Page 46 - Investment Advisor November 2022

istrations they hold. Very generally, our laundering, whereas a regulatory ele- be on track to be adopted nationwide,”
courses will focus on topics within new ment might be Reg BI. AML, Monterosso Solomon said.
rules and amendments, industry trends, said, “could also be covered as part of In 2022, three states adopted it:
as well as core content.” the regulatory element depending on if Vermont, Maryland and Mississippi. So
Jeremy Solomon, president and co- there’s a significant rule change. But the this is the first year IARs have had
founder of Solomon Exam Prep, which firm would also cover AML as part of its to comply with NASAA CE require-
creates securities licensing exam prep firm element training to hone in on firm ments. “State regulators and firms have
for FINRA as well as the North American policies, more specifically.” determined that IARs, like other highly
Securities Administrators Association Reps with multiple registrations “may skilled professionals with important
qualification exams, told me that the have more content to complete than fiduciary responsibilities, should be
annual regulatory CE element “should individuals with a single registration,” required to do continuing education,”
help keep registered persons more cur- Lefort added, “because they’re going to Solomon said.
rent and up to date in their industry be required to complete content specific Maryland Securities Commissioner
knowledge. The new annual schedule is to each registration category they hold.” Melanie Senter Lubin told me in an
also simpler and less confusing.” email that NASAA’s IAR CE committee
Monterosso said the regulatory ele- NASAA CE PLANS “is actively planning for year two of the
ment, which is administered by FINRA, FINRA isn’t the only regulatory group program and its continued growth. As
“focuses on regulatory changes such as with new CE plans. Solomon recently of right now, seven additional NASAA
new rules and amendments and regu- added CE to its product offering and members have adopted IAR CE require-
latory trends. While the firm element, has been approved by NASAA as a CE ments, bringing it to 10 jurisdictions
which is provided by each firm, focus- provider for the forthcoming 2022 IAR entering the New Year.”
es on securities products, services and CE requirement. The NASAA Model
strategy. It’s policy and industry trends.” Rule for CE for investment advisor reps, Washington Bureau Chief Melanie Waddell can
A firm element might be anti-money adopted in November 2020, “seems to be reached at [email protected].

Looking to switch custodians or start

an advisor business?

No ticket charges, minimums, CUSTODY fees, or technology fees
Free CRM and portfolio management tools

We don’t compete with you for clients

ibkr.com/in-switch
FOR INSTITUTIONS
Member NYSE, FINRA, SIPC 05-IB22-1541

44 INVESTMENT ADVISOR NOVEMBER 2022 | ThinkAdvisor.com