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WASHINGTON, D.C. – (September 19, 2022) – The North American Securities Administrators Association (NASAA) today announced that its membership has voted to approve two model rules that extend the validity periods of certain examinations for broker-dealer agents and investment adviser representatives.

Both the Examination Requirements for Broker-Dealer Agents Model Rule and the Examination Requirements for Investment Adviser Representatives Model Rule were developed to align with FINRA’s Maintaining Qualifications Program (MQP). The model rules provide eligible broker-dealer agents who have left the industry with the opportunity to maintain their broker-dealer exam qualifications for a period of up to five years by completing annual continuing education. A similar model rule for investment adviser representative exam validity is under consideration by NASAA.

“These rules are designed to provide flexibility for currently registered persons who, due to various reasons, may need to leave and then return to their positions,” said NASAA President Melanie Senter Lubin. “The requirements in the rule to meet continuing education requirements will help ensure these individuals remain current on regulatory requirements and industry developments.”

The model rules were developed by a steering working group that included members of NASAA’s Central Registration Depository / Investment Adviser Registration Depository Steering Committee, Exams Advisory Committee, and Broker-Dealer Section Continuing Education Project Group.

“NASAA has been working with FINRA in developing a framework to align with FINRA’s recent changes to its continuing education program,” said Andrew Hartnett, NASAA President-elect and Iowa Deputy Administrator for Securities. “We look forward to working with any of NASAA’s members who may be planning to implement the model rules.”

– NASAA–

About NASAA:

Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of securities regulators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the 13 provincial and territorial securities regulators in Canada, and the securities regulator in México. For more information, visit www.nasaa.org. 

For More Information:
Jeanne Hamrick | Director of Communications
202-737-0900

Karen Grajales | Communications & Investor Outreach Manager
202-737-0900