Periodic Ethics Training

Course Overview

Periodic Ethics Training is designed to help firms and registrants meet ongoing training requirements as mandated by the Commodity Exchange Act (CEA) and National Futures Association (NFA) Rule 2-9. This interactive course is built on case studies that incorporate several categories of pertinent information including law, regulation, professional ethics and sound judgment. The core of the program involves hypothetical case studies that take place in different firms.

Course duration: 60 minutes

Key Takeaways

Upon successful completion of the course, learners will:

• Be able to make thoughtful, well‑informed decisions when faced with ethical questions.
• Understand the difference between ethics and compliance—and how each guides professional behavior.
• Exercise more informed judgment to meet both legal and ethical expectations based on your understanding of key industry rules, regulations, and standards, and.
• Spot potential conflicts of interest, common pitfalls, and the real-world consequences of ethical lapses—for you, your customers and for your firm.

Course Details

The course begins with a refresher on CFTC, NFA and Exchange regulatory requirements and a discussion of compliance and ethics and the importance of ethical leadership. Four case studies explore issues common ethical dilemmas including: 

• Communications with the public
• Solicitation and suitability of clients
• Risk disclosure
• Conflicts of interest
• Trading ahead of a client
• Use of artificial intelligence

Who Should Take this Course?

NFA Rule 2.29 requires each FCM, IB, CPO or CTA Member to diligently train and supervise its employees and agents in the conduct of their commodity interest activities for or on behalf of the NFA Member. This includes:

• Associated Persons (APs) of NFA member firms who solicit or accept orders for futures, options, or swaps (including registered futures professionals required to maintain registration with NFA).

• Principals and Supervisors responsible for overseeing APs and compliance programs.

• Legal, Compliance, Risk, Operations and other Derivatives Professionals whose work affects or involves ethical and regulatory obligations.

To complete the course, learners must pass the final assessment with a score of 80% or higher. Upon successful completion, a training certificate will be available for download.