Professional Conduct and Standards of Practice of the National/International Association of First Trade Registry

Effective January 1, 1998

Where the words First Trade Registry are used in this Code and Preamble, it shall be deemed to include First Trade Registry...Partners...Members...(FTRPS). While our Code Of Ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code Of Ethics and the law conflict, the obligations of the law must take precedence.

Preamble....

We are the First Trade Registry, a Global Marketeer, a Cutting Edge Professional Services Association, within an entrepreneurial partnership, in an IT communications environment.  FTRPS offer professional-marketing-consulting-service-practices that encompass the direct sale and locating of many diversified product lines globally.

The words First Trade Registry connotes:

1) "First" meaning First Trade Registry : is #1, preceding all others in rank, dignity, excellence, principal-the best quality of merchandise, service. We are the first of our kind, a visionary business like no other on Planet Earth!

2) "Trade" meaning skilled profession, business, craft, clientele-customers-business of exchanging commodities for other commodities for a fee. All the persons engaged in the same line of business-to barter-to traffic-to carry on a trade or business for the purpose of buying, selling, or swapping.

3) "Registry" meaning information system-our official record-our trademarked name-an official listing containing the products and records of diverse information.

4) "FTRPS" is synonymous with competency-fairness-and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no instruction from clients or others ever can justify departure from this ideal. In the interpretation of this obligation, FTRPS can follow no safer guide than that which has been handed down through the centuries, embodied in the Golden Rule, "Do unto others as you would have them do unto you" Accepting this standard as their own, FTRPS pledge to observe its spirit in all of their activities and to conduct their business in accordance with the tenets set forth below.

FTRPS offer professional-marketing-consulting-service-practices that encompass the direct sale and locating of many diversified product lines globally. First Trade Registry combines the integration/formation of national/international partnerships, trading blocs, and the implementation of our unique marketing approach with the compliance-orientation of traditional global businesses and their marketing programs. Our broader approach emphasizes concrete, tangible marketing and incentive systems to enhance our program effectiveness. Since our concept was founded in 1984, we have been historically a unique leader with a specific approach that is ultimately based on the particular objectives of the client.

FTRPS interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a formative duty to which FTRPS should dedicate themselves, and for which they should be diligent in preparing themselves. FTRPS, therefore, are zealous to maintain and improve the standards of their professional service and share with their fellow Partners-Members, a common responsibility to further its global vision, share the rewards, and preserve their integrity and honor.

In recognition and appreciation of their obligations to clients, customers, the public, and each other, FTRPS continuously strive to become and remain informed on issues affecting their professional services, and, as knowledgeable professionals, they willingly share the fruit of their experience and study with others. They identify and take steps, through enforcement of this Code Of Ethics, Professional Conduct, and Standards of Practice by assisting appropriate regulatory bodies to eliminate practices which may damage the public or which might discredit or bring dishonor to FTRPS.

Realizing that cooperation with other First Trade Registry professionals, promotes our best interests and those who utilize our services through this relationship, FTRPS urge exclusive representation of clients and do not attempt to gain any unfair advantage over their competitors, and they refrain from making unsolicited comments about other competing practitioners. In instances where their opinion is sought, or where FTRPS believe that comment is necessary, their opinion is offered in an objective, professional manner, uninfluenced by any personal motivation of potential advantage or gain.

Duties to Clients and Customer

Article A

When representing a buyer, seller, or other client as a consultant, FTRPS pledge themselves to protect and promote the interest of their client. This obligation of absolute fidelity to the client's interests is primary, but it does not relieve FTRPS of their obligation to treat all parties honestly. When serving a buyer, seller, or other party in a consulting capacity, FTRPS remain obligated to treat all parties honestly.

Standard of Practice A-1

FTRPS when acting as Partners-Members in marketing-consulting-service-practices, remain obligated by duties imposed by the Code Of Ethics.

Standard Practice A-2

The duties the Code Of Ethics imposes on Partners-Members are applicable to FTRPS acting as professional facilitators in marketing, consulting, and service practices, or in any other recognized capacity, except for any duty specifically exempted by law or regulation.

Standard of Practice A-3

FTRPS in attempting to secure a product shall not deliberately mislead the owner as to market value.

Standard of Practice A-4

FTRPS when seeking to become a buyer or seller representative, shall not mislead buyers or seller as to a savings or other benefits that might be realized through use of the FTRPS professional services.

Standard of Practice A-5

FTRPS may represent the seller and buyer in the same transaction only after full disclosure to and with informed consent of both parties.

Standard of Practice A-6

FTRPS shall submit all offers and counter-offers objectively and as quickly as possible.

Standard of Practice A-7

When representing the seller as listing consultant, FTRPS shall continue to submit to the seller all offers and counter-offers until purchase agreement or execution of the lease is signed unless the seller has waived this obligation in writing. FTRPS shall not be obligated to continue to market the product after an offer has been accepted by the seller.

Standard of Practice A-8

FTRPS, acting as consultant to buyers, shall submit to buyers all offers and counter-offers until acceptance but have no obligation to continue to market products to their clients after an offer has been accepted unless otherwise agreed in writing.

Standard of Practice A-9

The obligation of FTRPS to preserve confidential information provided by their clients continues after the termination of the consulting relationship. FTRPS shall not knowingly, during or following the termination of a professional relationship with their client:

1)reveal confidential information of the client; or 2)use confidential information of the client to the disadvantage of the client; or 3)use confidential information of the client for the FTRPS advantage or the advantage of a third party:a)unless the client consents after full disclosure; or b)the FTRPS are required by court order; or c)it is the intention of the client to commit a crime and information is necessary to prevent the crime; or d)it is necessary to defend the First Trade Registry or the First Trade Registry's Partners-Members against an accusation of wrongful conduct.

Article B

FTRPS shall avoid exaggeration, misrepresentation or concealment of pertinent facts relating to the product or the transaction. FTRPS shall not, however, be obligated to discover latent defects in the product, to advise on matters outside the scope of their consulting, or to disclose facts which are confidential under the scope of consulting duties owed to their clients.

Standard of Practice B-1

FTRPS shall only be obligated to discover and disclose adverse factors reasonably apparent to someone with expertise in those areas. Article B does not impose upon FTRPS the obligation of expertise in other professional or technical disciplines.

Standard of Practice B-2

When entering into a listing agreement, FTRPS must advise buyers and sellers of the FTRPS general company policies regarding: a)cooperation with other consulting Partners-Members or buyers or sellers or both: b)the fact that buyer compensates the seller, the listing First Trade Registry Partner and/or Partner connected with locating product and/or handling servicing of product being sold. c) and/or Partners contracted to represent buyers and/or exclusive representation of seller's product; and d) any potential for Partners-Members to act as a disclosed dual consultant. The buyer's interests are always represented.

Standard of Practice B-3

When entering into agreements to represent buyer, FTRPS must advise potential clients of:1)the FTRPS general company policies regarding cooperation with other national/international First Trade Registry's-their Partners-Members and 2)any potential for the buyer representative to act as a disclosed dual consultant i.e., listing Partner or Member etc.

Standard of Practice B-4

FTRPS shall not be parties to the naming of false consideration in any document unless it be the naming of an obviously nominal consideration.

Standard of Practice B-5

Factors defined by law or regulation or which are expressly referenced in law or regulation as not being subject to disclosure are considered not "pertinent" for purpose of Article B.

Article C

FTRPS shall cooperate with other competitors who are professionals except when cooperation is not in the client's best interest. The obligation to cooperate does not include the obligation to share fees, or to otherwise compensate other competitors.

Standard of Practice C-1

FTRPS acting as exclusive consultant of sellers, establish the terms and conditions of offers to cooperate. Unless expressly indicated in offers to cooperate, cooperating Partners may not assume that the offer of cooperation includes an offer of compensation. Terms of compensation, if any, shall be ascertained by cooperating Partners before beginning efforts to accept the offer of cooperation.

Standard of Practice C-2

FTRPS shall, with respect to offers of compensation to other FTRPS, timely communicate any change of compensation for cooperative services to other FTRPS prior to such time FTRPS produces an offer to purchase/lease the product.

Standard of Practice C-3

Standard of Practice C-2 does not preclude the listing Partner and cooperating Partner from entering into an agreement to change cooperative compensation.

Standard of Practice C-4

FTRPS acting as a listing Partner, has an affirmative obligation to disclose the existence of dual or variable rate fee arrangements (i.e.,listings where one amount of the fee is payable if the listing Partner's firm is the procuring cause of the sale/lease and a different amount of fee is payable if the sale/lease results through the efforts of the seller or cooperating Partner-Member). The listing Partner shall, as soon as practical, disclose the existence of such arrangements to potential cooperating Partners-Members and shall, in response to inquiries from cooperating Partners-Members, disclose the differential that would result in a cooperative transaction or in a sale/lease that results through the efforts of the seller's consultant. If the cooperating Partner is a buyer representative, the buyer representative must disclose such information to their client.

Standard of Practice C-5

It is the obligation of Members to promptly disclose all pertinent facts to the Partners prior to a listing, sale or lease, as well as after a listing, purchase or lease agreement is executed.

Standard of Practice C-6

FTRPS shall disclose the existence of an accepted offer to any Partner-Member seeking cooperation.

Standard of Practice C-7

When seeking information from other FTRPS concerning product under a listing agreement, FTRPS shall disclose their FTRPS status Partner-Member, their state, city, town, same applies to province or country and whether their interest is personal or on behalf of a client and, if on behalf of a client, their representational status.

Standard of Practice C-8

FTRPS shall not misrepresent the availability of product or access to show or inspect a listed product.

Article D

FTRPS shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any Partner-Member thereof, or any entities in which they have any ownership in themselves, any Partner-Member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real product without making their true position known to the Partner or the Partner's firm. In selling product they own, or in which they have ownership in.

Standard of Practice D-1

For the protection of all parties, the disclosures required by Article D shall be in writing and provided by FTRPS prior to the signing of any agreement.

Article E

FTRPS shall not undertake to provide professional services concerning a product or its value where they have a present or contemplated interest unless such interest is specifically disclosed to all affected parties.

Article F

When acting as members, FTRPS shall not accept any agreement listing, or service of any kind inclusive of any fee, rebate, or profit on expenditures without the Partner's knowledge, consent and signed authorization.

Standard of Practice F-1

FTRPS shall not recommend or suggest to a client or a customer the use of services of another organization or business entity in which they have a direct interest in without disclosing such interest at the time of the recommendation or suggestion.

Standard of Practice F-2

When acting as Partners-Members, FTRPS shall disclose to a client or customer if there is any financial benefit or fee the FTRPS or the FTRPS firm may receive as a direct result of having recommended products or services (i.e., auto insurance, warranty programs, financing, etc.)other than product or marketing referral fees.

Article G

In a transaction, FTRPS shall not accept compensation from more than one party, even if permitted by law, without disclosure to all parties and the informed consent of the FTRPS clients or customers.

Article H

FTRPS shall keep in a special account in an appropriate financial institution, separated from their own funds, monies coming into their possession in trust for other persons, such as escrows, trust funds, client's monies, and other like items.

Article I

FTRPS for the protection of all parties shall assure whenever possible that agreements shall be in writing, and shall be in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties. A copy of each agreement shall be furnished to each party upon their signing or initialing.

Standard of Practice I-1

For the protection of all parties, FTRPS shall use reasonable care to insure that all listings and documents pertaining to the listing agreement, purchase, sale, or lease of real products are kept in a secure location and current through use of current extensions or amendments.

Article J

FTRPS shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicapped, family status, or national origin. FTRPS shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicapped, family status or national origin.

Standard of Practice J-1

FTRPS shall not volunteer information regarding the racial, religious or ethnic background of any client or customer and shall not engage in any activity which may result in a no sale or panic selling. FTRPS shall not print, display or circulate any statement or advertisement with respect to the selling or leasing of a product that indicates any preference, limitations or discrimination based on race, color, religion, sex, handicapped, family status or national origin.

Article K

The professional services which FTRPS provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific product or service disciplines in which they engage. FTRPS shall not undertake to provide specialized professional services concerning an area of expertise or service that is outside their field of competence unless they engage the assistance of one who is competent on such products or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth.

Standard of Practice K-1

The obligations of the Code Of Ethics shall be supplemented by and construed in a manner consistent with the uniform standards of nationally published product appraisals promulgated by the appraisal standards of these diverse published appraisal practices in their product field. The obligations of the Code Of Ethics shall be supplemented to these nationally published entities where an opinion or recommendation of price or pricing is provided in pursuit of a listing, to assist a potential purchaser in formulating a purchase offer, or to provide a FTRPS price opinion, whether for a fee or not.

Standard Practice K-2

The obligations of the Code Of Ethics in respect of FTRPS, their product disciplines other than appraisal shall be interpreted and applied in accordance with the standards of competence and practice which clients and the public reasonably require to protect their rights and interest considering the complexity of the transaction, availability of the product being offered, market conditions and expert assistance.

Standard of Practice K-3

When FTRPS provide consultive services to clients which involve advice or counsel for a fee (not a commission), such advice shall be rendered in an objective manner, and the fee shall not be contingent on the substance of the advice or counsel given. If marketing or transaction services are to be provided in addition to consultive services, a separate compensation (fee) may be paid with prior agreement between the client and FTRPS.

Article L

FTRPS shall be careful at all times to present a true picture in their advertising and representation to the public. FTRPS shall also insure that their professional status (i.e., marketer, consultant, appraiser, etc.)or status as First Trade Registry FTRPS is clearly identifiable in any such advertising.

Standard of Practice L-1

FTRPS may use the term "free" and similar terms in their advertising and in representations provided that all terms governing availability of the offered product or service are clearly disclosed at the same time.

Standard of Practice L-2

FTRPS may represent their services as "free" or without cost even if they expect to receive compensation from a source other than their client provided that the potential for the FTRPS to obtain a benefit from a third party is clearly disclosed at the same time.

Standard of Practice L-3

The offering of premiums, prizes, merchandise, service discounts or other inducements to list, sell, purchase, or lease is not, in itself unethical, even if receipt of the benefit is contingent on listing, selling, purchasing, or leasing etc. through the FTRPS making the offer. However, FTRPS must exercise care and candor in any such advertising to the public or private representations so that any party interested in receiving or otherwise benefiting from the FTRPS offer will have clear, thorough, advance understanding of all the terms and conditions of the offer. The offering of any inducements to do business is subject to the limitations and restrictions of state, province or country law and the ethical obligations established by any applicable Standard of Practice.

Standard of Practice L-4

FTRPS shall offer for sale/lease or advertise product without authority. When acting as listing consultant or buyer representative or as members, FTRPS shall not quote a price different from that agreed upon with the seller or asking and/or advertised price of sellers.

Standard of Practice L-5

FTRPS shall not advertise nor permit any members affiliated with them to advertise listed product without having contact phone number of product offered for disclosure purposes.

Standard of Practice L-6

FTRPS, when advertising unlisted real product for sale/lease in which they have an ownership interest, shall disclose their status as both owners/Partners-Members and as First Trade Registry.

Standard of Practice L-7

Only FTRPS who participated in the transaction as the listing Partner-Member or cooperating Partner-Member may claim to have "sold" the product. Prior to sale, a cooperating Partner-Member may post a "sold" sign only with the consent of the listing Partner.

Article M

FTRPS shall not engage in activities that constitute the unauthorized practice of law and shall recommend that legal counsel be obtained when the interest of any party to the transaction requires it.

Article N

If FTRPS are charged with unethical practice or asked to present evidence or to cooperate in any other way, in any disciplinary proceeding or investigation, FTRPS shall place all pertinent facts before the proper tribunals of the member board and or affiliated national international society of board of directors, or counsel in which membership is held and shall take no action to disrupt or obstruct such processes.

Standard of Practice N-1

FTRPS shall not be subject to disciplinary proceedings in more than one Board of FTRPS or affiliated institute, national or international society or counsel in which they hold membership with respect to alleged violations of the Code Of Ethics relating to the same transaction or event.

Standard of Practice N-2

FTRPS shall not make any unauthorized disclosure or dissemination of the allegations, findings, or decision developed in connection with an ethics hearing or appeal or in connection with an arbitration hearing or procedural review.

Standard of Practice N-3

FTRPS shall not obstruct the Boards investigative or disciplinary proceedings by instituting or threatening to institute actions for libel, slander or defamation against any party to a professional standards proceeding or their witness.

Standard of Practice N-4

FTRPS shall not intentionally impede the Boards investigative or disciplinary proceedings by filing multiple ethics complaints based on the same event or transaction.

Article O

FTRPS shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices.

Article P

FTRPS shall not engage in any practice or take any action inconsistent with the practice of other First Trade Registry's.

Standard of Practice P-1

Article P is not intended to prohibit entrepreneurial thinking, aggressive or innovative business practices which are otherwise ethical and does not prohibit disagreements with other First Trade Registry's, their Partners-Members involving fees, compensation or other forms of payment or expenses.

Standard of Practice P-2

Article P does not preclude FTRPS from making general announcements to prospective clients describing their services and the terms of their availability, even though some recipients may have entered into consulting agreements with other FTRPS. A general telephone canvas, general mailing or distribution addressed to all prospective clients in a given geographical area or in a given profession, business, club, or organization, or other classification or group is deemed "general" for the purposes of this standard.

Article P is intended to recognize as unethical two basic types of solicitations: 1)telephone or personal solicitations of product owners who have been identified by a FTRPS sign, FTRPS Registry Information System or other informative service as having exclusively listed their product, and (2)mail or other forms of written solicitations of prospective clients whose products are exclusively listed with other FTRPS when such solicitations are not part of a general mailing but are specifically directed to product owners identified through compilations of current listings, "for sale" or "for lease" signs, or other informative sources of information required by Article C and FTRPS Registry Information System that is made available to other FTRPS under offers of cooperation with national/international FTRPS.

Standard of Practice P-3

Article P does not preclude FTRPS from contacting the client of another Partner-Member for the purpose of offering to provide, or entering into a contract to provide, a different type of service unrelated to the type of service currently being provided (such as a open listing of a product for sale, as opposed to a exclusive listing or consulting, appraising, warranty, finance, insurance, repair, etc.)

Standard of Practice P-4

FTRPS shall not solicit a listing which is currently listed exclusively with other FTRPS. However, if the listing Partner-Member, when asked by the FTRPS, refuses to disclose the expiration date and nature of such listing:i.e., an exclusive right to sell and exclusive buyer representation, open listing, or other form of contractual agreement between the listing principal and the client, the FTRPS may contact the owner to secure such information and may discuss the terms upon which the consultant might take a listing, future listing or, alternatively, may take a listing to become effective upon expiration of any existing exclusive listing.

Standard of Practice P-5

FTRPS shall not solicit listing agreements from buyers/sellers who are subject to exclusive listing Partner-Member agreements. However, if a Partner-Member, when asked by a FTRPS refuses to disclose the expiration date of the exclusive listing agreement, the FTRPS may contact the buyer/seller to secure such information and may discuss the terms upon which the FTRPS might enter into a future listing agreement or, alternatively, may enter into a consulting agreement to become effective upon the expiration of any existing exclusive consulting agreement.

Standard of Practice P-6

When FTRPS are contacted by the client of other FTRPS regarding the creation of a consulting relationship to provide services or the same type of service, and FTRPS have not directly or indirectly initiated such discussions, they may discuss the terms upon which they might enter into a agreement or future consulting agreement or, alternatively, may enter into a consulting agreement which becomes effective upon expiration of any existing exclusive agreement.

Standard of Practice P-7

The fact that a client has retained a FTRPS as a consultant in one or more past transactions does not preclude other FTRPS from seeking such former clients future business.

Standard of Practice P-8

The fact that a consulting agreement has been entered into with FTRPS shall not preclude or inhibit any other FTRPS from entering into a similar agreement after the expiration of the prior agreement.

Standard of Practice P-9

FTRPS, prior to entering into a consulting agreement, have an affirmative obligation to make reasonable efforts to determine whether the client is subject to a current, valid exclusive agreement to provide the same type of product or service.

Standard of Practice P-10

FTRPS, acting as consultants of buyers or sellers shall disclose that relationship to the seller/buyers consultant at first contact and shall provide written confirmation of that disclosure to the sellers/buyers consultant no later than execution of a purchase agreement or lease.

Standard of Practice P-11

On unlisted product, FTRPS acting as a buyer consultant, shall disclose that relationship to the buyer at first contact for that client and shall provide written confirmation of such disclosure to the buyer no later than execution of any consulting agreement. FTRPS shall make a request for anticipated compensation from the buyer at first contact.

Standard of Practice P-12

FTRPS, acting as consultant of sellers, shall disclose that relationship to buyers as soon as practical and shall provide written confirmation of such disclosure to buyers no later than execution of any purchase or lease agreement.

Standard of Practice P-13

All dealings concerning product wanted for buyer or exclusively listed with seller consultant who are exclusively represented shall be carried on with the client's consultant and not with the client, except with consent of the client's consultant or except where such dealings are accepted by the client.

Standard of Practice P-14

FTRPS are free to enter into contractual relationships or to negotiate with sellers/buyers or others who are not represented by exclusive FTRPS but shall not knowingly obligate them to pay more than one fee except with their informed consent.

Standard of Practice P-15

In cooperative transactions, FTRPS shall compensate cooperating FTRPS (Partners) and shall not compensate nor offer to compensate, directly or indirectly any of the members affiliated with FTRPS without the prior express knowledge, consent, and signed authorization of the cooperating Partners.

Standard of Practice P-16

FTRPS, acting as a buyer/consultant, shall not use the terms of an offer to purchase/lease or attempt to modify the listing Partner's FTRPS offer of compensation to the client nor make the submission of an executed offer to purchase/lease contingent on the listing Partners agreement to modify the offer of compensation.

Standard of Practice P-17

FTRPS acting as a buyers consultant, shall not attempt to extend a listing FTRPS offer of cooperation and/or compensation to other FTRPS without the consent of the listing FTRPS.

Standard of Practice P-18

FTRPS shall not use information obtained by them from the listing Partner, through offers to cooperate, received through Registry Information System or other sources authorized by the listing Partner, for the purpose of creating a referral prospect to a third Partner, or for creating a Member buyer/seller prospect unless such use is authorized by the listing Partner.

Standard of Practice P-19

Signs giving notice of product for sale, lease, or exchange shall not be placed on product without consent of the seller.

Article Q

In the event of contractual disputes or specific non-contractual disputes as defined in Standard of Practice Q-4 between FTRPS associated with different firms, arising out of their relationship as FTRPS, the FTRPS shall submit the dispute to arbitration in accordance with the regulations of their Board or Boards rather than litigate the matter. In the event clients of FTRPS wish to arbitrate contractual disputes arising out of product transactions, FTRPS shall arbitrate those disputes in accordance with the regulations of their Board provided the clients agree to be bound by the decision.

Standard of Practice Q-1

The filing of litigation and refusal to withdraw from it by FTRPS in an arbitrable matter constitutes a refusal to arbitrate.

Standard of Practice Q-2

Article Q does not require FTRPS to arbitrate in those circumstances when all parties to the dispute advise the Board in writing that they choose not to arbitrate before the Board.

Standard of Practice Q-3

FTRPS, when acting solely as Partners and/or Members in a product transaction, are not obligated to arbitrate disputes with other FTRPS absent a specific written agreement to the contrary.

Standard of Practice Q-4

Specific non-contractual disputes that are subject to arbitration pursuant to Article Q are:

1)Where a listing Partner has compensated a cooperating Partner and another cooperating Partner subsequently claims to be the procuring cause of the sale or lease. In such cases, the complainant may name the first cooperating Partner as respondent and arbitration may proceed without the listing Partner being named as a respondent. Alternatively, if the complaint is brought against the listing Partner, the listing Partner may name the first cooperating Partner as a third-party respondent. In all instances and business transactions, the decision of the hearing panel as to procuring cause shall be conclusive with respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction.

The reader should be aware of the following policies which have been approved by the Board of Directors of the National/International Association:

In filing a charge of an alleged violation of the Code O Ethics by FTRPS, the charge must read as an alleged violation of one or more Articles of the Code. Standards of Practice may be cited in support of the charge.

The Standards of Practice serve to clarify the ethical obligations imposed by the various Articles and supplement, and do not substitute for, the Case Interpretations in Interpretations of the Code Of Ethics.

Modifications to existing Standards of Practice and additional new Standards of Practice are approved from time to time. Readers are cautioned to insure that the most recent publications are utilized.

*Charges of unethical conduct by members of the national/international Association of FTRPS are handled by the local board of FTRPS to which such members belong.

The Code Of Ethics, Professional Conduct and Standards of Practice of the National/International Association First Trade Registry was adopted and made effective January 1, 1998.

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