ARTICLE
16 November 2018

Security Traders Association Supports FINRA Continuing Education Proposals

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The Security Traders Association ("STA") offered support for, and additional recommendations on, FINRA's proposal to amend its Continuing Education program.
United States Corporate/Commercial Law

The Security Traders Association ("STA") offered support for, and additional recommendations on, FINRA's proposal to amend its Continuing Education program. The proposal is currently being considered by FINRA's Securities Industry / Regulatory Council on Continuing Education ("CE Council"). In a comment letter, the STA:

  • acknowledged the benefits of requiring registered personnel to complete Regulatory Element training annually (as opposed to over the current three-year cycle following the second anniversary of the individual's registration), but expressed concern about the cost it will impose on the industry;
  • supported the CE Council's proposal to create a centralized content catalog that firms could use for Firm Element training, and encouraged working with third-party training providers;
  • recommended that individuals be permitted to obtain Continuing Education credit by attending panel discussions with approved content;
  • recommended that the CE Council establish an ethics category to be added to Firm Element training; and
  • supported the CE Council's recommendation to permit previously registered individuals to maintain their qualifications while away from the industry by attending appropriate training.

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