NASD Notice to Members 97-09 - March 1997

Industry/Regulatory Council on Continuing Education Issues Continuing Education Program Firm Element Advisory

Executive Summary

On February 8, 1995, the Securities and Exchange Commission (SEC) approved Rule 1120 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 (SROs). (see endnote 1) Both the SEC and the North American Securities Administrators Association (NASAA) 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. One responsibility of the Council is to identify and recommend pertinent regulation and sales practice issues for inclusion in Firm Element training plans.

 

The attached Firm Element Advisory is a list of topics that the Council considers to be particularly relevant to the industry at this time. The list is based on a review of the performance of registered persons in the Regulatory Element computer-based training and recent regulatory advisories issued by industry SROs over the past 18 months. Firms should review this list and decide whether the topics are relevant to the training needs identified in their Firm Element Needs Analysis. The Council is providing this list so that continuing education may be as pertinent and enriching as possible to financial professionals in the securities industry.

 

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