Vermont Adopts New Rule Requiring Investment Adviser Representative Continuing Education

09 December 2021

Montpelier, VT (12/09/21) — The Securities Division of the Vermont Department of Financial Regulation today announced the adoption of Vermont Securities Regulations (S-2016-01) amended effective on December 16, 2021, which requires both state-registered and federal covered investment adviser representatives to complete annual continuing education requirements.

Investment adviser representatives play an important role in the financial well-being of thousands of Vermont investors by providing advice on important financial decisions such as retirement planning. Unlike other financial services professionals, investment adviser representatives were not subject to continuing education (CE) requirements to ensure their knowledge and competence is maintained or expanded. Regulation S-2016-01 was adopted to address this professional development gap to further our protection of Vermont investors.

“This CE will help promote heightened regulatory compliance while also helping investment adviser representatives better serve their clients by remaining knowledgeable of current regulatory requirements and best practices,” said William Carrigan, Deputy Commissioner of the Securities Division.

Regulation S-2016-01 requires every investment adviser representative (IAR) to annually complete 12 CE credits to maintain their IAR registration. The 12 credits must include 6 credits of Products and Practices courses and 6 credits of Ethics and Professional Responsibility courses.

Regulation S-2016-01 takes into consideration other CE programs mandated by IARs that are dually registered as agents of broker-dealers and IARs whose professional designations are contingent on the completion of CE.  It is intended to be compatible with other continuing education programs that seek to ensure its members stay current with industry matters relevant to the services and products offered to their clients.

IARs must complete courses delivered by course providers that meet specific criteria established by the North American Securities Administrators Association (NASAA). This information can be found on NASAA’s website, and we recommend frequent viewing of the website for updates and information related to course availability.

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Department of Financial Regulation
Consumer Services 
89 Main Street, Montpelier, VT 05620 - 3101

833-DFR-HOTLINE (toll free)
833-337-4685 (toll free)

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