Starting January 2023, broker-dealers and their representatives will face new Continuing Education (CE) requirements as part of The Financial Industry Regulatory Authority's (FINRA) revamp of the program.
The latest changes relate to the Regulatory Element, which focuses on regulatory changes such as new rules, amendments, and regulatory trends, as well as the Firm Element, which is provided by each firm and focuses on securities products, services, and strategy.
The Regulatory Element will now be an annual requirement. Additionally, new courses will be provided at the beginning of each year, and individuals will have a December 31 deadline to complete them.
Additionally, the North American Securities Administrators Association (NASAA) Model Rule for CE for investment advisor representatives adopted in November 2020 is on track to be adopted nationwide. In 2022, Vermont, Maryland, and Mississippi adopted the Model Rule. Seven additional NASAA members have adopted Investment Advisor Representative CE requirements, bringing it to 10 jurisdictions entering the new year.
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