, CPOs, and APs — and which roles trigger NFA membership and AP registration

2Know NFA Bylaw 1101 cold: Members may not do business with persons required to be CFTC-registered who are not NFA Members

3Learn NFA Compliance Rules 2-4, 2-9, 2-26, 2-29, and 2-30 by number — Series 32 questions often cite the rule directly

4Master CFTC Regulation 1.31 retention (5 years total, first 2 years readily accessible) and Regulation 1.20–1.30 customer-fund segregation

5Study the post-MF Global / Peregrine regime: residual interest, daily segregation confirmations, and tightened Reg 1.25 permitted investments

Frequently Asked Questions

What is the NFA Series 32 exam?

The Series 32 is a regulations-only futures qualification exam for representatives already registered as futures professionals in the United Kingdom or Canada who want to solicit US futures business. It is co-administered by FINRA on behalf of the National Futures Association (NFA).

How many questions are on the real Series 32 exam?

The real Series 32 contains 35 scored questions delivered as a mix of true/false and multiple-choice items, with a 45-minute time limit and a 70% passing score. This free practice bank intentionally provides 100 multiple-choice questions to give you broader exposure than the actual exam.

How long should I study for the Series 32?

Most candidates with a UK or Canada futures background pass with 20 to 40 hours of focused study because the exam covers only US regulations, not market mechanics. Concentrate on NFA Compliance Rules, CFTC segregation rules, and the post-MF Global customer-protection regime.

Do I need the Series 3 if I pass the Series 32?

No. The Series 32 is a limited registration alternative for UK or Canada-registered futures reps and does not require the broader Series 3. However, sponsorship by an NFA Member firm is still required and your activities are limited to what your home-country registration and the limited US relief permit.

How much does the Series 32 cost and how do I schedule it?

The Series 32 fee is $70 (per FINRA's published exam fee schedule) and the exam is delivered through FINRA-administered testing centers. Scheduling is done through your sponsoring NFA Member firm via FINRA's enrollment process.

What is the hardest part of the Series 32 exam?

Most candidates find the detailed CFTC customer-fund segregation rules (Regulations 1.20–1.30 and 1.25's permitted investments), Part 30 secured-amount accounts for foreign futures, and the post-MF Global residual interest and daily-confirmation regime to be the densest material. NFA Bylaw 1101 strict liability also catches first-time test takers.