FINRA adopted amendments to rules on continuing education and registration requirements to provide accommodations for individuals with terminated registrations to maintain their qualification.
As previously covered, the amendments to FINRA Rule 1240 ("Continuing Education Requirements") and conforming amendments to FINRA Rule 1210 ("Registration Requirements") will:
- give eligible individuals who terminate any of their representative or principal registration categories the option of maintaining their qualification for any terminated registration categories by completing annual continuing education ("CE") through a new program, the Maintaining Qualifications Program ("MQP");
- require registered persons to complete the CE Regulatory Element annually for each representative or principal registration category that they hold; and
- expressly allow firms to consider other required training toward satisfying an individual's annual CE Firm Element and extend the Firm Element requirement to all registered persons.
In related FAQs, FINRA addressed regulatory element date-related specifics, the development of firm element resources, and details of the new MQP available through the FINRA Gateway.
The changes relating to the MQP and the Financial Services Affiliate Waiver Program will go into effect on March 15, 2022. All other changes, including the changes relating to the Regulatory Element, the Firm Element and the two-year qualification period, will go into effect on January 1, 2023.
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