Special Alert: Continuing Education Deadline Approaching
This is a reminder that if you have any investment adviser representatives (“IARs”) registered in a jurisdiction that adopted the model continuing education (“CE”) rule, they are subject to the continuing education requirements before 12/31/2022. This applies to all registered IARs of both state-registered and federal covered investment advisers in that jurisdiction.
What happens if you do not complete the CE requirement? The IAR will be noted as ‘CE Inactive’ and if CE is not completed by the end of year, the IAR will be unable to renew his or her registration.
The jurisdictions highlighted in green below have implemented an IAR CE requirement and therefore IARs within those jurisdictions must satisfy their 12 credits of continuing education before year-end.
Jurisdictions
- Arkansas (1/1/2023 effective date)
- Kentucky (1/1/2023 effective date)
- Maryland (1/1/2022 effective date)
- Michigan (1/1/2023 effective date)
- Mississippi (1/1/2022 effective date)
- Oklahoma (1/1/2023 effective date)
- South Carolina (1/1/2023 effective date)
- Vermont (1/1/2022 effective date)
- Washington, D.C. (1/1/2023 effective date)
- Wisconsin (1/1/2023 effective date)
Beginning in 2022, IARs within the above jurisdictions will need to attain 12 CE credits each year to maintain their IAR registration. A “credit” is a unit that has been designated by NASAA to be at least 50 minutes of educational instruction. The 12 credits must include 6 credits for Products and Practices and 6 credits for Ethics and Professional Responsibility. IARs can monitor and report their IAR CE through FINRA’s FinPro system. Go to https://www.finra.org/registration-exams-ce/finpro to create an account.
Here is a link to all the approved IAR CE course providers: https://www.nasaa.org/industry-resources/approved-iar-ce-providers/
It is every Advisers responsibility to ensure that their IARs are compliant with continuing education requirements, whether for a professional designation or due to the state CE rule.