The Financial Industry Regulatory Authority says it has adopted several changes to its continuing education program, including requiring the regulatory part of the program more frequently.
The industry self-regulator’s current continuing education program requires brokers to take the “Firm Element,” which focuses on products, services, policies and industry trends, once a year.
The “Regulatory Element,” which focuses on regulatory requirements and industry standards, is currently required once every three years. Effective Jan. 1, 2023, it will be required every year, according to a regulatory notice published by Finra.
Moreover, starting on that date, Finra will allow firms to consider other required training as part of an individual’s annual continuing education Firm Element, the self-regulator says.
However, Finra will also extend the Firm Element requirement to all registered individuals, including those “who maintain solely a permissive registration,” according to the regulatory notice.
The self-regulator will also allow eligible individuals whose registration is terminated to keep their continuing education qualification beyond the current two-year period by completing a new annual continuing education program, the “Maintaining Qualifications Program,” according to the self-regulator. That change goes into effect on March 15, 2022.
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