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2023 Learning Plan

The Regulatory Element provides training on significant rule changes and other regulatory developments. Courses focus on new and amended rules, industry trends and core knowledge areas relevant to each registration category.

The Regulatory Element Learning Plan below has been created based on the registration categories that were selected.

SELECTED REGISTRATION CATEGORIES
TOPICS FOR SELECTED REGISTRATION CATEGORIES
Amended Rules 1210 and 1240 Sales Representative, Municipal Securities Representative, Investment Banking Representative, Operations, Research Analyst, Securities Trader, Sales Principal, Sales Supervisor, Options Principal, Municipal Securities Principal, Investment Banking Principal, Financial Operations Principal (FinOp), Research Principal, Securities Trader Principal, Compliance
MSRB Markups and Markdowns Municipal Securities Representative, Sales Supervisor, Municipal Securities Principal
Net Capital Requirements and FOCUS Reports , Financial Operations Principal (FinOp)
AML Red Flags and Fraud Operations, Financial Operations Principal (FinOp)
Anticipatory Hedging and Front Running Operations, Securities Trader, Sales Supervisor, Options Principal, Securities Trader Principal
Rule 2241 Investment Banking Representative, Research Analyst, Investment Banking Principal, Research Principal
Information Barriers and Insider Trading Investment Banking Representative, Research Analyst, Investment Banking Principal, Research Principal, Compliance
Order Routing Disclosures Securities Trader, Sales Supervisor, Options Principal, Securities Trader Principal
Regulation BI Sales Representative, Municipal Securities Representative, Sales Principal, Sales Supervisor, Options Principal, Municipal Securities Principal, Compliance
Cybersecurity Sales Representative, Municipal Securities Representative, Investment Banking Representative, Operations, Research Analyst, Securities Trader, Sales Principal, Sales Supervisor, Options Principal, Municipal Securities Principal, Investment Banking Principal, Financial Operations Principal (FinOp), Research Principal, Securities Trader Principal, Compliance
Cybersecurity Supervision , Sales Principal, Sales Supervisor, Options Principal, Municipal Securities Principal, Investment Banking Principal, Financial Operations Principal (FinOp), Research Principal, Securities Trader Principal, Compliance
New Rule 3241 Sales Representative, Sales Principal, Sales Supervisor, Options Principal
TOPICS AND COURSE DESCRIPTIONS
Amended Rules 1210 and 1240

Amended Rules 1210 and 1240: Continuing Education Transformation

This course provides an overview of the changes made to continuing education training, including the new Maintaining Qualifications Program (MQP).

MSRB Markups and Markdowns

Determining Fair Prices and Markups

This course provides an overview of pricing principal transactions in municipal securities according to MSRB Rule G-30. It also examines requirements for markup disclosure to non-institutional customers.

Net Capital Requirements and FOCUS Reports

Calculating Net Capital and Completing FOCUS Reports

This course reviews the necessary procedures to complete a balance sheet and calculate net capital. It also examines the completion of FOCUS reports and event-triggered reporting requirements.

AML Red Flags and Fraud

AML Programs and Detecting Red Flags

This course focuses on recognizing anti-money laundering (AML) red flags and other areas of concern in relation to customer account opening and suspicious activity in customer accounts. It also provides guidance on escalating issues to avoid the consequences of fraud and AML violations.

Anticipatory Hedging and Front Running

Protecting Market Integrity: Responsibilities With Customer Orders

This course reviews responsibilities with customer orders to avoid two trading violations: front running and anticipatory hedging.

Rule 2241

Preventing Improper Influence on Research

This course explores some of the many ways in which FINRA Rule 2241 supports objective research by preventing improper influence between investment banking and research departments.

Information Barriers and Insider Trading

Protecting Market Integrity: Information Barriers and MNPI Misuse

This course reviews information barriers and how to uphold them to prevent material nonpublic information (MNPI) misuse.

Order Routing Disclosures

Supporting Transparency: Order Routing Disclosures

This course reviews two types of order routing disclosure requirements featured in Rule 606 of SEC Regulation NMS:

  • order routing information required in public quarterly reports per amended Rule 606(a); and
  • not-held order handling information required upon a customer’s request per Rule 606(b)(3).
Regulation BI

Navigating Regulation BI

This overview of Regulation BI (Best Interest) focuses on issues relevant to registered representatives, including:

  • applicability of the rule;
  • what is considered a recommendation; and
  • factors to be considered when making a recommendation.

The course also discusses the appropriate disclosure to provide customers and how to mitigate conflicts of interest.

Cybersecurity

Information Protection

This course discusses effective practices to protect electronic and physical data in the workplace and while working remotely.

Cybersecurity Supervision

Data Access Management

This course examines best practices for firms to establish and implement strong cybersecurity procedures. It also provides information on granting employees and vendors access to information and preventing data breaches.

New Rule 3241

New Rule Overview: FINRA Rule 3241 (Registered Person Being Named a Customer’s Beneficiary or Holding a Position of Trust for a Customer)

This course provides an overview of new FINRA Rule 3241 as well as resources to find answers to questions and learn more.