Initial Ethics Certification for Brokers

     Walsh Agency, Inc. is an authorized ethics training provider.

     Neither the Commodity Futures Trading Commission nor the National Futures Association has reviewed or approved the specific content of authorized ethics training programs, nor do they recommend any providers of such training.

     The Commodity Futures Trading Commission's regulation 3.34 Mandatory Ethics Training reads in part "registrants must attend ethics training to ensure that they understand their responsibilities to the public under the Act including responsibilities to observe just and equitable principles of trade, rules and regulations of the Commission, rules of any appropriate contract market, registered futures association, or other self-regulatory organization or any other applicable federal or state law, rule or regulation."

     Since the regulation is about rules and regulations, our ethics training is about rules and regulations. We designed our courses to teach registrants the law, to help keep themselves, their supervisors, and the officers and owners of their companies out of trouble and to conduct themselves ethically.

     To make sure our courses teach the best information to meet these objectives, we interviewed more than twenty key compliance people from: major brokerage firms, Commodity Pool Operators, Commodity Exchanges, and regulators from the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). We asked them what they looked for to assure themselves that registrants were complying with the law and acting ethically. We asked them what are the most common violations as well as the most serious. They gave us literally hundreds of examples. Our ethics training includes the ones we felt were most important.

     Everything in our courses is based on facts. The examples and case histories came from our surveys of compliance officers and regulators and the following literature:

  • The Commodity Exchange Act As Amended and Regulations Thereunder
  • The CFTC's Proceedings Bulletin
  • CFTC Annual Reports
  • The National Futures Association Manual
  • The Interpretive Notices found in the National Futures Association Manual
  • NFA's Regulatory Guide for FCMs and IBs
  • NFA's Regulatory Guide for CPOs and CTAs
  • NFA's Reports of Quarterly Actions
  • The NFA's Self-Examination Checklist
  • Various commodity and security law reports

    John Walsh has been working with brokers who sell futures for over twenty years. In this ethics course he shows you how practicing good ethics and obeying the law can actually help you increase your business.  
    He has written several books about futures, including, How to sell futures, How to raise managed money and sell futures funds, Ethics Training Manual for Futures Professionals, and Master Brokers, a book of interviews with some of the best brokers in the industry. He has taught ethics training to more than 10,000 registrants.

The development of this Ethics Training has been underwritten by:

  • The Chicago Mercantile Exchange
  • The Kansas City Board of Trade
  • The National Introducing Brokers Association
  • The New York Board of Trade
  • The Walsh Agency, Inc.



Note: This Ethics course is for all categories of registrants except floor brokers and floor traders.

The file for this course contains 1.4 megabytes. It takes approximately 3 minutes to download with a 56k modem.


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Institute for Ethical Behavior
PO Box 73130
San Clemente, CA 92673
phone: (949) 945-7436
fax: (949) 361-7866

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