At the beginning of the year, FINRA implemented new changes to both its Regulatory Element and Firm Element CE requirements. Being coined by FINRA as the “CE Transformation,” these changes were created to ensure every individual receives timely, relevant training on new and updated rules and issues applicable to their firm. To help you discern which are the most important, we’ve compiled a list of the key amendments your firm should be aware of.
Regulatory Element CE
- The biggest change of note is that Regulatory Element CE must now be completed annually, rather than every three years.
- Cost has dropped from $55 per cycle to $18 per year.
- Additionally, credits must be completed by December 31st.
- Content is now tailored and relevant specific to each registration category.
- FINRA and the CE Council will publish the Regulatory Element learning topics by no later than October 1 of the prior year to provide firms with sufficient time to review the topics for the upcoming year.
These changes also impacted several areas of system functionality in FinPro. For information on how the system changed, click here.
Firm Element CE
- All registered persons are now required to adhere to Firm Element requirements.
- Training must cover topics related to professional responsibility and to the role, activities, or responsibilities of the registered person.
- Firms are expressly allowed to consider required anti-money laundering (AML) training and the annual compliance meeting toward satisfying the requirement.
- FINRA and the CE Council are working to develop additional resources and guidance to support firms as they assess their education needs and develop their training requirements.
As was the case before, firms can continue to develop Firm Element content internally or through third-party vendors. If you are interested in learning more about how to set-up a Firm Element program with Quest CE, click here.
- To access FINRA/CE Council’s “CE Transformation Playbook,” click here.
- To read more about FINRA’s CE Transformation, click here.
- For a “Before and After CE Transformation Summary Table,” click here.