The Securities Industry/Regulatory Council on Continuing Education (CE Council) recently presented a proposal to FINRA regarding Continuing Education (CE) requirements. The request for comments expires on April 20, 2020.
FINRA Rule 1250(b) discusses FINRA’s Firm Element continuing education requirements. 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).