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ARTICLE · 03 DECEMBER 2020

NASAA Adopts Model Continuing Education Rule For Advisers

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

United StatesConsumer Protection
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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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.

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