Ethics Training: Clearing the Fog of Uncertainty Jul 25, 2024 Ethics training remains a supervisory obligation under NFA’s Compliance Rules 2-9 and 2-36. Despite the 2001 repeal of specific regulations, firms are still required to uphold high ethical standards and regularly update their training to reflect changes in industry standards, technology, and regulations. This has led to confusion about the ethics training requirements for NFA member firms. The team at Turnkey Trading Partners (“Turnkey”) has observed uncertainty regarding who needs to complete ethics training and the frequency with which it should be conducted.