As an investment advisory representative (IAR), staying compliant with continuing education (CE) requirements is crucial for maintaining your license and ensuring high standards of professional conduct. If you've recently completed 6 credits for Products and Practice under the FINRA Regulatory Element, it's important to understand the additional requirements and fees associated with Ethics and Professional Responsibility courses. The total annual IAR CE requirement is 12 credits, including 6 credits in the Products and Practice category and 6 credits in the Ethics and Professional Responsibility category.
Here's a detailed breakdown:
Reporting FINRA Regulatory Element Credits
If you or your firm has reported 6 credits for Products and Practice through FINRA's Regulatory Element:
Additional Courses Required: You will still need to complete courses in Ethics and Professional Responsibility to fulfill another set of 6 credits. Completing both categories is crucial to meeting the 12 credits required annually.
Additional Reporting Fee: A separate $18 FINRA reporting fee will apply for these additional courses. This fee is part of the total annual FINRA CE reporting fee of $36, calculated at $3 per credit. The fee covers the administrative costs associated with managing course completion records at FINRA, the manager of NASAA’s CE reporting database.
Fee Payment and Submission Process
According to the NASAA guidelines:
When Is the Fee Due?: The fee of $3 per credit is due upon the submission of your completed course for credit, totaling a $36 annual fee for the required 12 credits.
How Is the Fee Paid?: After course completion information is submitted to FINRA, the course provider will receive an invoice generated by the system for the roster fees. These fees are covered in the cost of the Adviser CE courses and are paid by the course provider. FINRA is not going to bill you directly in FinPro for courses completed at Adviser CE.
Individual vs. Firm Payment: If you are individually reporting your FINRA Regulatory Element CE credits to satisfy the 6 credits for Products and Practice, the associated $18 fee can be paid through FinPro. Alternatively, some firms may choose to cover this fee for all their IARs as part of their support to staff.
For more detailed information on IAR CE requirements and other FAQs, please visit NASAA's IAR CE FAQ page.
Conclusion
Complying with NASAA’s guidelines ensures that you remain qualified to offer advisory services and uphold the ethical standards of the profession. By understanding and adhering to these payment and course requirements, you can seamlessly manage your CE obligations.
If you have any further questions regarding your CE requirements or need assistance with the reporting process, feel free to contact our support team for personalized help.