What is the difference between the Initial and Periodic ethics programs?
The Initial program is intended for New Registrants, or for Registrants who have never taken an ethics-training course. The Periodic program is designed to be a “refresher” course, and satisfy the periodic, ongoing training requirement. The Initial course has a more thorough emphasis on Federal laws and rules and regulations of the CFTC, the NFA, and self-regulatory bodies. We highly recommend that new Registrants of the National Futures Association take an Initial ethics course within six months of registration, and that a Periodic course be taken every three years thereafter.
