FINRA initiated a retrospective review of the annual compliance meeting (“ACM”) requirement in April 2018. The findings were published on October 18, 2019 in FINRA Regulatory Notice 19-34.Ā Although the final assessment indicates that they are determined to maintain the ACM requirement without change, the Notice did provide additional guidance on fulfilling the requirements.
It’s 2020 and as the new year rolls in, so does annual training planning. Rule 3110(a)(7) requires each Registered Person to participate, at least annually, in an interview or meeting which discusses compliance matters relevant to their activities. Read More…
FINRA Rule 1250(b) discusses FINRAās Firm Element continuing education requirements.Ā Firm Element continuing education requirements apply to “covered persons”, which is defined as registered persons – including salespeople, traders, sales assistants, investment company shareholder servicing agents, investment bankers, and others who have direct contact with public customers in the conduct of a securities sales, trading, or investment banking business – and their immediate supervisors. The term “customer” in the definition of covered persons includes retail, institutional, and investment banking customers, but does not apply to other broker-dealers. Member firms are required to analyze and evaluate their training needs in light of the firm’s size, organizational structure, scope of business, and types of products and services offered, as well as regulatory developments and the performance of its registered persons pursuant to the Regulatory Element of FINRA Rule 1250(a).
Annual broker-dealer training should be derived from relevant regulatory and/or industry focus areas.Ā It is important to consider the current āhot topicsā and implement appropriate training regarding the areas that would best mitigate risk when performing needs analysis and developing an annual broker-dealer training plan. Read More…
FINRA has established a Web-based delivery method for completing the Regulatory Element of the Continuing Education (CE) requirements.Ā The test-center delivery method will be phased out by July 1, 2016. Read More…