Maryland Adopts I-A Rep. Continuing Education Requirement - 11 January 2022

The Maryland Securities Division, like some other states, has adopted a continuing education requirement for investment adviser representatives, along with amending investment adviser and investment adviser representative written examination requirements. As adopted, registered investment adviser representatives must, for each reporting period: (1) complete six credits of Regulatory and Ethics and Content offered by an authorized provider, with at least three credits covering ethics; and (2) complete six credits of Products and Practice Content offered by an authorized provider. An “authorized provider” is a person that NASAA or its designee authorizes to provide continuing education. Investment adviser representatives also registered as FINRA broker-dealer agents and who comply with FINRA’s continuing education requirements are deemed in compliance with the above two-part requirement for each applicable reporting period, so long as FINRA continuing education content meets the following NASAA-determined baseline criteria: (A) it focuses on compliance, regulatory, ethical and sales practice standards; (B) it is derived from state and federal investment advisory statutes; rules and regulations; securities industry rules and regulations; and accepted financial service industry standards and practices; and (C) it requires participants to demonstrate proficiency in the education Materials’ subject matter.

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