The State of Michigan has announced that it expects to soon finalize its investment adviser representative continuing education (“IAR CE”) rule for 2023.
Under Proposed Rule 451.4.29, investment adviser representatives registered in Michigan will be required to complete twelve hours of IAR CE each year. In line with NASAA’s Model IAR CE Rule and the IAR CE requirements adopted by Mississippi, Vermont, Maryland, and Wisconsin, Michigan will require investment adviser representatives of both state and SEC-registered investment adviser firms to complete IAR CE on an annual basis. Of the twelve credit hours required, six must be completed in “Products and Practices” and six in “Ethics and Professional Responsibilities.”
Michigan is expected to announce the finalized rule in early 2022, with compliance to begin in 2023. In the interim, Michigan has published an Frequently Asked Questions (FAQ) for its proposed IAR CE rule.
To date, only three states require compliance with NASAA’s Model Rule on Investment Adviser Representative Continuing Education during 2022: Mississippi, Vermont, and Maryland.
As state securities regulators continue to adopt the IAR CE Model Rule, NASAA will update its list of member states that are adopting the Model Rule. Currently, Maryland, Mississippi, Vermont and Wisconsin have each adopted an IAR CE requirement, while Nevada has indicated that it is planning to implement an IAR CE rule for 2023.
For more information on the IAR CE requirements and adoption by state securities regulators, visit our IAR Continuing Education – Frequently Asked Questions. RIA Compliance Consultants, Inc. is excited to be an approved IAR CE provider and will be announcing our course catalog (subject to approval by Prometric) in the coming weeks.
NASAA Disclosure
NASAA does not endorse any particular provider of CE courses. The content of any course offered by RIA Compliance Consultants, Inc. and any views expressed therein are our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.
Contact Us
If your state registered or SEC registered investment adviser firm is an existing client of RIA Compliance Consultants and has questions about IAR continuing education, we encourage you to speak with your compliance consultant. Or, if you are not an existing client of RIA Compliance Consultants, click here to set up an introductory call with our Business Development Team.
Related Posts & Resources
Maryland Adopts IAR Continuing Education Rule – December 27, 2021
Vermont Adopts IAR Continuing Education Rule – December 10, 2021
Maryland Division of Securities Proposes New IAR CE Requirement – November 03, 2021
RIA Compliance Consultants Approved as IAR CE Provider – October 26, 2021
Mississippi Adopts IAR Continuing Education Rule – July 29, 2021
NASAA Publishes Handbook for Prospective IAR CE Content Providers – May 14, 2021
IAR Continuing Education – Frequently Asked Questions
WSP/CoE Section Update – IAR CE
IAR CE – Tracking Spreadsheets – March 22, 2021
NASAA Investment Adviser Representatives Continuing Education Model Rule Moves Closer to Implementation – January 26, 2021
NASAA Seeks Input on Investment Adviser Representative Continuing Education Program – September 5, 2020
NASAA Proposed Investment Adviser Representative Continuing Education Rule – May 11, 2020
General Disclosure
The information contained in this blog post is general in nature intended for educational purposes only and is not intended to be a comprehensive analysis of this topic. It is not intended to constitute compliance consulting advice or apply to any particular investment adviser firm’s specific situation. Please consult the applicable securities regulator’s rules and published guidance for more details about the topics referenced above. For more information about the limitations of this blog post and information on our website, please see our Disclosures webpage.
Posted by RCC
Labels: Continuing Education, Michigan Investment Adviser
Tagged: IAR CE, Michigan Investment Adviser
