The North American Securities Administrators Association ("NASAA") adopted a model rule for implementing a continuing education program for investment adviser representatives ("IARs").

As previously covered, the continuing education program is intended to:

  • "ensure continued competency by IARs" and expand their knowledge base;
  • maintain flexibility in IAR continuing education content;
  • minimize (i) duplicative continuing education requirements, (ii) compliance burdens, and (iii) the cost to complete continuing education; and
  • encourage uniformity among regulators and jurisdictions that implement IAR continuing education.

As set out in the Model Rule 2002-411(h), IARs would be required to complete six hours annually of continuing education with respect to each of (i) Ethics and Professional Responsibility and (ii) Products and Practice.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.