New IAR CE Courses: Options 101 and Recommending Complex Products

Solomon Exam Prep has added two new NASAA-approved courses to its Investment Adviser Representative Continuing Education (IAR CE) course library. Continue reading

Solomon Exam Prep has added two new courses to its Investment Adviser Representative Continuing Education course library. The courses, “Options 101” and “Recommending Complex Products,” are approved by NASAA to earn credit towards the CE requirement for investment adviser representatives (IARs), which is currently in effect in eleven U.S. jurisdictions.

Options 101

This course explores the basics of equity options, options strategies, and non-equity options. The course begins by defining and describing call options and put options. Important options concepts are explained, such as long versus short positions, American versus European-style options, opening versus closing positions, intrinsic versus time value, and types of settlement. Participants will learn how to calculate their gains and losses from options transactions, as well as how to use options for hedging, income and speculation. Non-equity options, such as index options, foreign currency options, and FLEX Options are also described. Finally, the course summarizes the benefits and risks of options, in addition to the most relevant concerns of regulators regarding options trading.

By the end of the course, you’ll be able to do the following:
  • Understand the basic principles of options.
  • Calculate the gains and losses of options transactions.
  • Understand basic characteristics of options, such as American versus European-style options, how to open and close positions, intrinsic value versus time value, and settlement methods.
  • Understand how to use options for hedging positions, generating income and speculating.
  • Identify the basic characteristics of non-equity options, such as index options, foreign currency options, and FLEX options.
  • Describe risks and benefits of trading options and the current topics of greatest concern for regulators regarding options trading.

The Options 101 course is worth one credit for the Products and Practices category. To fulfill the yearly 12-credit CE requirement, IARs must complete six credits in this category and six credits in the Ethics and Professional Responsibility category.

Recommending Complex Products

If a security is so complicated that even some professionals don’t know how it may perform, how can an investor make an informed decision about whether to buy it? That’s the challenge that investors, regulators, and advisers face with so-called complex products.

The Recommending Complex Products course covers complex products and the concerns regulators have about them. The course defines complex products and describes several types, including structured products, principal protected notes, market-linked CDs, leveraged and inverse ETFs, public non-listed REITs, variable annuities, alternative mutual funds, and private placements. The course also describes the risks of these complex products and the responsibilities of brokers and IARs with respect to recommending them to investors.

By the end of the course, you’ll be able to do the following:
  • Broadly define a complex product and explain why NASAA describes them as complex, costly, and risky.
  • Distinguish between structured products, such as principal protected notes, and other complex products.
  • Identify other common complex products, such as leveraged and inverse ETFs, variable annuities, and private placements.
  • Describe the main regulatory concerns surrounding complex products and retail investors.
  • Demonstrate a broad understanding of the different ethical and regulatory responsibilities of brokers and IARs when making recommendations.
  • Briefly outline regulator recommendations, both in general and with respect to specific complex products.

Completing the Recommending Complex Products course gives participants one credit in the Products and Practices category.

About Solomon IAR CE courses

Solomon’s online IAR CE courses are self-paced and accessible on any internet-enabled device. Each course consists of short reading passages followed by quick assessments. This read-and-quiz format facilitates learning and retention.

All Solomon IAR CE courses earn credit towards the Products and Practices or the Ethics and Professional Responsibility categories required by NASAA. Once activated, you have up to 365 days to complete a course. When you finish a course, Solomon reports completion to FINRA, NASAA’s vendor for program tracking.

To learn more about the IAR CE requirement, visit the Solomon IAR CE FAQs page. Explore Solomon’s entire IAR CE course library – purchase individual courses or a membership to the whole library and complete all your IAR CE in one place.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

Oregon Adopts Continuing Education Requirement for Investment Adviser Representatives

Investment Adviser Representatives registered in Oregon must complete NASAA-approved IAR CE beginning in 2023. Continue reading

Oregon is the most recent state to adopt a rule requiring investment adviser representatives (IARs) to complete annual continuing education in accordance with NASAA’s IAR CE model rule. The new CE requirement went into effect for IARs registered in Oregon on January 1, 2023.

A total of eleven U.S. jurisdictions are implementing the IAR CE requirement in 2023:

    • Arkansas
    • Kentucky
    • Maryland
    • Michigan
    • Mississippi
    • Oklahoma
    • Oregon
    • South Carolina
    • Vermont
    • Washington, D.C.
    • Wisconsin

What is the NASAA IAR CE Requirement?

According to the NASAA model rule, IARs registered in participating jurisdictions must complete 12 credits of CE each year. The requirement applies to both state-registered and federal-registered investment advisers. Six of the 12 credits must be in the Products and Practices category. The other six credits must be in the Ethics and Professional Responsibility category, and at least three of these must be Ethics.

NASAA allows IARs to choose courses they’re interested in, but the courses and course provider must be approved by NASAA. Solomon Exam Prep has been a NASAA-approved CE provider since 2022, and all courses in the Solomon IAR CE course library offer credit towards the CE requirement. Explore Solomon’s IAR CE courses.

For more information about IAR CE, visit the Solomon IAR CE FAQs or NASAA’s IAR CE FAQs.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

Which States Will Require IAR CE in 2023?

A total of eleven jurisdictions will require registered Investment Adviser Representatives to complete NASAA IAR Continuing Education in 2023. Continue reading

If you’re an investment adviser representative (IAR), you may already be acquainted with the NASAA IAR Continuing Education requirement which went into effect in 2022 in three U.S. states. Specifically, if you’re an IAR registered in Maryland, Mississippi, or Vermont, then you’ve probably completed the 12-credit CE requirement, or you’re planning to do so by the end of 2022.

Starting on January 1, 2023, several more jurisdictions will begin implementing the IAR CE requirement. IARs registered in any of these eleven jurisdictions will be subject to the rule next year:

    • Arkansas
    • Kentucky
    • Maryland
    • Michigan
    • Mississippi
    • Oklahoma
    • Oregon
    • South Carolina
    • Vermont
    • Washington, D.C.
    • Wisconsin

Note: Nevada and Rhode Island have informed NASAA that they plan to adopt the requirement but haven’t finalized adoption at the time of writing. To stay updated on state adoption, visit the NASAA Member Adoption webpage.

What is the NASAA IAR CE Requirement?

The NASAA model rule requires IARs registered in jurisdictions that have adopted the rule to complete 12 credits of CE each year. The requirement applies to both state-registered and federal-registered investment advisers. Six of the 12 credits must be in the Products and Practices category. The other six credits must be in the Ethics and Professional Responsibility category (at least three of these must be Ethics).

Beyond these credit requirements, IARs are free to choose courses that fit their interests and business needs. But any courses taken to fulfill the IAR CE requirement must be approved by NASAA. Solomon Exam Prep is a NASAA-approved CE provider, and all courses in the Solomon IAR CE course library offer credit toward the CE requirement. Explore Solomon’s IAR CE courses.

For more information about IAR CE, visit the Solomon IAR CE FAQs or NASAA’s IAR CE FAQs.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

What FINRA CE Changes Are Coming in 2023?

Important changes to the Regulatory Element and Firm Element components of FINRA CE are set to go into effect on January 1, 2023. Continue reading

Solomon Exam Prep previously reported FINRA’s announcement that its continuing education (CE) rules would be undergoing significant changes. One of the changes is the creation of the Maintaining Qualification Program (MQP), which went into effect on March 15, 2022. Other important changes to the Regulatory Element and Firm Element components of FINRA CE are set to go into effect on January 1, 2023.

Regulatory Element CE Changes

Regulatory Element CE is intended to keep registered persons up to date on regulatory requirements and industry standards. Currently, registered individuals must complete Regulatory Element CE every three years. Beginning in 2023, this will become an annual requirement to be completed by December 31 of each year. Additionally, individuals will have to complete CE content that is related to each registration category they hold.

If an individual does not complete Regulatory Element CE by Dec. 31, their status will show as “CE inactive.” However, FINRA reserves the right to extend the deadline if “good cause” is shown for not completing CE.

The initial annual Regulatory Element completion date will depend on an individual’s registration status. See FINRA’s Regulatory Notice 21-41 for more details.

Firm Element CE Changes

Every FINRA member firm is responsible for providing annual Firm Element CE to its registered persons. This CE is related to the firm’s securities products, services and strategies, and policies. Starting on January 1, 2023, this annual requirement will include all registered individuals, not just “covered registered persons.” Covered registered persons are registered persons who work with customers, who are registered as research analysts, and individuals who supervise such persons.

In addition, training related to the anti-money laundering compliance program under Rule 3310(e) and annual compliance meeting under Rule 3110(a)(7) will now be able to count towards an individual’s Firm Element CE requirement.

For additional reporting on FINRA’s new CE rules and to learn what Solomon Exam Prep President & Co-founder, Jeremy Solomon, has to say on the topic, check out this ThinkAdvisor article.

For more information about FINRA CE changes, see Regulatory Notice 21-41.

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MSRB Updates Continuing Education Requirements to Match Similar Changes by FINRA

The MSRB has proposed several changes to its continuing education requirements to harmonize with FINRA’s new CE requirements. Continue reading

Municipal securities professionals may soon see their continuing education (CE) requirements change to match FINRA’s requirements for others in the securities industry. The MSRB is awaiting final SEC approval for a package of rule changes that could become official as soon as September 30th.

The MSRB’s action was prompted by changes FINRA made to the CE requirements for other securities professionals. The MSRB rule changes will harmonize its CE requirements with the new FINRA requirements.

Both the MSRB and FINRA divide CE into two components, both of which must be completed in order to keep your registration active. The first component is a Regulatory Element provided by the MSRB or FINRA. The second component is a Firm Element, which firms are responsible for providing to their associated persons.

The most important changes to the MSRB’s CE requirements will include:
  • Annual Regulatory Element. Currently, the Regulatory Element of CE must be completed within two years of becoming registered, and every three years thereafter. Beginning in 2023, the Regulatory Element will need to be completed annually.
  • More Ways to Complete Firm Element. Beginning in 2023, other training may count toward satisfying the annual Firm Element, such as anti-money laundering training and annual compliance meetings.
  • Permissively Registered Persons Subject to Firm Element. Like FINRA, the MSRB will remove exemptions from the Firm Element. Beginning in 2023, any registered person must complete the Firm Element each year, including those taking advantage of permissive registration. (Permissive registration allows an employee of a municipal firm to earn and maintain a registration that does not correspond to their current job.)
  • Maintaining Qualifications Program. The rule changes will create an MSRB version of FINRA’s Maintaining Qualifications Program (MQP). Previously, a registered person who left the industry for more than two years would need to retake their qualification exams in order to resume their previous registration. The MQP permits registered persons to leave the industry for up to five years without losing these qualifications, provided that they complete CE.

Keep up on the latest industry developments with Solomon Exam Prep. Subscribe to Solomon News to be notified when a new post is published.

Solomon Exam Prep has helped thousands pass their MSRB exams, including the Series 50, Series 51, Series 52, Series 53, and Series 54. Explore Solomon’s innovative study materials at the link below.

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South Carolina Adopts Continuing Education Requirement for Investment Adviser Representatives

Investment Adviser Representatives registered in South Carolina must complete NASAA-approved continuing education courses beginning in 2023. Continue reading

South Carolina has joined the growing list of states that have adopted NASAA’s investment adviser representative continuing education (IAR CE) requirement. The new CE requirement will go into effect for IARs registered in South Carolina on January 1, 2023. Arkansas, Kentucky, Michigan, Oklahoma, Washington, D.C., and Wisconsin will also begin requiring IAR CE in 2023.

Nevada and Rhode Island are also planning to adopt the IAR CE requirement. If these states finalize adoption by the end of 2022, then the requirement will begin in 2023.

The IAR CE requirement is already in effect in Maryland, Mississippi, and Vermont. This means that IARs registered in any of these states must complete CE by the end of 2022.

The NASAA model rule dictates that IARs registered in jurisdictions that have implemented the CE requirement must complete 12 credits of CE each year. Both state-registered and federal-registered investment advisers are affected by this requirement. Six of the 12 credits must be in the Products and Practices category. The remaining six credits must be in the Ethics and Professional Responsibility category, and at least three of these must be Ethics courses.

Courses must be approved by NASAA to fulfill the IAR CE requirement. Solomon Exam Prep is a NASAA-approved CE provider, and all courses in the Solomon IAR CE course library offer credit towards the CE requirement. Explore Solomon’s IAR CE courses.

For more information about IAR CE, visit the Solomon IAR CE FAQs or NASAA’s IAR CE FAQs.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

Arkansas Adopts Continuing Education Requirement for Investment Adviser Representatives

Investment Adviser Representatives registered in Arkansas must complete NASAA-approved continuing education courses beginning in 2023. Continue reading

Arkansas is the latest jurisdiction to finalize adoption of NASAA’s new investment adviser representative continuing education (IAR CE) requirement. The CE requirement will go into effect for IARs registered in Arkansas on January 1, 2023. Kentucky, Michigan, Oklahoma, Washington, D.C., and Wisconsin will also begin implementing the requirement in 2023.

The IAR CE requirement went into effect in 2022 in Maryland, Mississippi, and Vermont. As a result, IARs registered in any of these states must complete CE by the end of this year.

Nevada and Rhode Island are also planning to adopt the IAR CE requirement. If these states finalize adoption by the end of 2022, then the requirement will begin in 2023.

According to the NASAA model rule, IARs registered in jurisdictions that have adopted the CE requirement must complete 12 credits of CE each year. The requirement applies to both state-registered and federal-registered investment advisers. Six of the 12 credits must be in the Products and Practices category. The other six credits must be in the Ethics and Professional Responsibility category, with at least three of these being Ethics.

To fulfill the IAR CE requirement, courses must be approved by NASAA. Solomon Exam Prep is a NASAA-approved CE provider, and all courses in the Solomon IAR CE course library offer credit towards the CE requirement. Explore Solomon’s IAR CE courses.

For more information about IAR CE, visit the Solomon IAR CE FAQs or NASAA’s IAR CE FAQs.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

Sexual Harassment IAR CE Course Now Available

Solomon has added another Ethics and Professional Responsibility course for Investment Adviser Representatives to complete their annual IAR CE requirement. Continue reading

Solomon Exam Prep has just added a new course to its Investment Adviser Representative Continuing Education course library. The course, “Sexual Harassment: Creating a Safe Work Environment,” has been approved by NASAA and earns credit towards the new CE requirement for investment adviser representatives (IARs).

“The Sexual Harassment: Creating a Safe Work Environment course was created in direct response to requests from Solomon investment adviser customers. Solomon is pleased to be able to meet the demand for this important CE topic.”
Jeremy Solomon
Solomon Exam Prep President & Co-founder

About the Course

Employers are responsible for creating work environments where employees are safe and free from sexual harassment. Employees must also understand what sexual harassment is so that they can recognize and prevent it.

This course defines sexual harassment and provides examples that will help you learn to recognize it in the workplace. You’ll learn about the history and legal foundation of modern sexual harassment law. This includes a discussion of power dynamics and the role of gender identity. The course then introduces you to both traditional and alternative approaches to handling workplace harassment. Finally, you’ll learn about IAR disclosure requirements regarding sexual harassment and get tips for safely navigating the digital workplace.

By the end of the course, you’ll be able to do the following:
  • Define sexual harassment, recognize the two most common forms of sexual harassment, and be able to identify a variety of unacceptable workplace behaviors
  • Describe how power dynamics can be involved in sexual harassment
  • Identify different sexual harassment prevention techniques
  • Identify methods that have been shown to improve worker satisfaction regarding sexual harassment issues
  • Know the disclosure obligations of IARs with respect to sexual harassment and sexual assault
  • Identify several ways to make digital workplaces safer for all workers

The Solomon Sexual Harassment CE course is worth one credit for the Ethics and Professional Responsibility category and falls within the Ethics sub-category. IARs must complete six credits of Ethics and Professional Responsibility courses each year, with three of these being Ethics courses. The other six of the 12 required IAR CE credits must be in the Products and Practices category.

About Solomon IAR CE courses

Solomon’s online IAR CE courses are self-paced and accessible on any internet-enabled device. Each course consists of short reading passages followed by quick assessments of 2–4 questions each. This read-and-quiz format facilitates learning and retention.

All Solomon IAR CE courses earn credit towards the Products and Practices, or the Ethics and Professional Responsibility, categories required by NASAA. Once you begin a course, you have up to 365 days to complete it. When you finish a course, Solomon reports completion to FINRA, NASAA’s vendor for program tracking.

What is the IAR CE requirement?

Investment Adviser Representatives registered in a jurisdiction that has adopted and implemented the NASAA model rule must do annual continuing education. To fulfill the IAR CE requirement, IARs must complete 12 credits of continuing education each calendar year.

To learn more about the IAR CE requirement, visit the Solomon IAR CE FAQs page. Explore Solomon’s entire IAR CE course library – purchase individual courses or a membership to the whole library and complete all your IAR CE in one place.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

Washington DC Adopts Continuing Education Requirement for Investment Adviser Representatives

Investment Adviser Representatives registered in Washington DC must complete NASAA-approved continuing education courses beginning in 2023. Continue reading

Washington, DC is the most recent jurisdiction to adopt NASAA’s new investment adviser representative continuing education  (IAR CE) requirement. The new CE requirement will go into effect for IARs registered in the District of Columbia on January 1, 2023. Kentucky, Michigan, Oklahoma, and Wisconsin will also begin implementing the requirement in 2023. 

The IAR CE requirement is already in effect in Maryland, Mississippi, and Vermont. As a result, IARs registered in any of these states must complete CE by the end of 2022.

Arkansas, Nevada, and Rhode Island have begun the process to adopt the IAR CE requirement. If these states finalize adoption in 2022, then the requirement will be effective on January 1, 2023.

The NASAA model rule requires IARs registered in jurisdictions that have adopted the rule to complete 12 credits of CE each year. The requirement applies to both state-registered and federal-registered investment advisers. Six of the 12 credits must be in the Products and Practices category. The other six credits must be in the Ethics and Professional Responsibility category (at least three of these must be Ethics).

Beyond these credit requirements, IARs are free to choose courses that fit their interests and business needs. But any courses taken to fulfill the IAR CE requirement must be approved by NASAA. Solomon Exam Prep is a NASAA-approved CE provider, and all courses in Solomon’s IAR CE course library offer credit towards the CE requirement. Explore Solomon’s IAR CE courses.

For more information about IAR CE, visit the Solomon IAR CE FAQs or NASAA’s IAR CE FAQs.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.

Oklahoma Adopts Continuing Education Requirement for Investment Adviser Representatives

Investment Adviser Representatives registered in Oklahoma must complete NASAA-approved continuing education courses beginning in 2023. Continue reading

Oklahoma is the most recent state to adopt NASAA’s new investment adviser representative continuing education (IAR CE) requirement. The new CE requirement will go into effect for IARs registered in Oklahoma on January 1, 2023. Kentucky, Michigan, and Wisconsin will also begin implementing the requirement in 2023.

The IAR CE requirement is already in effect in Maryland, Mississippi, and Vermont. As a result, IARs registered in any of these states must complete CE by the end of 2022.

Arkansas, Nevada, Rhode Island, and Washington D.C. have begun the process to adopt the IAR CE requirement. If these jurisdictions finalize adoption in 2022, then the requirement will be effective on January 1, 2023.

The NASAA model rule requires IARs registered in jurisdictions that have adopted the rule to complete 12 credits of CE each year. The requirement applies to both state-registered and federal-registered investment advisers. Six of the 12 credits must be in the Products and Practices category. The other six credits must be in the Ethics and Professional Responsibility category (at least three of these must be Ethics).

Beyond these credit requirements, IARs are free to choose courses that fit their interests and business needs. But any courses taken to fulfill the IAR CE requirement must be approved by NASAA. Solomon Exam Prep is a NASAA-approved CE provider, and all courses in Solomon’s IAR CE course library offer credit towards the CE requirement. Explore Solomon’s IAR CE courses.

For more information about IAR CE, visit the Solomon IAR CE FAQs or NASAA’s IAR CE FAQs.

Disclaimer: NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.