| NFA provides further guidance with respect to Ethics Training |
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| In our October 23, 2001 news flash, we brought to the attention of the public certain information about final rules that the CFTC issued regarding ethics training. Specifically, in the past, the CFTC ethics training regulations outlined the frequency and general content of ethics training. The CFTC delegated to NFA the responsibility to approve ethics training providers and to maintain pertinent records concerning ethics training and ethics training providers. |
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| On October 23, 2001, the CFTC repealed the specific ethics training requirements and adopted a Statement of Acceptable Practices with respect to Ethics Training. This Statement of Acceptable Practices provides that registrants may develop their own ethics training programs in order to meet their ethics training obligations required by the Commodity Exchange Act. It also provides CFTC guidance on the role of ethics training and the content, format and implementation of an ethics-training program. |
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| Responding to Member requests, NFA adopted a new Interpretive Notice regarding ethics training requirements. Because the CFTC Statement of Acceptable Practices is general in nature, many Members asked NFA to provide additional guidance. As part of NFA’s Interpretative Notice, NFA is now requiring that all Members create specific written procedures that highlight certain areas pertaining to the content of training, training format, training providers, frequency and documentation for ethics training. |
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| Please contact CSI as soon as possible to learn more about this requirement and how our organization can assist your organization in adhering to these rules and regulations. | |
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| DISCLAIMER | Copyright © 2002 Compliance Supervisors Inc.TM, all rights reserved. |
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