Content Providers have ongoing obligations to remain in good standing in the IAR CE Program. Content Providers are expected to keep Course information up to date, comply with Content Provider and Course audits, and maintain certain information on their website and in their records. These ongoing obligations and others are discussed below.
Content Provider Advertising
Approved Content Providers may use the words “approved” or “authorized” on their website or in advertising materials. The following phrases would therefore all be permissible: “Approved/Authorized IAR CE Content Provider”; “Approved/Authorized by NASAA to provide IAR CE Courses”; “NASAA Approved/Authorized for IAR CE”.
Content Providers may similarly advertise that specific Courses are “approved” or “authorized” for IAR CE credit. However, Instructors should not describe themselves as “approved” or “authorized” by NASAA (since NASAA conducts no such review process). Furthermore, whereas Content Providers can blandly state that the Content Provider and/or their Courses are approved, Content Providers should never make a public statement to suggest that NASAA or any of NASAA’s member securities regulators approve of their conduct as a Content Provider or approve of the specific content of any Courses. Any such statement would be false and misleading.
Content Providers must ensure, whether through advertisements, Course registration process, or otherwise, that prospective enrollees in Courses are aware of the following information before enrollment:
- The name of the Content Provider
- The Course ID number and title
- The number of approved IAR CE credits
- The approved continuing education component (e., Products and Practice or Ethics and Professional Responsibility)
- The fact that successful completion of an assessment is required (for self-study Courses)
- All fees and associated expenses necessary to complete the Course
Disclaimer and Language to Avoid
Content Providers must incorporate the following disclaimer into any written advertisements, marketing brochures or promotional materials of IAR CE content:
“NASAA does not endorse any particular provider of IAR CE courses. The content of the course and any views expressed are my/our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.”
In addition, Content Providers should not use the terms “NASAA certified” or “NASAA accredited,” when referring to their Content Provider status or to describe their Courses. Content Providers should also refrain from issuing “NASAA certificates” or “NASAA accreditations” upon the completion of any Courses (though a certificate of completion or attendance under the Content Provider name is acceptable).
Supervision of Instructors
NASAA does not review and approve Course Instructors through a separate application process. Content Providers are responsible for verifying their Instructors (including any moderators or panelists in discussion forums) are qualified to conduct the continuing education training. Furthermore, NASAA has no responsibility for the personal behavior, statements or actions of Instructors.
Content Providers should ensure the Instructors chosen to lead Courses meet the following standards:
- Sufficient background in the content area specific to the Course
- Experience delivering continuing education or compliance services or working in or regulating the securities industry
- In good standing and free from sanctions
- Free of conflicts of interest associated with the delivery of educational material. This includes and is not limited to promoting certain products or services above others—especially those products or services with which the Instructor may be related, associated, or in a position to either personally or professionally gain from promoting. If there is a potential conflict of interest, the Content Provider must disclose the conflict and provide a detailed explanation as to how it will be mitigated in the Course application process.
- Sufficient preparation to deliver the Course and display acceptable standards of decorum.
- Appropriately facilitate and moderate any panels or other participating Instructors.
Ongoing Course Review
Content Providers should review the content in their Courses on a regular basis and revise content (or retire Courses) that no longer reflect current law or regulations or industry best practices. Content Providers have a responsibility to retire Courses in the AMS if a Course will no longer be offered. Once a Course is retired, it will be suspended in both the NASAA and FINRA systems and cannot be offered for credit. Prior to retiring a Course, Content Providers should ensure all rosters for that Course have been submitted and ensure eligible IARs have received credit. Retiring the Course will also remove the Course listing from the public course catalog.
If more than 25% of the content of a Course needs updating, Content Providers will need to submit a new Course application, as discussed below.
Modifying Previously Approved Courses
Modifications affecting 25% or more of the content of a previously approved Course will require a new Course application and the Course will receive a new Course ID upon approval. Modifications considered above the 25% threshold would include:
- Increasing or decreasing the word count or duration of a Course by 25% or more. (For example, expanding the Course from 50 minutes to 75 minutes.)
- Modifying 25% or more of the Course content, such as revising all the case studies presented within the Course which constitute 30% of the word count or duration.
When submitting a new application for a Course that has been modified, ensure the modifications are easily identifiable through the use of Track Changes, redline, highlighting, or another indicator.
Approved Courses with modifications affecting less than 25% of their content do not require a new Course application. Content Providers should submit an amendment to their Course in the AMS. There are no fees to submit an amendment. Amended Courses will maintain their original Course ID number and renewal schedule. Modifications considered below the 25% threshold would include:
- Revising assessment questions or engagement activities.
- Updating the Course title or objectives.
- Changing the date, location, or Instructor of a live Course.
- Increasing or decreasing the word count or time duration of a Course by less than 25%. (For example, expanding the Course from 50 minutes to 60 minutes.)
- Modifying less than 25% of the Course content, such as revising a single case study presented within a Course.
Records and Recordkeeping
Course Satisfaction Surveys
Content Providers are required to include a Course satisfaction survey (or evaluation) for enrollees to submit upon completion of each Course. Content Providers must collect the surveys and are expected to review the feedback and consider whether the feedback merits any changes to the existing Course. Course evaluations may be requested by NASAA as part of the audit process (discussed below).
Reporting Results After Course Completion
To ensure IAR CE credits are accurately reported for each investment adviser representative (IAR) who completes a Course, Content Providers must report Course completion rosters to FINRA, as NASAA’s vendor, within 30 calendar days of Course completion. Course completion rosters must follow certain specifications, including file name format and file type. Additionally, the file must contain IAR information, including the Central Registration Depository (CRD) number and name of IARs who have completed the Courses, exactly as displayed in the CRD system. Since the CRD system is not open to the general public, the names and CRD numbers of IARs can be verified on the public website, IAPD (https://adviserinfo.sec.gov/). Any deviation to the CRD number or spelling of the IAR’s name will not be accepted by FINRA and will result in the file being rejected or partially rejected and will delay processing of IAR CE credits. Content Providers must pay the roster reporting fee of $3 per credit to NASAA through FINRA’s system within 15 days of reporting. Content Providers should review the file feedback provided upon roster upload to determine if all Course completions were accepted. If the file was partially rejected, the file feedback will alert Content Providers to the Course completions which were rejected. The rejected Course completions should be reuploaded as a new file. If accepted Course completions are resubmitted, the Content Provider will be charged the roster reporting fee each time and refunds are not permitted. For assistance with roster uploads, Content Providers should reach out to FINRA directly at IARCESupport@FINRA.org.
Limited corrective filings submitted beyond 30 calendar days will be deemed acceptable.
If the Content Provider offers a Course prior to receiving approval from NASAA (as permitted herein), the roster Course completion date for the Course should be revised to the later of (a) the Course completion date or (b) the date the Course is approved by NASAA.
Year-end Reporting
As the reporting period is near the year-end IAR CE deadline, it is crucial that Content Providers submit Course rosters as promptly as possible. Failing to submit timely rosters could impact an IAR’s license. Prompt reporting should be a top priority. Content Providers should communicate to enrollees that their IAR CE requirement is not deemed complete until all Courses are listed on their IAR CE transcript and their CE status has updated to “Satisfied”. IARs can self-monitor their IAR CE requirement through their FinPro account.
- Note: It is also important for Content Providers to be aware of FINRA’s CRD shutdown deadline each year. While rosters can continue to be submitted during the CRD shutdown, updates to registration statuses may not account for courses submitted after the CRD shutdown and an IAR’s license may be impacted.
Course Completion Notices
Upon request, Content Providers must provide a Course completion notice to any individual who has completed a Course. The Course completion notice must include at least the following information:
- The person’s name and Central Registration Depository (CRD) number (if applicable)
- The Course name and Course ID number
- The Content Provider’s name
- The Course completion date
- The number of credits completed and the continuing education component(s) for which those credits qualify (Ethics and Professional Responsibility or Products and Practice).
Record Retention
NASAA requires Content Providers to maintain records of IAR CE Courses, including attendance and Course completion information, for five years. (Content Providers should also consider whether they may have other recordkeeping obligations regarding IAR CE records.)
For Live Courses, Content Providers must maintain documentation of each type of opportunity for engagement used in the Course, any written materials or presentations, and the names and qualifications of Instructors for the Course.
NASAA Audits
NASAA will periodically perform audits and will request records and information from Content Providers to confirm compliance with the IAR CE Program. Audits will include all aspects of Content Provider and Course content requirements and criteria. As part of the audit process, NASAA will also ensure Content Providers have no outstanding roster reporting invoices older than 90 days. Audits will be performed with a specific focus on identifying and reporting issues of non-compliance or non-performance while establishing appropriate remediation steps should there be any findings.
NASAA may also request access to or attend Courses (with or without the Content Provider’s knowledge) for purposes of conducting an audit. Content Providers must provide NASAA with copies of required Course records upon request or allow NASAA to attend Courses free of charge, if requested, to remain in good standing as an IAR CE Content Provider. NASAA may audit the following elements of Courses:
- Course instruction and Instructors’ presentations
- Written Course materials and training aids
- Course records, records of assessment, attendance rosters, and other aspects of instruction
- Roster reporting invoice records
- Other materials or information related to the delivery of CE content, as determined by NASAA
