NASD Notice to Members 96-69 - October 1996

Industry/Regulatory Council on Continuing Education Issues Update on the Status of the Securities Industry Continuing Education Program

Executive Summary

On February 8, 1995, the Securities and Exchange Commission (SEC) approved Rule 1120 (formerly Schedule C, Part XII of the NASD® By-Laws) of the NASD Membership and Registration Rules which prescribes requirements for the Securities Industry Continuing Education Program (Program). The Program has two elements-a Regulatory Element and a Firm Element, and became effective July 1, 1995.

 

The Securities Industry/Regulatory Council on Continuing Education (Council) includes 13 members representing a cross-section of securities firms and six self-regulatory organizations. Both the SEC and the North American Securities Administrators Association have appointed liaisons to the Council.

 

The Council facilitates industry/regulatory coordination of the administration and future development of the Program. Council duties include recommending and helping to develop specific content and questions for the Regulatory Element, and minimum core curricula for the Firm Element. The Council also periodically reports on the Program's progress, and issues guidelines to help broker/dealers comply with the requirements of the Firm Element. The first Status Report and Guidelines were issued by the Council in March 1995 (See Special Notice to Members 95-13). Following this Notice is a revised Status Report, a revised question-and-answer section on the Regulatory and Firm Elements, and a revised Guidelines For Firm Element Training. These documents address questions about the Program that have been raised by firms. Although there are no changes to the content of the Regulatory Element computer-based training, the Content Outline For The Regulatory Element has also been included.

 

Questions about this Notice may be directed to any of the following NASD RegulationSM staff: John Linnehan, Director, Continuing Education, at (301) 208-2932; Frank J. McAuliffe, Vice President, Qualifications, Examinations, and Continuing Education, at (301) 590-6694; or Daniel M. Sibears, Vice President, District Oversight, at (202) 728-6911.