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Maintaining Qualifications Program (MQP)

Pursuant to FINRA Rule 1240(c), Supplementary Material .01 and .02, effective March 15, 2022, FINRA has established a program providing eligible individuals who terminate any of their representative or principal registrations with the option of maintaining their qualification for certain terminated registrations by completing annual continuing education (CE). The rule change provides individuals who elect this option a maximum of five years in which to reregister with a member firm without having to requalify by exam or having to obtain an exam waiver.

The rule change does not eliminate the two-year qualification termination period. Rather, it provides participants an alternative means of staying current on their regulatory and securities knowledge for up to five years following the termination of their registration(s).

For additional information, refer to Regulatory Notice 21-41.

On This Page

How to Prepare: Important Dates


Individuals Who Terminate Their Registration(s) Before March 15, 2022


Subject to the eligibility conditions, individuals who meet the following criteria and want to maintain their qualification(s) must enroll via FinPro between Jan. 31 and March 15, 2022:

  • Individuals who terminated one or more registrations between March 15, 2020, and March 15, 2022.
  • Individuals currently participating in the Financial Services Affiliate Waiver Program (FSAWP) who have fulfilled the FSAWP requirements through March 15, 2022.

Starting in November 2021, FINRA will send notifications to eligible individuals who have an email address in CE Online or FinPro, or who have provided an email address to FINRA as part of FSAWP. FINRA will also mail postcard notifications to eligible individuals using the residential address listed in CRD.

If an individual’s registration(s) were terminated but the firm has not yet submitted a Form U5 to FINRA, the individual may notify FINRA of their intent to participate in the MQP by sending an email to [email protected] by March 15, 2022.


Individuals Who Terminate Their Registration(s) on or After March 15, 2022


Individuals who terminate on or after March 15, 2022, and meet the eligibility conditions below must enroll within two years of their termination date.


Eligibility Conditions

To be eligible for the MQP, individuals must meet the following conditions:

  1. have terminated the registration category on or after March 15, 2020;
  2. have been registered in the terminated registration category for at least one year immediately prior to the termination of that category;
  3. elect to participate within two years from the date of termination of the eligible registration(s) (except for individuals who terminate their registration before March 15, 2022); and
  4. complete all CE requirements by their due date(s).

The following conditions will preclude participation in the MQP:

  1. An individual has been CE inactive for two consecutive years or becomes CE inactive for two consecutive years during their participation.
  2. An individual is subject to a statutory disqualification during the one year immediately prior to the termination of the registration category or becomes subject to a statutory disqualification following the termination of their registration or during their participation in the MQP.

If either of these events occurs before or during an individual’s participation in the MQP, they will not be eligible to participate or continue participation.


Participating in the MQP

An eligible individual may elect to participate in the MQP immediately after a registration category is terminated via a full or partial Form U5. They may also elect to participate later, within two years from the termination date of the registration(s).

An eligible individual must take the following steps to enroll in the MQP:

1. Sign Up or Log In to FinPro: This will allow individuals to review and enroll eligible qualification(s), receive notifications from FINRA and monitor their CE completion date(s) and status(es). See the Accessing FinPro section below to learn more about creating or retrieving your FinPro account.

2. Complete Required Coursework: Individuals must complete all prescribed CE content annually by Dec. 31 of each calendar year they remain in the MQP. Coursework for the first year of the MQP will become available July 1, 2022.


CE Content Requirements

Once an individual is enrolled in the MQP, they are required to complete all assigned coursework by the date(s) specified in FinPro. MQP-enrolled individuals must complete two elements of CE:

1. Regulatory Element, which consists of courses targeting rules, current issues and regulatory concerns relevant to each registration category

2. Practical Element, which consists of courses reminding individuals of products, services and strategies relevant to the job functions they would be qualified for upon return to the industry as a registered person

Individuals will then be required to complete their CE requirements annually for each year that they remain in the MQP. Failure to complete the required CE by the date(s) specified in FinPro will render the individual ineligible to continue participation in the MQP.


Accessing FinPro

FinPro users must create account credentials (user id, password and security challenge questions) as well as verify their identity with Transunion to access the system.

FinPro cannot be accessed with Internet Explorer. Use a supported browser to log in.

First-Time FinPro Users


Before creating an account: Have you self-enrolled in an exam or used one of these FINRA systems? If so, you can use the same system credentials to log in to FinPro.

Can’t remember your user id or password? Recover them via email.
 

Returning FinPro Users


If you have logged in to FinPro before, sign in or quickly retrieve your credentials through the buttons below.

Note: You may need to create a new FinPro account if more than three years have passed since your last login. FinPro credentials are automatically deleted after 36 months of inactivity.
 

Frequently Asked Questions

Additional MQP FAQ are available in the CE Transformation FAQ.

1. My firm terminated my General Securities Representative (Series 7) registration on July 1, 2020. How can I find out if my qualification is eligible for the MQP?
Create a FinPro account and log in to FinPro on January 31, 2022. If you are eligible to participate in the MQP, the prompt to enroll will inform you of which qualification(s) you are currently eligible to maintain. 
Additionally, FINRA plans to contact individuals whose registrations were terminated between March 15, 2020, and March 15, 2022, via email and/or regular mail to let them know that they may be eligible to participate in the MQP.

2. If I am currently registered as a General Securities Representative (Series 7), can I enroll in the MQP to maintain my Series 7 qualification?
No. You can enroll in the MQP only after your registration has been terminated and you meet the MQP eligibility requirements. 

3. What can I do with my qualification while I am maintaining it?
Maintaining a qualification does not permit you to act as a registered person in any capacity. 

4. If my registration terminated between March 15, 2020, and March 15, 2022, can I get an extension of the March 15, 2022, deadline to enroll in the MQP?
No. However, firms generally have up to 30 days to submit a Form U5 to FINRA and provide a copy to the individual. Therefore, FINRA may not be aware that your registration category has been terminated. If your registration is terminated and your Form U5 is not submitted by March 15, 2022, and you want to participate in the MQP, you must notify FINRA of your intent to participate by sending an email to [email protected] by March 15, 2022.

5. I passed the Securities Industry Essentials® (SIE®) Exam only. Am I able to maintain a qualification?
No. The SIE alone does not confer a registration status or a qualification that can be maintained.

6. I am currently in the FSAWP and have received notice from FINRA that I can move into the MQP. What happens if I decide not to move into the MQP? Can I remain in FSAWP?
Yes, you can choose to remain in FSAWP and not enroll in the MQP. Individuals who choose to continue participating in FSAWP must fulfill their FSAWP Eligibility Requirements (e.g., continuously work for a financial services industry affiliate of a member firm, complete Regulatory Element CE). Also note that beginning January 2023, FSAWP will require annual completion of Regulatory Element CE.

7. Will the MQP option be available to individuals who are registered in an eliminated registration category, such as the Corporate Securities Representative (Series 62)?
No. The MQP option will not be available to individuals who are registered in the following eliminated registration categories.

Registration Category Series Exam

Assistant Representative — Order Processing (AR)

11

United Kingdom Securities Representative (IE)

17

Canada Securities Representative — with options (CD)

37

Canada Securities Representative — no options (CN)

38

Registered Options Representative (OR)

42

Corporate Securities Representative (CS)

62

Government Securities Limited Representative (RG)

72