Information Notice 7/26/23

The Financial Industry Regulatory Authority (FINRA) has issued an information notice to remind registered individuals and firms about the new Continuing Education (CE) regulatory element requirements. which have been in place since January 1, 2023. Pursuant to modified FINRA Rule 1240, all registered individuals must complete the regulatory element annually by December 31. The element consists of online courses that cover rule changes and relevant regulatory developments pertaining to a registered person’s specific registration category. FINRA assigns these courses through the FinPro (Financial Professional Gateway) account of registered individuals which is where the assigned courses may be viewed. It shall be noted in this context that any course that was exited previously midway may be resumed at that point. It is not necessary to start all over again with a course, if it was interrupted at some point.
Also beginning January 1, 2023, changes were introduced regarding CE inactive status, which FINRA would also like to remind of. Specifically, registered individuals failing to complete the regulatory element by the annual deadline will be automatically labeled CE inactive by FINRA. CE inactive individuals are prohibited from engaging in registered activities or receiving compensation from activities that require registration. To remove CE inactive status, individuals must complete all required annual regulatory element learning plans, even those due during their inactive period. If CE inactive status continues for two years, FINRA will administratively terminate a registration, necessitating re-qualification through an examination unless a waiver is granted.
To conclude, FINRA notes that it offers several resources to enable firms and individuals to keep track of their CE obligations and statuses such as the FINRA Gateway Reports or individual CE notification possibilities.