Staying compliant in the financial services industry means staying up-to-date on the latest regulations and guidance. Our top 10 Firm Element courses help brokers and advisors do just that by covering some of the most important compliance topics.
In this blog article, we’ll provide brief two-sentence summaries of each course so you can quickly see which ones match your needs and those of your firm. The topics span pressing issues like off-channel communications, cybersecurity, anti-money laundering, and Regulation Best Interest.
With regulators continuing increased oversight and enforcement around many of these areas, having the compliance knowledge you need is critical. 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.) Off-Channel Communications
Course Code: 19461
Ringing in at the #1 spot is off-channel communications! This course educates broker-dealers and investment advisers on the compliance risks of unmonitored off-channel business communications, which continue to draw regulatory crackdowns and penalties despite numerous actions taken. Using a scenario and actual disciplinary cases, it demonstrates behaviors that could cause regulatory violations, fines, or sanctions.
2.) Cybersecurity & FINRA
Course Code: 17703
This course examines cyber-attacks and threats to the financial industry, regulatory disclosure requirements, preventative measures, and recent FINRA cybersecurity guidance. It provides practical cybersecurity advice for representatives to mitigate risks, as well as warns of consequences to firms for failing to protect against cyber threats.
3.) Anti-Money Laundering (AML) Sanctions
Course Code: 19305
This course meets the mandatory requirement for broker-dealer staff to identify potential money laundering scenarios and understand the associated consequences, including applicable sanctions for Anti-Money Laundering (AML) rule violations. It examines real-life cases of AML sanctions to demonstrate the applicability of rules across roles from representatives to firm principals.
4.) Regulation Best Interest: SEC Resources & FINRA Involvement
Course Code: 18194
This course covers the background, purpose, and details of Regulation Best Interest (Reg BI), which updated broker-dealer conduct standards under the 1934 Securities Exchange Act, as well as practical compliance suggestions. It outlines Reg BI definitions, obligations, and the new Client Relationship Summary (Form CRS) so that broker-dealer staff across roles understand when the obligations apply.
5.) Regulation Best Interest (Reg BI) and Associated Materials
Course Code: 17757
This course covers in depth the June 2019 SEC rules package aimed at improving retail investor transparency, including Regulation Best Interest (Reg BI), Form Customer Relationship Summary (Form CRS), the Investment Adviser Interpretation, and the Solely Incidental Interpretation, as well as potential scenarios one might encounter.
6.) Anti-Money Laundering and the Red Flag Rule
Course Code: 17671
This course raises anti-money laundering regulation awareness among brokerage representatives, supervisors, and institutional sales staff to equip them to detect and prevent money laundering activities that could harm business or client relationships. It covers Know Your Customer rules and how to recognize suspicious activities so that after completion, representatives better understand requirements and can protect themselves from consequences associated with money laundering.
7.) Reg BI Compliance for Broker Dealer Representatives and Principal
Course Code: 15607
This course reviews the text of Regulation Best Interest (Reg BI) to inform FINRA broker-dealer representatives and principals about its direct obligations and applicability. It enables learners to identify Reg BI components, when it applies, and what registered representatives must do to comply with each provision.
8.) Identity Theft Prevention and the Financial Services Industry
Course Code: 17730
This course covers Federal Trade Commission identity theft rules for those in financial services who access sensitive customer data, as training is required for compliance; it examines the key rules protecting information and the employee’s role in detecting identity theft red flags, as well as the various hacking methods used to steal customer identities.
9.) FINRA and SEC Examination Priorities for 2023
Course Code: 19485
The SEC and FINRA annual examination priorities letters increase transparency between regulators and registered firms/advisors regarding focuses for oversight; this course overviews the 2023 SEC and FINRA letters, highlighting areas getting the most attention such as Anti-Money Laundering, Cybersecurity, Regulation Best Interest, ESG Investing, and more.
10.) Anti-Money Laundering: Review, Everyday Scenarios, and Enforcement Cases
Course Code: 9873
This course provides a brief refresher overview of AML programs before focusing on examples of real-world scenarios representatives may encounter in their interactions with customers and prospective customers. The course continues its emphasis on real life application by presenting summaries of actual recent enforcement cases.
