FINRA Seeks SEC OK for New CE Requirements
FINRA also wants approval for a new plan allowing individuals to challenge "statutory disqualification."
The Financial Industry Regulatory Authority wants individuals registered with the regulator to complete continuing education requirements yearly instead of every three years.
During its December board meeting, the FINRA Board approved filing with the Securities and Exchange Commission proposed amendments to its continuing education program under FINRA Rules 1210 and 1240.
The amendments would, among other things, “require registered persons to complete the Regulatory Element of the CE program every year rather than every three years, and would allow individuals who terminate their registrations to reregister for an extended period without retaking the required exams if they maintain their CE requirements during this period,” FINRA explained.
The CE requirements apply to all FINRA-registered individuals.
The Board also approved filing with the SEC proposed amendments to FINRA Rule 9000 Series to establish a process to appeal statutory disqualification determinations made by FINRA staff.
The new plan would allow individuals “to challenge a FINRA decision that the person is subject to a statutory disqualification, without needing the support of a firm to do so,” FINRA states.
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