Effective January 4, 2010, the program modules for the Continuing Education Regulatory Element program - S101 and S106 – will be updated and fees for completion of all Regulatory Element programs will increase.
Under NASD Rule 1120, most registered persons are requirement to complete Continuing Education requirements consisting of two parts – the Regulatory Element and the Firm Element. The Firm Element program is an annual requirement developed by each firm to help keep registered personnel current regarding rules and other issues that would be considered important to performing their jobs effectively. The Regulatory Element requires all registered persons to take part in a computer-based training session within 120 days of their second registration anniversary date and every three years thereafter. The material is written to be applicable to all registered persons.
The S101 (or General Program) is required for all Series 7 registered persons and all other registration categories except for S24 principals (who are required to complete the S201) and S6 registered representatives (who would complete the S106). Recently, the S101 and S106 modules were updated and revamped. The modules now depict current situations that may be faced by registered persons in the course of their business and are presented in a more interactive format. The course continues to allow 3 ½ hours to complete and any person whose continuing education is scheduled to be completed after January 4, 2010, will complete the new modules.
Failure to complete the Regulatory Element within the 120 days of the qualifying anniversary date results in a person’s registration becoming inactive. While a person is inactive, they may not engage in, or be compensated for, activities requiring a securities registration until the requirements are satisfied.
Registered Representatives can review the new content outline and see a demonstration of a sample case if interested, prior to sitting for this requirement, by going to www.finra.org/ce/training.
In addition to the modules being updated, the fees a firm pays for all three of the Regulatory Element programs – the General Program (S101), the Series 6 Program (S106), and the Supervisory Principal Program (S201) will increase January 4, 2010 from $75.00 to $100.00. Fees for this requirement are drawn directly from a firm’s WebCRD daily account when representatives schedule and complete this requirement.
If you have any questions about the new modules, feel free to contact Regulatory Compliance at 603-434-3594 and speak with a compliance specialist or your Compliance Partner account manager.
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