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NASAA Members Adopt Model Rule to Require Continuing Education by Investment Adviser Representatives

The North American Securities Administrators Association (NASAA) plans to adopt a model rule to set parameters by which its members could implement continuing education programs for investment adviser representatives in their jurisdictions.

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The North American Securities Administrators Association (NASAA) plans to adopt a model rule to set parameters by which its members could implement continuing education programs for investment adviser representatives in their jurisdictions.

The model rule has a products and practices component and an ethics component and is intended to be compatible with other continuing education programs.

“This model rule represents the culmination of years of work by state securities regulators and industry to develop a relevant and responsive continuing education program,” said Lisa A. Hopkins, NASAA president and West Virginia senior deputy securities commissioner. “This successful collaboration will help promote heightened regulatory compliance while also helping investment adviser representatives better serve their clients by remaining knowledgeable of current regulatory requirements and best practices.”

Investment adviser representatives, unlike other financial service professions, are not subject to a continuing education requirement to maintain their licenses with state regulators.

The model rule will require 12 hours of continuing education annually and will be available for NASAA members to consider adopting in their own jurisdictions. A copy of the model rule can be read here.

Formed in 1919, NASAA is the non-profit association of state, provincial, and territorial securities regulators in the United States, Canada and Mexico. NASAA has 67 members, including the securities regulators in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

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