D.C. Mun. Regs. tit. 26, r. 26-B161

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-B161 - INVESTMENT ADVISER REPRESENTATIVE CONTINUING EDUCATION REQUIREMENTS

161.1

An investment adviser representative licensed under § 159 of this Chapter shall complete the following continuing education requirements for each reporting period:

(a) Six (6) credits of IAR Regulatory and Ethics Content offered by an Authorized Provider, with at least three (3) hours covering ethics; and

(b) Six (6) credits of IAR Products and Practice Content offered by an Authorized Provider.

161.2

For purposes of this section, the term "credit" means a unit that has been designated by NASAA, or its designee, as at least 50 minutes of educational instruction.

161.3

An investment adviser representative who is also registered as an agent of a FINRA member broker-dealer and who complies with FINRA's continuing education requirements is considered to be in compliance with § 161.1(b) if FINRA continuing education content meets all of the following criteria:

(a) The continuing education content focuses on compliance, regulatory, ethical, and sales practices standards;

(b) The continuing education content is derived from District or federal investment advisory statutes, rules and regulations, securities industry rules and regulations, and accepted standards and practices in the financial services industry; and

(c) The continuing education content requires that its participants demonstrate proficiency in the subject matter of the educational materials.

161.4

Credits of continuing education completed by an investment adviser representative who was awarded and currently holds a credential that qualifies for an examination waiver under § 160 shall be deemed to be in compliance with §161.1, if:

(a) The investment adviser representative completes the credits of continuing education as a condition of maintaining the credential for the relevant reporting period;

(b) The credits of continuing education completed during the relevant reporting period by the investment adviser representative are mandatory to maintain the credential; and

(c) The continuing education content provided by the credentialing organization during the relevant reporting period is approved IAR Continuing Education Content.

161.5

An investment advisor representative shall be responsible for ensuring that the Authorized Provider reports the investment adviser representative's completion of applicable continuing education requirements.

161.6

An investment adviser representative who fails to complete the required continuing education requirements within a reporting period shall be designated as "CE Inactive" at the end of the reporting period, and shall remain designated as "CE Inactive" until the investment adviser representative completes all required continuing education credits for each outstanding reporting period.

161.7

An investment adviser representative who completes credits of continuing education in excess of the amount required for any reporting period may not carry forward excess credits to a subsequent reporting period.

161.8

An investment adviser representative whose license is expired, suspended or revoked shall complete the required continuing education for each reporting period that occurred while the license was expired, suspended, or revoked, unless the investment adviser representative:

(a) Takes and passes a qualifying examination under § 160.1; or

(b) Receives an examination waiver in accordance with § 160.4.

161.9

An investment adviser representative registered or required to be registered in the District who is registered as an investment adviser representative in another state where the investment adviser representative maintains their principal place of business shall be deemed to be in compliance with §161.1 if:

(a) The continuing education requirements in the other state are at least as stringent as the requirements of this section; and

(b) The investment adviser representative has complied with the continuing education requirements of the other state.

D.C. Mun. Regs. tit. 26, r. 26-B161

Final Rulemaking published at 40 DCR 6732 (September 24, 1993); as amended by Emergency Rulemaking published at 48 DCR 1987 (March 2, 2001) [EXPIRED]; as amended by Final Rulemaking published at 48 DCR 4106 (May 11, 2001); as amended by Final Rulemaking published at 60 DCR 16653 (December 6, 2013); amended by Final Rulemaking published at 69 DCR 7987 (7/1/2022)

Authority: Sections 101 through 104 of the DISB Fingerprint-Based Background Check Authorization Act of 2012, effective June 20, 2012 (D.C. Law 19-143; DC Official Code §§ 31 -631634 (2012 Repl.)); Section 203 of the Securities Act of 2000, effective October 26, 2000 (D.C. Law 13-203, D.C. Official Code § 31-5602.03(e) (2012 Repl.)); and Title I of the District of Columbia Administrative Procedure Act, effective October 1, 1968 (82 Stat. 1204; D.C. Official Code § 2-501, et seq.(2012 Repl.)).