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The North American Securities Administrators Association ("NASAA") proposed a continuing education program for investment adviser representatives ("IARs"). The proposal includes a proposed model rule for implementing the program.
According to the proposal, NASAA intends to serve as the centralized body in implementing the investment adviser representative continuing education program ("IAR CE"). The proposal is intended to:
- "ensure continued competency by IARs" and expand their knowledge base;
- maintain flexibility in IAR CE content;
- minimize (i) duplicative continuing education requirements, (ii) compliance burdens and (iii) the cost to complete continuing education; and
- encourage uniformity among regulators and jurisdictions that implement IAR CE.
NASAA asserted that it would examine potential IAR CE providers and content based on criteria such as:
- how the learning objectives of the IAR CE will be met;
- the qualifications of the instructors and the quality of the materials;
- prior experience in delivering educational content;
- customer/student evaluations;
- the ability to track coursework; and
- prior financial services experience.
Comments on the proposal must be submitted by March 30, 2020.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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