What is the difference between the Initial and Periodic ethics training courses?
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 satisfies 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 one to three years thereafter.