Based on the NFA rules, a principal is defined as:
an individual who directly or indirectly, through agreement, holding companies, nominees, trusts or otherwise:
is the owner of 10% or more of the outstanding shares of any class of a registrant's stock;
is entitled to vote 10% or more of any class of a registrant's voting securities;
has the power to sell or direct the sale of 10% or more of any class of a registrant's voting securities;
has contributed 10% or more of a registrant's capital;
is entitled to receive 10% or more of a registrant's net profits; or
has the power to exercise a controlling influence over a registrant's activities that are subject to regulation by the Commission; or
So does that mean even principal needs to take the Series 3 exam?
an individual who directly or indirectly, through agreement, holding companies, nominees, trusts or otherwise:
is the owner of 10% or more of the outstanding shares of any class of a registrant's stock;
is entitled to vote 10% or more of any class of a registrant's voting securities;
has the power to sell or direct the sale of 10% or more of any class of a registrant's voting securities;
has contributed 10% or more of a registrant's capital;
is entitled to receive 10% or more of a registrant's net profits; or
has the power to exercise a controlling influence over a registrant's activities that are subject to regulation by the Commission; or
So does that mean even principal needs to take the Series 3 exam?