The Maintaining Qualifications Program (MQP)

FINRA’s Maintaining Qualifications Program (MQP) allows eligible individuals to maintain their qualifications for up to five years by completing CE annually. Program dates and details are provided on the page below.

For additional information, refer to Regulatory Notice 21-41 and the MQP Quick Reference. 

On This Page

• Overview
• Second Enrollment Period
• Eligibility Conditions
• Participating in the MQP
• Accessing FinPro
• Frequently Asked Questions
• MQP Learning Plan Extension Requests
• NASAA’s Exam Validity Extension Program

Overview

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 qualifications 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).

Second Enrollment Period

FINRA has announced a second enrollment period for certain individuals. Deadlines, eligibility requirements, and other details are provided in the section below. For more information, please review FINRA Information Notice 3/15/23.

Eligibility 

The following individuals may be eligible for the second enrollment period: 

• Individuals who had an eligible FINRA registration terminated between March 15, 2020, and March 15, 2022; and
• Individuals participating in the FSAWP immediately preceding March 15, 2022. 

Eligible individuals will be notified by FINRA once the second enrollment period begins. You can log in to your Financial Professional Gateway (FinPro) account to confirm your eligibility.

Deadlines

Eligible individuals who wish to enroll in the MQP must do so between March 15, 2023, and December 31, 2023. Additionally, they must complete their prescribed 2022 and 2023 MQP learning plan by March 31, 2024. 

Fees

Eligible individuals who enroll in the MQP during the second enrollment period will pay the annual program fee of $100 for both 2022 and 2023, for a total cost of $200.

How To Enroll

If you are eligible, you can make your election and enroll in the MQP via your FinPro account — and complete the coursework associated with your MQP learning plan. See the Accessing FinPro section for more information. 

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, 2022;
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 registrations; and
4. complete all CE requirements by their due dates.

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

Eligible individuals 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 registrations.

Eligible individuals must take the following steps to enroll in the MQP:

1. Sign Up for or Log In to FinPro: This will allow individuals to review and enroll eligible qualifications, receive notifications from FINRA and monitor their CE completion dates and statuses. See the Accessing FinPro section below to learn more about creating or retrieving your FinPro account.

2. Pay the Annual Participation Fee: MQP participants will be required to pay an annual $100 fee, regardless of the number of qualifications enrolled.

CE Content Requirements

Individuals enrolled in the MQP are required to complete all assigned CE coursework by the due date(s) specified in FinPro.

MQP-enrolled individuals must complete their MQP learning plan which consists of two elements of CE:

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

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 individuals 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. (Tip: See the FinPro Account Creation Guide for guidance if you have not yet created a FinPro account.)

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

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 March 17, 2022. How can I find out if my qualification is eligible for the MQP?
Create a FinPro account and log in to FinPro. If you are eligible to participate in the MQP, the prompt to enroll will inform you of which qualification(s) you are eligible to maintain. 

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 the capacity of the maintained qualification. 

4. If my registration terminated between March 15, 2020, and March 15, 2022, can I enroll in the MQP?
Yes. If you meet the eligibility conditions, you are permitted to make your election to enroll in the MQP between March 15, 2023, and December 31, 2023. 

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

6. I am currently in the MQP and looking for a new job. Do I have to fulfill my CE requirement prior to finding a job and joining the firm?
If you are past your two-year termination date, it is advisable to fulfill your outstanding CE requirement prior to filing a Form U4 with a broker-dealer. Doing so will avoid a delay in your registration(s) being approved and your firm being assessed nonrefundable exam fees. To access your MQP learning plan, log in to your FinPro account, navigate to the MQP section and scroll to Current MQP CE. After you complete your assigned MQP learning plan, you can verify your validity date is extended. To review your validity date, navigate to the MQP section in FinPro and scroll to Currently Enrolled Qualifications to view your Current Validity Date.

7. Why is the due date for my assigned MQP learning plan in FinPro not shown as December 31?
The due date listed in FinPro is based on your two-year qualification period, and you do have up until that date to complete your assigned learning plan. However, the coursework associated with your MQP learning plan is an annual requirement, and the expectation is for you to complete your assigned learning plan each year on or before December 31. Furthermore, since the MQP learning plan is assigned annually, you are required to complete any learning plan coursework that becomes due under the MQP between the time of your termination date and the due date listed in FinPro.

For example, if your registrations were terminated on August 15, 2022, and you enrolled in the MQP on August 19, 2022, your MQP learning plan due date will be August 15, 2024, which is two years from your termination date. In this scenario, you have until August 15, 2024, to complete your learning plan; however, if you do not complete your annual learning plan requirement by December 31 of each year and wait until August 15, 2024, you will be required to complete your 2022 and 2023 learning plan by August 15, 2024, and will then be required to complete your 2024 learning plan by December 31, 2024.

Additionally, after you complete your assigned learning plan within your two-year qualification period, the due date for your learning plan will become December 31 of each year until the MQP five-year validity date, which again is based on your termination date.

8. 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.

MQP Learning Plan Extension Requests

Individuals enrolled in the MQP must complete all assigned CE in their MQP learning plan by their due date. If an MQP participant experiences circumstances that prevent them from completing the assigned CE by their due date, FINRA may—upon written application by the participant, with supporting documentation, and a showing of good cause—allow for additional time for the person to complete their CE. Please note that good cause and related documentation must demonstrate that substantive circumstances beyond the individual’s control prevented them from completing their CE by the due date. MQP learning plan extension requests provide a formal process for these individuals to submit such requests to FINRA so that FINRA is able to determine whether an extension may be granted.¹

To submit a request for an MQP learning plan extension, the following form must be completed: MQP Learning Plan Extension Request Form. The completed form along with supporting documentation should be emailed to: [email protected]

Note: Individuals should submit MQP learning plan extension requests on their own behalf whenever possible.