Under CFTC regulations, intermediaries to futures and options products offered to U.S. customers are subject to CFTC regulations, including registration requirements, unless an exemption is available and granted to a particular party.
Which requirements apply, and whether an exemption is available, to a particular party depends on the location of the intermediary and what role the intermediary seeks to undertake, whether the intermediary solicits U.S. customers, and whether the intermediary seeks to deal in foreign or U.S. futures and options transactions. The chart below identifies the relevant registration requirements given various circumstances.
| Role of Intermediary | U.S. or Non-U.S. Customers | U.S. or Foreign Futures and Options | Relevant Regulation/Exemption |
| Any | U.S. Customer | U.S. Futures/Options | Registration required. § 3.10 |
| FFOB | Non-U.S. Customers | U.S. Futures/Options | Registration exemption available under § 3.10(c) |
| Any | U.S. Customers | Foreign Futures/Options |
All Part 30 rules. |
| FFOB | U.S. Customers | Foreign Futures/Options | Exemption from registration pursuant to regulation 30.5 upon filing an Exempt Foreign Firm 7-R with NFA. |
| Any | Non-U.S. Customer | Foreign Futures/Options | No CFTC regulation. |