Florida Statutes 517.1214 – Continuing education requirements for associated persons of investment advisers and federal covered advisers
Current as of: 2024 | Check for updates
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(1) As used in this section, the term:
(a) “Approved continuing education content” means the materials, written, oral, or otherwise, which have been approved by NASAA or its designee and which make up the educational program provided to an associated person under this section.
Terms Used In Florida Statutes 517.1214
- Associated person: means :(a)1. See Florida Statutes 517.021
- Dealer: includes , unless otherwise specified, a person, other than an associated person of a dealer, that engages, for all or part of the person's time, directly or indirectly, as agent or principal in the business of offering, buying, selling, or otherwise dealing or trading in securities issued by another person. See Florida Statutes 517.021
- Federal covered adviser: means a person that is registered or required to be registered under…. See Florida Statutes 517.021
- Investment adviser: means a person, other than an associated person of an investment adviser or a federal covered adviser, that receives compensation, directly or indirectly, and engages for all or part of the person's time, directly or indirectly, or through publications or writings, in the business of advising others as to the value of securities or as to the advisability of investments in, purchasing of, or selling of securities. See Florida Statutes 517.021
- Office: means the Office of Financial Regulation of the commission. See Florida Statutes 517.021
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Principal: means an executive officer of a corporation, partner of a partnership, sole proprietor of a sole proprietorship, trustee of a trust, or any other person with similar supervisory functions with respect to any organization, whether incorporated or unincorporated. See Florida Statutes 517.021
(b) “Credit” means a unit designated by NASAA or its designee as at least 50 minutes of educational instruction.(c) “Home state” means the state in which an associated person of an investment adviser or a federal covered adviser has his or her principal office and place of business.(d) “NASAA” means the North American Securities Administrators Association, Inc.(e) “Reporting period” means one 12-month period beginning January 1 and ending December 31. An associated person’s initial reporting period with this state commences the first day of the first full reporting period after the individual is registered or required to be registered with this state.(2) By December 31, 2024, and each December 31 thereafter, each associated person of an investment adviser or a federal covered adviser shall complete the following continuing education content requirements offered by a person that NASAA or its designee has authorized to provide the continuing education content required by this section:(a) Six credits of approved continuing education content that addresses an associated person’s ethical and regulatory obligations, with at least 3 hours covering the topic of ethics; and(b) Six credits of approved continuing education content that addresses an associated person’s skills and knowledge regarding financial products, investment features, and practices in the investment advisory industry.(3) An associated person of an investment adviser or federal covered adviser who is also registered as an associated person of a Financial Industry Regulatory Authority (FINRA) member dealer and who complies with FINRA’s continuing education requirements is considered to be in compliance with this section’s products and practice requirement for each applicable reporting period, provided that the FINRA continuing education content is approved continuing education content.(4) Credits of continuing education completed by an associated person who was awarded and currently holds a credential that qualifies for examination waiver by passing any tests as prescribed in s. 15(b)(7) of the Securities Exchange Act of 1934, as amended, comply with paragraphs (2)(a) and (b), provided all of the following conditions are met:(a) The associated person 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 associated person are mandatory to maintain the credential.(c) The continuing education content provided by the credentialing organization during the relevant reporting period is approved continuing education content.(5) Each associated person is responsible for ensuring that the authorized provider reports the associated person’s completion of the applicable continuing education requirements.(6) An associated person who completes credits of continuing education in excess of the credits required for the reporting period may not carry forward excess credits to a subsequent reporting period.(7) An associated person who fails to comply with this section by the end of a reporting period shall renew as “CE inactive” at the close of the calendar year in this state until the associated person completes and reports all required continuing education credits for all reporting periods as required by this section. An associated person who is “CE inactive” at the close of the next calendar year is not eligible for associated person registration or renewal of associated person registration.(8) An associated person registered or required to be registered in this state who is registered as an associated person of an investment adviser or federal covered adviser in the individual’s home state is considered to be in compliance with this section if:(a) The associated person’s home state has a continuing education requirement of at least 12 hours annually; and(b) The associated person is in compliance with the home state’s associated person of an investment adviser or federal covered adviser continuing education requirements.(9) An associated person who was previously registered under s. 517.12 and became unregistered must complete continuing education for all reporting periods that occurred between the time that the associated person became unregistered and when the person became registered again under s. 517.12, unless the associated person takes and passes the required examinations or the examination requirements are waived in connection with the subsequent application for registration.