The Financial Industry Regulatory Authority (FINRA) has extended the registration qualification window for individuals to register with another firm before their qualifications lapse. 

Historically, persons registered with a broker-dealer have had two years from their Form U5 filing date to complete a new registration with another firm. The two-year window often results in "parking" of registrations or other actions to avoid retaking industry-administered exams. 

FINRA has amended Rules 1210 and 1240. Rules 1210 and 1240 govern registration and continuing education (CE) requirements. FINRA has also added Rule 1240(c), which implements the Maintaining Qualifications Program (MQP). MQP affords eligible persons who terminate any of their registrations the opportunity to maintain their qualifications for up to five years, instead of two years. 

To maintain their qualifications for five years, individuals must complete an annual CE requirement. Persons whose registration terminated on or after March 15, 2022, will have two years to elect to participate in the MQP. Those electing to participate must complete their annual CE through the new MQP and must do so by December 31, 2022.

The MQP eligibility and participation conditions are as follows: 

1. Individuals must have been registered in the terminated registration category for which they elect to maintain their qualification under the MQP for at least one year immediately before the termination of that category and must not have been subject to a statutory disqualification (SD) during that one-year registration period;
   
   
2. Individuals must make their election to participate at the time of their Form U5 submission, or no later than two years from the termination of the registration category;
   
   
3. Individuals must not have been subject to an SD between the date of their Form U5 submission and the date on which they make their election to participate; 
   
   
4. Individuals must not have been "CE inactive" for two consecutive years at the time they make their election to participate; 
   
   
5. Participants must complete all prescribed CE content annually by December 31st, 2022; 
   
   
6. Participants will have a maximum of five years following the termination of a registration category in which to reregister without needing to requalify by examination or obtain an examination waiver;
   MQP participants who become subject to an SD while they are participating in the MQP may not continue in the MQP; and
   
   
7. Participants who become CE inactive for two consecutive years while they are participating in the MQP may not continue in the MQP.
   
   

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