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Regulation and Compliance > Federal Regulation > FINRA

FINRA Plan Sets Annual Fee for CE Requirements

By Melanie Waddell

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What You Need to Know

  • The $100 annual fee would apply to members who take CE to remain qualified for up to five years after their registration is terminated.
  • The proposal needs SEC approval.
  • Still awaiting approval by the SEC is a plan to permit BDs to place a temporary hold on securities transactions in cases of senior exploitation.

The Financial Industry Regulatory Authority’s board has approved a plan to levy a $100 annual fee on individuals who choose to complete continuing education to remain qualified for up to five years after they’ve terminated their registration.

On Sept. 21, the Securities and Exchange Commission approved amendments to FINRA rules to enhance the CE program to, among other things, allow individuals who terminate their registrations to reregister after an extended period without retaking the required qualification examinations if they maintain their CE requirements during this period, FINRA explained.

FINRA’s annual fee proposal needs SEC approval.

The enhancements to the continuing education program “provide individuals with more flexibility to address life and career events and necessary absences from registered functions without having to retake qualification exams in order to return to the industry,” said FINRA CEO Robert Cook in a statement. “The changes support FINRA’s efforts to promote diversity and inclusion in the securities industry by attracting and retaining a broader and more diverse group of professionals.”

Still awaiting approval by the SEC is FINRA’s proposed rule change to amend FINRA Rule 2165 (Financial Exploitation of Specified Adults) to permit broker-dealers to place a temporary hold on a securities transaction where there is a reasonable belief of financial exploitation of seniors.

At its September meeting, the FINRA board also reaffirmed the organization’s Financial Guiding Principles. FINRA first published the principles three years ago to provide more transparency about how FINRA manages its financial resources.

Melanie Waddell

@Think_MelanieW

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