The North American Securities Administrators Association (NASAA) is mulling putting state registered investment advisors under similar continuing education rules as broker/dealer reps and insurance agents.
Marylyn Bowman, with the Kansas Securities Commissioner’s office, says that unlike broker/dealer reps and insurance agents, investment advisors aren’t required to comply with ongoing CE requirements. Self-regulatory organizations (SROs) impose CE requirements on B/D reps, and since insurance companies are regulated at the state level, the states set CE rules for insurance agents.
Since no SRO exists for investment advisors, Bowman says, it’s up to state securities regulators to come up with a CE agenda. That’s what Bowman, as chairman of a new NASAA project group, will discuss with other state regulators and advisors during an open meeting at NASAA’s 85th annual conference, which will be held from September 29 to October 2 in Philadelphia.