SR-FINRA-2023-005

The Financial Industry Regulatory Authority, FINRA, has published on its website a proposal to revise FINRA Rule 1240 as regards the continuing education requirements of FINRA member firms. Specifically, FINRA seeks to modify this rule so as to „provide eligible individuals another opportunity to elect to participate in the Maintaining Qualifications Program (MQP)“ which is available to previously registered member firms to maintain their qualification status without having to re-register and to re-take the qualification exams of FINRA following the termination of their registrations.
The MQP program was implemented on March 15, 2022 and provided for participation in the program for firms that were registered no longer than two years prior to the launch and that indicated their wish to be part of the MQP between January 31, 2022 and March 15, 2022 (the first enrollment period). As many firms obviously missed this deadline, FINRA will now provide a „second enrollment period“ for those firms which will be from March 15, 2023 to December 31, 2023. Condition for maintaining their status will be that such firms complete all 2022 and 2023 MQP course requirements by March 31, 2024. Additionally, they will have to pay the „annual program fee of $100 for both years, 2022 and 2023, at the time of their enrollment.
The draft has been filed with the Securities and Exchange Commission for immediate effectiveness.