FINRA Extends The "Maintaining Qualifications Program" Enrollment Window For Brokerage Reps U5'd Before March 15, 2022

Previously registered representatives who missed the prior deadline now have until December 31, 2023 to enroll.

Registered brokerage representatives historically had two years from their Form U5 filing date to re-register with another firm before their prior qualifications (examinations) would lapse. This two-year window often led to "parking" of registrations or other moves by industry personnel designed to avoid retaking industry exams.

FINRA sought to relieve these outcomes somewhat by amending Rules 1210 and 1240 governing registration and continuing education (CE) requirements. FINRA Rule 1240(c) implements the Maintaining Qualifications Program (MQP), which provides eligible individuals who terminate any of their representative or principal registrations the option of maintaining their qualifications for up to five years by completing annual CE.