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?