On March 15, 2022, FINRA established a program allowing eligible individuals the option of maintaining their qualifications for certain terminated registrations by completing continuing education (FINRA Rule 1240(c)). The Maintaining Qualifications Program allows eligible persons to maintain their qualifications for up to five years by completing annual continuing education requirements. In March, 2023 FINRA announced a second MQP enrollment period for individuals who had an eligible registration terminated between March 15, 2020, and March 15, 2022. Those who enrolled in the second MQP period must complete their prescribed 2022 and 2023 MQP learning plan by March 31, 2024.
As broker-dealer compliance teams create their 2024 compliance calendars, one element to incorporate is efficient tracking and documenting that your registered persons’ complete the Regulatory Element Continuing Education (CE) requirements are met annually by December 31 st . FINRA’s Regulatory Element CE must be completed by all registered persons no later than December 31 st each year. Extensions beyond the deadline may be granted by FINRA on a case-by-case basis. Regulatory Element CE will be administered through each individual FinPro account. Content of the Regulatory Element CE will be specific to each registration category that an individual maintains. FINRA’s 2024 Regulatory Element CE topics have been published.
Oyster Consulting has extensive experience helping broker-dealers organize and automate their compliance programs. Tracking and documenting your registered persons’ CE requirements is just one function that our Oyster Solutions integrated and automated compliance software provides. Tracking licensing and appointments, outside business activities, conflicts of interest, assigned equipment and complaints for needed individuals is easy, reportable and configurable to your needs. Get transparency into your employee or 1099 population by keeping information in one place, where you can view employee type, supervisory hierarchy and business continuity plan information.
Learn how Oyster Solutions creates a modern, effective compliance program that protects your firm and provides value.
Oyster Consulting gives financial services industry clients innovative tools to understand, automate, optimize and analyze crucial functions. We have the expertise, experience and licensed professionals you need, all under one roof. Our seasoned industry leaders provide consulting, outsourcing and software to help you plan, manage risk, achieve compliance and optimize operations so you can focus on running and growing your business.
The Financial Crimes Enforcement Network (FinCEN) has recently issued a final rule extending anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to certain Registered Investment Advisers (RIAs). This long-anticipated regulatory action, set to take effect on January 1, 2026, is a significant development in the wealth management sector, marking a new era […]
Cryptocurrency regulation is constantly evolving, and recent updates from FINRA have caught the attention of industry players and investors alike. FINRA has made significant strides in addressing the challenges posed by digital assets. These developments have an impact on how cryptocurrency is perceived, regulated, and integrated into mainstream financial systems. This blog delves deeper into […]
The Importance of a Strong AML Program In today’s financial landscape, the fight against money laundering has become a critical concern for alternative trading systems. As these platforms grow in popularity and complexity, they face increasing scrutiny from regulatory bodies worldwide. Building a robust Anti-Money Laundering (AML) program is not just a legal requirement; it’s […]
