FINRA proposed amendments to rules on continuing education and registration that would (i) require the regulatory element to be completed annually and (ii) provide a path for individuals with a terminated registration to maintain their qualification. FINRA's proposal would amend FINRA Rule 1240 ("Continuing Education Requirements") and make conforming amendments to FINRA Rule 1210 ("Registration Requirements") such that:
- a registered person would be required to complete the regulatory element annually, a change from the current three-year cycle, as to each representative or principal registration category that the individual holds;
- firms would be "expressly allowed" to satisfy an annual firm element requirement by offering an AML compliance program or other required training; and
- eligible individuals who terminate any of their representative or principal registrations may maintain their qualifications through continuing education.
Comments on the proposal must be submitted within 21 days of its publication in the Federal Register.
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