The end of summer quickly approaching can only mean one thing – the return to school is just around the corner! For most, that means picking out new backpacks to be filled with mechanical pencils, rainbow-colored notebooks, and boxes of crayons. However, here at Quest CE we do ‘back to school’ a little differently and fill our bags with tips on our top broker-dealer courses this year.
To help make the decision process easier, we’ve created a list of our top 10 bestselling Firm Element courses from the year, thus far. As always, prior to implementing your training program, firms should consider their size, structure, and scope of business, as well as any regulatory developments. Courses outlined in this article are not to be taken as recommendations. *
*A comprehensive Needs Analysis is required.
1.) Annual AML Update: Cryptocurrency, Regulatory Guidance, and Enforcement (INT)
Course Code: 17476
This course covers 2021 anti-money laundering (AML) updates and things to consider in an everchanging world. The advent of Covid-19 and multiple variants that have come afterwards has created the perfect storm for those who want to conceal dirty (laundered) money. The new environment of remote work and in a lot of cases virtual interactions with new and existing clients further complicates the ability to track and catch these illegal activities. Add cryptocurrency to the mix with its anonymity and life in the financial industry has become complicated in ways never imagined even 10 years ago.
2.) Cybersecurity for Registered Representatives (FE INT)
Course Code: 17704
This course examines the various targets and types of cyber-attacks, their threat to the financial industry, disclosure requirements for FINRA registered firms, regulatory measures to prevent cybercrimes and practical steps toward cybersecurity.
3.) Ethics and Professional Conduct (FE INT)
Course Code: 17711
This course is intended for registered representatives, investment advisers, compliance staff and supervisors that work with retail investors. This course covers some of the basics of ethics and offers a glance at past legislation that has brought us to where we are today. By also outlining the responsibilities of each professional, this course sheds light on why it is imperative that all members of any profession maintain and adhere to professional ethical standards.
4.) Reg BI Considerations for Variable Annuity Recommendations (FE INT)
Course Code: 15762
This course is intended to connect the provisions of Regulation Best Interest’s Care, Conflict, and Disclosure obligations with the recommendations surrounding the purchase and sale of Variable Annuities to retail customers by registered representatives of FINRA member broker-dealers.
5.) Anti-Money Laundering for Broker-Dealers – Vol. 2 (FE INT)
Course Code: 9877
This course is designed for registered representatives of FINRA member broker-dealers. The course begins with actual cases involving FINRA member firms that took place in 2015 and then moves into a review of basic anti-money laundering concepts. The course then shifts to the representative’s role in preventing, detecting and reporting suspicious activities that may point to illegal money laundering, providing examples from actual cases of what happens when a firm fails to carry out its AML obligations.
6.) Anti-Money Laundering and the Red Flag Rule (FE INT)
Course Code: 17671
This course is designed for registered representatives, supervisors, and institutional sales representatives. The objective of this course is to raise the awareness of anti-money laundering regulations so that representatives have the knowledge to prevent and detect money laundering. This knowledge will help ensure that each representative and their employer do not become involved in investigations or scandals that could harm the company’s reputation or risk client relationships. After completing this course, representatives will have a better understanding of anti-money laundering regulations, including the Know Your Customer rule, as well as be able to better recognize suspicious activities to protect themselves from the consequences of being linked in any way to money-laundering activities.
7.) Regulation Best Interest (Reg BI) and Associated Materials (FE INT)
Course Code: 17757
On June 5, 2019 the SEC approved a package of new rules and interpretations designed to improve transparency for retail investors. Included in this package are Regulation Best Interest (Reg BI), New Form CRS Relationship Summary (Form CRS), the Investment Adviser Interpretation, and a Solely Incidental Interpretation. This course will cover each of these rules in depth along with potential scenarios that one could encounter.
8.) Cybersecurity & FINRA (FE INT)
Course Code: 17703
This course examines various targets and types of cyber-attacks, their threat to the financial industry, disclosure requirements for FINRA registered firms, regulatory measures to prevent cybercrimes and practical steps toward cybersecurity. We will also discuss recent FINRA guidance, including the presence of cybersecurity in the Regulatory and Examinations Priorities Letter, the Report on cybersecurity Practices, and Investor Alerts warning investors about cyber threats. Practical advice for representatives on steps to reduce risk will be discussed, as well as the consequences to firms for failing to protect against cybersecurity threats.
9.) Ethics for the Financial Services Professional (FE OMT)
Course Code: 10050
This course is intended for registered representatives, investment advisors, compliance staff and supervisors that are responsible for working with clients. This course provides an overview of the characteristics of ethics and professionalism. Topics include the standards by which a professional should be judged, as well as a study of ethics on its philosophical and compliance levels.
10.) Department of Labor Prohibited Transaction Exemptions (PTE) (FE INT)
Course Code: 17172
This course provides an overview of the Department of Labor Prohibited Transaction Exemptions. It will start with the origins of prohibited transactions by discussing the Department of Labor and the Employee Retirement Income Security Act of 1974, otherwise known as ERISA. It will explain what are prohibited transactions, those transactions that are exempt and penalties that may be incurred if there is a violation. This course will also cover PTE 2020-02 the exemption process and will wrap with examining the most recent exemptions that have been made for prohibited transactions.