Information Notice 11/2/23

The Financial Industry Regulatory Authority (FINRA) has published an information notice to remind member firms of the changes to its continuing education (CE) Firm Element requirement which came into force on January 1, 2023. Specifically, the changes include(d):
– the extension of the CE Firm Element requirement to all registered representatives, including those with „permissive registrations“, that is affiliated (legal) persons for which a member firm has filed for registration;
– the recognition of other required training toward satisfying an individual’s annual Firm Element obligation, including training on AML as stipulated in FINRA Rule 3310(e) and participation in an annual compliance meeting or interview pursuant to FINRA Rule 3110(a)(7); and
– the elevation of the minimum standards for training programs to require that such programs must be „appropriate for the business of the member and, at a minimum must cover training topics related to the role, activities or responsibilities of the registered person and to professional responsibility“.
Furthermore, FINRA informs that together with the Securities Industry / Regulatory Council on Continuing Education (CE Council) it has developed additional resources and guidance to support firms in designing their education and Firm Element training programs. In addition, FINRA is currently in the process of developing a catalog of CE content that will serve as an optional resource for firms to select Firm Element material from and utilize them in devising effective learning plans for their registered personnel.
A list of available Firm Element resources is enclosed in the notice.