*Amended May 1st*

There has been some uncertainty regarding whether California will adopt a continuing education (CE) requirement for investment adviser representatives (IARs) in 2024. This announcement aims to clarify the current status.

Has California Approved the IAR CE Requirement for 2024?

Not yet. On December 8, 2023, the initial proposed regulation was disapproved for lack of clarity. However, a modified regulation has since been resubmitted, adding more reference materials from NASAA’s IAR CE Program Handbook, among other documents. The public comment period on the revised regulation closes on March 1, 2024. Approval is still expected in 2024. To view the amendments, click here.

Does California Still Plan to Approve an IAR CE Requirement in 2024?

Yes. The California Department of Financial Protection and Innovation has affirmed to the North American Securities Administrators Association (NASAA) that the rule will be adopted and take effect in 2024. This means investment advisers will need to complete their required training by the annual December 31st deadline.

Are CE Credits Currently Being Accepted for California IARs?

Yes. Although not yet formally adopted, NASAA and FINRA confirm they will accept IAR CE credits completed in 2024 prior to the rule’s final approval. Credits will populate IARs’ CRD records. California’s pending IAR CE requirement is also reflected in IARs’ Financial Professional Gateway accounts.

Quest CE will continue to provide further updates as this situation develops. To view the full list of states that have approved the regulation, click here. To purchase IAR CE credits, visit our website here.