Web CRD and IARD TM Training

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1 Web CRD and IARD TM Training The Continuing Education (CE) Program The Continuing Education (CE) Program FINRA. All rights reserved. Materials may not be reprinted or republished without the express permission of FINRA. Individuals, firms, and data mentioned in these materials are fictitious and are presented exclusively for purposes of illustration or example.

2 Two Part Program: Firm Element (Not tracked within Web CRD) Developed and implemented by firm Guidelines at Regulatory Element (Tracked within Web CRD) Computer Based Training (CBT) Sessions Required on 2 nd anniversary of the agent s initial base date and every 3 years thereafter 120-day window to satisfy requirement Continuing Education Copyright 2013 FINRA 2

3 Regulatory Element: CBT Sessions: Prometric Centers: Pearson VUE Centers: In-Firm Delivery (for more info, see Notice to Members 01-14) Session Result: Complete Incomplete NOTE: Continuing Education (CE) sessions are not examinations; therefore, CE results display differently on Web CRD. For example, a Series 7 examination result could display as Passed 85%. In contrast, CE sessions will result in a Complete or Incomplete status. Continuing Education Copyright 2013 FINRA 3

5 Type of CE Sessions: S201 Supervisors/Principals Program Individuals who hold any principal registration category (e.g. General Principal (GP) position and all Limited Principal positions) S106 Series 6 (IR) Investment Representatives Program Individuals who hold only a registration as a Limited Representative Investment Company and Variable Contracts (i.e. Series 6) S101 General Program Individuals who hold registration categories that are not covered under the S201 or S106 program (e.g. General Securities (GS) position and Limited Representatives other than for Investment Company and Variable Products) NOTE: Individuals should sit for the CE session of which they hold the highest level position at the time the CE session is scheduled on Web CRD. Continuing Education Copyright 2013 FINRA 5

6 Session Topics (S101, S106 and S201): Communications with the Public Suitability Ethics Anti-Money Laundering Insider Trading Product Knowledge Session Topic (S201) Supervision NOTE: To obtain a Content Outline for the Regulatory Element, access the Securities Industry Continuing Education Program (CEP) Web site at > Regulatory Element > Content Outline. Continuing Education Copyright 2013 FINRA 6

7 Base Dates: Initial securities registration approval date with a self-regulatory organization (SRO) (e.g., FINRA) SRO or jurisdiction qualification examination waiver date New securities registration approval date for a registered person that has been out of the industry for 2 or more years 45 days from the date of certain significant disciplinary actions Continuing Education Copyright 2013 FINRA 7

8 Foreign Deferrals: Postpones Regulatory Element requirement individual s status remains CE Required ; will not become CE Inactive Must be requested in writing by the firm contact and sent to FINRA Must be located more than 350 miles from a testing center For more information, see Notices to Members and Continuing Education Copyright 2013 FINRA 8

9 Other Situations: Active Military Leave: contact FINRA; record will reflect Foreign Deferral FINRA Generally will not provide extensions except in exceptional circumstances. Continuing Education Copyright 2013 FINRA 9

10 Directed Sequences and Directed Sessions are a result of disciplinary action taken towards a registered individual by governmental agency or an SRO. They result in scheduled CE sessions that are outside of the normal CE program requirement. Windows for Directed Sequences and Directed Sessions are set by FINRA Disclosure Review staff when the U6 is processed. Directed Session: Individual has been ordered to attend a CE session by a governmental agency or an SRO Base Date is not affected Directed Sequence: Individual must attend additional CE session because disciplinary action is of the type specified in Rule 1120(a)(3) New Base Date is established Continuing Education Copyright 2013 FINRA 10

11 A Directed Session may be set as result of: A sanction in a disciplinary action issued by any securities governmental agency securities SRO which requires the individual to complete the Regulatory Element A Directed Sequence may be set as a result of: Any Statutory Disqualification as defined in Section 3(a)(39) of the Securities Exchange Act of 1934 A suspension, or the imposition of a fine of $5,000 or more for violation of any provision of any securities law or regulation, or any agreement with or rule or standard of conduct of any securities SRO, or as imposed by any such regulator or SRO in connection with a disciplinary proceeding Continuing Education Copyright 2013 FINRA 11

12 Appeals: 45 Days from the relevant disciplinary action, a new CE window opens for the Directed Session or Directed Sequence; the 45 day period provides time for notice and appeal If the appeal is granted, the window will not change. The original base date and CE schedule stand. If the appeal is not successful, the window opens 45 days after the date the appeal is denied. Continuing Education Copyright 2013 FINRA 12

14 CE Information Available on Web CRD: CE Statuses: CE Status Definition Satisfied Required CE Inactive CE Two Year Termed No current CE obligation Currently within 120 day window requirement to sit for CE session Did not satisfy CE requirement within 120 day window Administratively termed (i.e. CE inactive for two years) 2 Year Termed from Industry The individual has a 2 year gap in registration (not CE related) No CE Status The individual has not entered the CE program (e.g. NRF) Continuing Education Copyright 2013 FINRA 14

18 Monitoring CE Cycles There are three methods by which firms can monitor CE: Reports Notifications Queues Approaching CE Queue Report Notify when an individual is 30 days from the end of their CE window Approaching CE 2-Year Termed Report CE Download Currently CE Inactive Report Notify when an individual is 90 days from the end of their CE window Notify when an individual enters CE Inactive Queue Notify when an individual is within 10 days of CE or Prints Inactive Approaching CE Required Queue CE Required Queue CE Satisfied Queue CE Inactive Queue Previously Inactive CE Individuals within a Firm Report CE 2-Year Termed Report Notify when an individual receives an INCOMPLETE result for a CE session CE 2-Year Termed Queue NOTE: The CE screens within View Individual will properly display the appropriate CE session for which the individual should sit during his/her next CE window. However, the CE reports are designed to update information thirty (30) days prior to the individual's CE window date. Therefore, if a report is requested more than 30 days prior to the individual's CE window, the CE session in the report will not be current as reflected in the View Individual CE screens. The report will reflect the individual's previous CE requirement. Continuing Education Copyright 2013 FINRA 18

19 Monitoring CE Cycles Approaching CE Requirement Notice Queue This queue displays brokers who are approaching their CE window within twenty-eight days. Search Criteria Screen Search Results Screen NOTE: This screenshot is an illustration to provide an example of how the screen may display in Web CRD. The actual screen may look different depending on the user s search criteria and the results. Continuing Education Copyright 2013 FINRA 19

20 Monitoring CE Cycles Currently CE Required Notice Queue This queue displays brokers who are required to take an appropriate CE session. Search Criteria Screen Search Results Screen Chart example Chart copy 16pt Arial Bold NOTE: This screenshot is an illustration to provide an example of how the screen may display in Web CRD. The actual screen may look different depending on the user s search criteria and the results. Continuing Education Copyright 2013 FINRA 20

21 Monitoring CE Cycles CE Satisfied Notice Queue This queue displays brokers who have satisfied their CE requirements. Search Criteria Screen Search Results Screen Chart copy 16pt Arial Bold NOTE: This screenshot is an illustration to provide an example of how the screen may display in Web CRD. The actual screen may look different depending on the user s search criteria and the results. Continuing Education Copyright 2013 FINRA 21

Monitoring CE Cycles CE Inactive Notice Queue This queue displays brokers who have become inactive because they did not satisfy the CE requirements.

22 Monitoring CE Cycles CE Inactive Notice Queue This queue displays brokers who have become inactive because they did not satisfy the CE requirements. Search Criteria Screen Search Results Screen Chart copy 16pt Arial Bold NOTE: This screenshot is an illustration to provide an example of how the screen may display in Web CRD. The actual screen may look different depending on the user s search criteria and the results. Continuing Education Copyright 2013 FINRA 22

Monitoring CE Cycles CE Two-Year Termed Notice Queue This queue displays a list of brokers who have become CE 2-Year Termed Search Criteria Screen Search Results Screen Chart example NOTE: This

23 Monitoring CE Cycles CE Two-Year Termed Notice Queue This queue displays a list of brokers who have become CE 2-Year Termed Search Criteria Screen Search Results Screen Chart example NOTE: This screenshot is an illustration to provide an example of how the screen may display in Web CRD. The actual screen may look different depending on the user s search criteria and the results. Continuing Education Copyright 2013 FINRA 23

Questions on IARD? Call Regulatory User Support at A.M. - 5 P.M., ET, Monday through Friday

Questions on IARD? Call Regulatory User Support at A.M. - 5 P.M., ET, Monday through Friday IARD SEC Registration Queues The SEC Registration Queues provide the mechanism in IARD TM for the SEC to receive notifications and make changes in registration status for Investment Adviser firms. The