Regulatory Element Training Resources
The following resources are available to help registered representatives prepare for the S101, S106, S901 and S201 Continuing Education Programs.
Regulatory Element Programs
The Regulatory Element focuses on compliance, regulatory, ethical and sales-practice standards. Its content is derived from rules and regulations as well as standards and practices widely accepted within the industry.
There are currently four Regulatory Element programs: the S201 Supervisor Program for registered principals and supervisors; the S106 Regulatory Element Program for Series 6 registered persons; the S101 General Program for all other registrations; and the S901 Operations Professional Program for Series 99 registered persons. If you have more than one securities registration, you take only one Regulatory Element program. Your firm will advise you which Regulatory Element Program to take and when you must take it. Regulatory Element Continuing Education sessions are 3½ hours long and cost $100.
Content for the Programs is organized into four modules based on that Program's content outline and may include common topics from any of the four modules. The format of the cases in the Programs is primarily text-based, supplemented by media treatments that provide information, context and education related to the story. You will be able to choose the order in which to complete the four required modules. In each module, you will be led through a case that provides a story depicting situations that may be faced by registered persons in the course of their business. Each case contains optional materials called Resources and Glossary Rollovers. You must review the story content of each case but may choose whether or not to utilize the optional materials. After each scene in the case, you will be presented with a series of questions which are designed to assess your understanding of the materials presented.
Topics identified in the S201 outline are: Supervision and Control; Handling Customer Accounts, Trade and Settlement Practices; New and Secondary Offerings and Corporate Finance; and Product Knowledge and Related Supervisory Considerations.
Topics identified in the S106 outline are: Communications With the Public; Suitability; Handling Customer Accounts, Trade and Settlement Practices; and Product Knowledge.
Topics identified in the S101 outline are: Communications With the Public; Suitability; Handling Customer Accounts, Trade and Settlement Practices; and New and Secondary Offerings and Corporate Finance.
Topics identified in the S901 outline are: Client Confidentiality and Responsibilities of Registered Persons; Operations Workflow; and Product and Market Knowledge. The fourth module consists of personalized cases subdivided into four functional areas: New Accounts; Trading and Settlement; Operations Generalist; and Treasury, Custody and Control. All participants will be presented with cases from the first three modules, regardless of their function. For the fourth module, S901 participants will select which of the four functional categories best describe the majority of their routine work. Upon selection of a functional category, a case will be randomly selected from one of the four sub-modules. The cases in these sub-modules will focus on issues related to each specific function.
You must demonstrate proficiency in each of the four modules, and will be provided a maximum of two cases in each module in which to do so. If you do not demonstrate proficiency in any one module, you will not be able to complete the Regulatory Element requirement within that session. If a module is not completed, you may terminate the incomplete session or continue to review the remaining material for additional educational benefit. In either event, you will need to schedule another session in order to satisfy the Regulatory Element requirement.
All Programs are designed to provide ample time to complete the required materials within the 3½ hour timeframe allotted. If you are required to sit for the Regulatory Element in the near future, you are encouraged to review the following resources prior to your session.
- Content Outlines – Provides information regarding each program’s structure (e.g., presentation, assessment, timing) and content including, common topics that may be covered in the modules.
The Orientation and Sample Case materials are designed to familiarize participants with the user experience, new functionalities, and navigational features for all redesigned Programs. The features detailed in these training materials are utilized across the S101, S106, S901 and S201 Programs.
- Orientation for the Regulatory Element Programs – Overview of the format and navigation functions of the Programs.
- Orientation for the Operations Professional Regulatory Element Program – Animated orientation which details the interactive functions of the program, including self-selection in Module D.
- Sample Case – An abbreviated sample case that demonstrates the interactive format and types of activities within the Regulatory Element Programs.
Please Note: The recommended screen resolution for viewing the Orientation and Sample Case is 1280 x 1024 or higher. The required minimum is 1024 x 768. If the navigation buttons in the orientation or sample case below are missing, use the full screen mode by pressing the F11 key on most browsers.
Proprietary Trader Program
The Proprietary Trader Continuing Education program (S501) is designed to reinforce the knowledge of rules and regulations as they pertain to the securities markets, trading and prohibited practices, investment strategies and products as applicable to the role of a Proprietary Trader. The S501 program will be comprised of two modules. The content within the Program uses Primary Learning Objectives (PLO) to deliver the educational message. The PLOs are mainly derived from rules and regulations as well as standards and practices, although the specific requirements of certain rules may differ slightly among the various SROs/Exchanges. The Proprietary Trader Continuing Education Program requires all registered individuals to complete a computer-based training program within 120 days of the second anniversary of their registration approval dates and every three years thereafter. View more information about the Proprietary Trader CE Program.