Firm Element Training Requirements

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Firm Element FINRA CE Program Requirements for Registered Representatives

FINRA Rules

Who is required to complete the FINRA CE Program Requirements?

All active registered representatives and those associated members who participate in FINRA’s MQP are required to complete firm element and regulatory element training as directed by their firm and/or FINRA.

What is the MQP and how do individuals participate?

The Maintain Qualifications Program (MQP) is for individuals who have left the securities industry for non-disciplinary reasons allowing them to re-enter the securities industry within five years without having to re-take registration exams as long as they comply with firm element and regulatory element requirements. To participate individuals must opt in and create a FinPro account with FINRA. This is where you will receive notification of any continuing education (CE) required to keep your registration(s) in compliance with the MQP program.

What are the CE program requirements for FINRA Registered Representatives?

The FINRA continuing education requirements are composed of two elements:

Firm element
Regulatory element

Both components must be completed to stay in compliance with FINRA rules.

How many hours of firm element must a registered representative completed annually?

There is no requirement for a specific number of hours; the decision on what courses to complete and what topics must be covered is at the discretion of the broker-dealer firm.

Are there any subject area requirements for Firm Element Training?

FINRA considers annual training on topics relevant to the business of the broker-dealer firm, annual compliance meeting, and anti-money laundering training as components of the firm element training.

Can Firm Element Training courses be repeated?

Yes, the course selection is at the discretion of the broker-dealer firm. WebCE does review and, when required, update course materials on an annual basis.

When does Firm Element Training have to be completed?

Annually

Can Firm Element Training course hours carry over to the next renewal cycle?

Excess CE hours are not allowed to be carried forward to the next cycle.

Does Firm Element Training count toward IAR CE?

Firm element training only counts toward IAR CE if the firm element training materials are approved by NASAA.

How can Firm Element Training be completed?

Firm element training can be successfully completed through a variety of means, including online courses, in-person meetings, webinars, conferences and other means that can be tracked by the broker-dealer. Firm element training and selected format for that training are at the discretion of the broker-dealer firm.

When does the Regulatory Element Training have to be completed?

Each covered person shall complete the Regulatory Element on the occurrence of their second registration anniversary date and every three years thereafter, or as otherwise prescribed by FINRA. On each occasion, the Regulatory Element must be completed within 120 days after the person's registration anniversary date. A person's initial registration date, also known as the "base date," shall establish the cycle of anniversary dates for purposes of this Rule.

Effective January 1, 2023, the regulatory element will be an annual requirement.

How can the Regulatory Element Training be completed?

Regulatory Element can be completed through FINRA’s FinPro Gateway

Are there any subject area requirements for Regulatory Element Training?

FINRA will publish topics to be covered by the regulatory element in October of the previous calendar year.

Does the Regulatory Element count towards IAR CE compliance?

The regulatory element may be considered an equivalent to the products and practices portion of the IAR CE requirement. Individuals must submit a request to have their regulatory element applied to their IAR CE requirement to FINRA and they must pay the required roster fee of $18.

What are the WebCE Firm Element Training course requirements?

WebCE courses are online self-study with non-monitored final exams. Students should read through course material then complete exam.
Exam passing score: 70%
If the final exam is not passed on the first attempt, students have an unlimited number of retakes.

What is the access period for WebCE Firm Element Training courses?

12 months from the original date of purchase

How often does WebCE report Firm Element Training course completions?

WebCE does not report course completions. Course completions are stored in the WebCE system and broker-dealer administrators have access to reports for tracking and audit purposes.

Are there any CE Program exemptions?

There are a limited number of exemptions and/or waivers for qualification exams and waivers of exams; those are outlined in FINRA Rule 1210.03.

Who to contact for additional questions

FINRA

Phone: 301-590-6500
Mailing Address:
1735 K Street, NW
Washington, DC 20006
Email
Website: www.finra.org

This information is based on FINRA laws and regulations and is subject to change. WebCE makes every effort to make sure this information is current and accurate, however, WebCE is not engaged in rendering legal or professional advice and shall not be held responsible for inaccuracies contained herein. We urge you to check with your registration/licensing department for complete and current information about its rules and requirements.

Last updated on 1/1/1900

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