Three States Adopt NASAA Model Rule Requiring Investment Adviser Representative Continuing Education
WASHINGTON, D.C. – (February 8, 2022) – The North American Securities Administrators Association (NASAA) today announced that Maryland, Mississippi and Vermont have implemented continuing education requirements for investment adviser representatives in their jurisdictions. The requirements enacted by all three states are based on the NASAA Model Rule on Investment Adviser Representative Continuing Education, which was adopted by the NASAA membership in November 2020.
“Drafting and finalizing an investment adviser representative continuing education program has been a priority for NASAA for many years as a way to help ensure financial professionals are remaining up-to-date on relevant industry information.” said Melanie Senter Lubin, NASAA President and Maryland Securities Commissioner. “I’m pleased that states are moving to implement this continuing education requirement and look forward to more states doing so in the coming months.”
Investment adviser representatives play an important role in the financial well-being of millions of Americans. They offer advice and guidance on many of life’s important financial decisions such as funding a child’s education or retirement planning. Unlike many other financial services professionals, there had not been a standalone continuing education requirement for investment adviser representatives.
“The NASAA model rule is intended to help investment adviser representatives better serve their clients by remaining knowledgeable of current regulatory compliance requirements and best practices in their areas of expertise,” said William R. Carrigan, CFE, chair of NASAA’s Investment Advisor Section Committee and Vermont Securities Division’s Deputy Commissioner.
In 2021, Maryland, Mississippi and Vermont were the first states to adopt the NASAA model rule, requiring state-registered and federal covered investment adviser representatives to complete annual continuing education requirements for calendar year 2022.
Formed in 1919, NASAA is a nonprofit association of state, provincial and territorial securities regulators in the United States, Canada and Mexico. NASAA has 67 members, including the securities regulators in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands with a shared mission of protecting investors from fraud and abuse. For more information, visit: www.nasaa.org.
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