DISTRICT OF COLUMBIA adopts IAR continuing education requirements - 29 January 2024

The District of Columbia Department of Insurance, Securities and Banking has adopted continuing education requirements for investment adviser representatives.

Continuing education requirements. Registered investment adviser representatives must, for each reporting period: (1) complete at least six credits of ethics and professional responsibility offered by an authorized provider, with at least three hours covering ethics; and (2) complete at least six credits of products and practice content offered by an authorized provider. An “authorized provider” is a person NASAA approves to provide approved content.

Investment adviser representatives also registered as FINRA broker-dealer agents and who comply with FINRA's continuing education requirements are deemed in compliance with (2) above 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. Other requirements and defined terms are provided.

IA rep. application requirements. As amended, an investment adviser representative who remains in “CE inactive” status under District of Columbia Uniform Securities Act Section 161.5 for a full calendar year is ineligible for initial or renewal licensure until the investment adviser representative completes all required continuing education credits for all outstanding reporting periods.

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