Guidelines For Ethics Training In Foreign Exchange

There are some important guidelines for ethics training in foreign exchange laid down by the forex regulatory organization. Each member who is registered with the organization must be aware of these ethics training guidelines in foreign exchange. Along with the information regarding guidelines for ethics training in forex, the topic also covers useful information on how to draft ethics training procedures documents.

The guidelines for ethics training in foreign exchange consist of the following main points:

• The Policies and procedures regarding the ethics training requirements for associated persons (APs) describing in details the information about content, frequency and format of training must be established.
• It must be ensured that the associated persons are provided with the ethics training in accordance as per the set standards and records must be maintained in which all the details must be documented like dates and providers of training and materials used or distributed.
• It must be ensured that ethics training be provided by the well qualified person.
Apart from having knowledge regarding ethics training guidelines in foreign exchange, it is also important that traders are aware about how to draft ethics training procedures in foreign exchange. Every registered member of the regulatory authority need to adopt written ethics training policy tailored to its operations. The following details have been drafted in order to assist firms in meeting that requirement.
• By whom the ethics training is going to be conducted? If the training is going to be an in-house affair in the firm, then who will be the training personal? His name and designation must be given. And in case, the firm is going to take the services of an outside training provider, then in that case also, the training provider’s name must be given. • There must be proper information given regarding training personnel’s or provider’s qualifications. There must be enough details about what proof is being given by the firm it supports that the training personnel or provider is qualified enough to conduct ethics training.
• There should be proper details provided by the firm regarding the medium which is being used by the firm in order to provide the ethics training course- whether it is going to use computer software, internet, audiotapes videotapes, in person courses?
• How frequently are employees required to complete the training? Specifically, how soon and how often are new registrants required to complete ethics training? How often are other registrants required to complete ethics training?
• What is the time duration of ethics training program for new registrants and as well as for the existing registrants?
• There must be a proper written details regarding the type of written materials being distributed during the ethics training and how does the firm ensure that it maintains copies of those materials?
• What kind of documents or records the firm is going to maintain to support that its employees have completed the ethics training?
• What is the frequency of management doing review of the firm’s ethics training policy?