With 2022 in the rear-view mirror, we can’t think of a better way to wrap the year up and kiss it goodbye than to give a recap of our “Top 10” best-selling Firm Element courses! Similar to year’s past, AML, cybersecurity, and Reg BI reigned supreme as major educational focus areas for firms. While training on Business Continuity Planning fell off the top 10 list in 2022, we did see a spike in training completions on the Department of Labor’s Prohibited Transaction Exemptions.
As always, prior to implementing your training program, firms should consider their size, structure, and scope of business, as well as any regulatory developments. The 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
Course Code: 17476
The advent of Covid-19 and multiple variants that have come afterward has created the perfect storm for those who want to conceal dirty (laundered) money. This course covers 2021 anti-money laundering (AML) updates and things to consider in an ever-changing world. Topics that are discussed include how cryptocurrency became a vessel for money laundering schemes, an overview of the Corporate Transparency Act, requirements needed for reporting, and future cryptocurrency trends.
2.) Cybersecurity & FINRA
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 cybercrime, and practical steps toward cybersecurity. We 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. Please note: This course includes audio on each page.
3.) Anti-Money Laundering Regulations and Ramifications
Course Code: 17673
This course is intended for retail representatives, investment advisors, supervisors, or any financial service industry professional interested in learning how industry rules regarding anti-money laundering rules and regulations. The course discusses “red flags” that may indicate potential money laundering activities, as well as the penalties that can be imposed for violating federal money laundering laws. Please note: This course includes audio on each page.
4.) Regulation Best Interest (Reg BI) and Associated Materials
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. Please note: This course includes audio on each page.
5.) Cybersecurity for Registered Representatives
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 cybercrime, and practical steps toward cybersecurity. Please note: This course includes audio on each page.
6.) Department of Labor Prohibited Transaction Exemptions (PTE)
Course Code: 17172
This course provides an overview of the Department of Labor Prohibited Transaction Exemptions. It starts 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 explains what prohibited transactions are, those transactions that are exempt, and penalties that may be incurred if there is a violation. This course also covers PTE 2020-02 the exemption process and wraps up by examining the most recent exemptions that have been made for prohibited transactions.
7.) Ethics and Professional Conduct
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. Please note: This course includes audio on each page.
8.) Anti-Money Laundering and the Red Flag Rule
Course Code: 17671
This course is designed for registered representatives, supervisors, and institutional sales representatives. The objective of this course is to raise 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. Please note: This course includes audio on each page.
9.) Reg BI Compliance for Broker Dealer Representatives and Principals
Course Code: 15607
This course is intended to provide information regarding the SEC’s Regulation Best Interest (Reg BI) to registered representatives and principals of FINRA member broker-dealers. This course will closely review the text of the rule that applies directly to the obligations of the registered representatives and principals who supervise the activity that falls under Reg BI. Upon completion of this course, individuals should be able to identify the components of Reg BI, describe when Reg BI is applicable, and understand what registered representatives must do to comply with each provision of Reg BI.
10.) Reg BI Considerations for Variable Annuity Recommendations
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.