Limited Futures Exam — Regulations (Series 32) Exam Guide
At a glance
- Questions
- 35
- Time limit
- 45m
- Passing score
- 70%
- Exam fee
- $90
- Governing body
- NFA
The Series 32, formally the Limited Futures Exam — Regulations, qualifies individuals to solicit futures customer business from outside the United States. It is administered by the NFA and is limited to candidates currently registered or licensed to solicit futures business in the UK or Canada.
Overview
The Series 32 study outline focuses entirely on U.S. futures regulations rather than product knowledge, covering the rules a foreign-based solicitor needs to operate within NFA and CFTC oversight.
- General: CFTC registration and NFA membership, Just and Equitable Principles of Trade, account opening requirements, position reporting, and speculative position limits
- CPO/CTA regulations: NFA Compliance Rule 2-13, disclosure documents, recordkeeping, and public communications and promotional material
- FCM/IB regulations: guaranteed and independent IBs, net capital requirements, customer complaints, time-stamping, and public communications and promotional material
- NFA disciplinary procedures: written complaints, warning letters, hearings, member responsibility actions, and penalties for violators
- Arbitration procedures
- CFTC Commodity Exchange Act enforcement
Cost and registration
The Series 32 exam has a $90 fee. Candidates who need to reschedule 3 to 10 days before their appointment are charged a $45 fee; check NFA's current fee schedule for any other rescheduling or cancellation charges.
Exam format
The exam is 35 scored True/False and multiple-choice questions, with a 45-minute time limit. A score of 70% or higher is required to pass. There is no corequisite exam.
Frequently asked questions
How many questions are on the real Series 32 exam, and how long is it?
The Series 32 exam consists of 35 scored questions and candidates are given 45 minutes to complete it.
What is the passing score for the Series 32 exam?
The minimum passing score for the Series 32 exam is 70%.
How much does the Series 32 exam cost?
The Series 32 exam costs $90; check NFA's current fee schedule before registering in case pricing has changed.
Who is eligible to take the Series 32 exam?
The Series 32 is available to individuals who have been registered or licensed to solicit futures customer business outside the U.S., currently limited to the UK and Canada, within the two years prior to filing their application.
What happens if I fail the Series 32 exam?
Candidates must wait a minimum of 30 days after a first failed attempt, another 30 days after a second failure, and 180 days after a third failure before retaking the exam.
Are there any prerequisites for the Series 32 exam?
The Series 32 has no corequisite exam requirement; it is administered by the NFA and tests U.S. futures regulations for individuals soliciting business from outside the country.
Sources
- 1.Study Outline for Futures Industry Exams | NFA — NFA (accessed Aug 9, 2026)
- 2.Series 32 – Limited Futures Exam – Regulations | FINRA.org — NFA (accessed Aug 9, 2026)
- 3.Proficiency Requirements | NFA — NFA (accessed Aug 9, 2026)
- 4.FINRA Qualification Exams — FINRA
- 5.Enroll for a FINRA Exam — FINRA
Official sources
Every exam fact on this page traces to a primary document published by the body that administers the exam.
- Study Outline for Futures Industry Exams | NFANFAnfa.futures.org
- Series 32 – Limited Futures Exam – Regulations | FINRA.orgNFAfinra.org
- Proficiency Requirements | NFANFAnfa.futures.org
Last verified against the official exam content outline: