North Dakota is the latest state to adopt NASAA’s IAR CE model regulation, which will take effect on January 1st, 2024. The adoption marks the fifteenth state to join the list since the introduction of the rule in 2021.
Under this regulation, registered investment advisers in North Dakota will now need to complete a specified number of continuing education courses on an annual basis. While broker-dealer agents and other financial professionals are subject to CE requirements, IARs had not fallen under that standard before adopting the model rule. Given that IARs play an essential role in their clients’ financial lives, state regulators and the securities industry supported implementing a CE program.
For more information on the IAR CE Model Rule, see our whitepaper titled, “Must-Know’ Facts about the IAR Continuing Education Model Rule.”
Starting next year, North Dakota IARs must complete 12 credits each year to maintain their IAR registration. The 12 credits must include six credits of Products and Practices and six credits of Ethics and Professional Responsibility. If an IAR fails to comply with this requirement, they will be listed as “inactive” through their FinPro account until the remaining number of credits from the previous year are completed.
For information on setting up an account for your firm, contact us here.
To view our IAR CE e-commerce portal and browse training options, click here.
To see which states have adopted/have regulation pending, click here.