| Changes to the CFTC Ethics Training Requirements |
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| On October 23, 2001, the CFTC issued final rules that revised ethics training requirements that were imposed on all registered associated persons. |
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| 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| On October 23, 2001, the CFTC repealed the specific ethics training requirements and adopted a Statement of Acceptable Practices with Respect to Ethics Training.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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| Since the CFTC has placed the responsibility for ethics training with registrants, NFA will not be keeping records concerning registrants’ ethics training due dates or compliance status. It is understood that NFA will maintain the ethics training completion dates already in its records and will make that information available upon request. Furthermore, NFA has stated that it will no longer maintain a list of approved ethics training providers. |
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| If you would like to learn more about the CFTC Statement of Acceptable Practices or how CSI can assist your organization in meeting these revised ethics training requirements, please contact us at (732) 335-5740. |
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