Business Principles
We are committed to maintaining the highest standards of business conduct and ethics. Our Code of Ethics reflects the business practices and principles of behavior that support this commitment. We expect every employee, officer and director to read and understand the Code and its application to the performance of his or her business responsibilities.

Officers, managers and other supervisors are expected to develop in employees a sense of commitment to the spirit, as well as the letter, of the Code. Supervisors are also expected to ensure that all agents and contractors conform to Code standards when working for or on behalf of SNW. The Code addresses conduct that is particularly important to proper dealings with the people and entities with whom we interact, but reflects only a part of our commitment. Federal and State laws and regulations, the MSRB and FINRA rules, as well as our Employee Handbook, Supervisory Procedures Manual and Compliance Manual supplement and/or amplify this Ethics Code and should be read in conjunction with the Code.

The integrity and reputation of SNW depends on the honesty, fairness and integrity brought to the job by each person associated with us. It is the responsibility of each employee to apply common sense, together with his or her own highest personal ethical standards, in making business decisions where there is no stated guideline in the Code. Unyielding personal integrity is the foundation of our corporate integrity.