Spring is the perfect time for broker-dealers to "clean up" and formulate their annual Firm Element "needs analysis" and "training plans", using the newly-released Spring 2011 Firm Element Advisory ("FEA").  The guide, published semi-annually by the Securities Industry/Regulatory Council on Continuing Education, identifies hot button regulatory and sales practice topics that firms should consider for their Firm Element training plans - for both retail and institutional businesses. 

        Firm Element Advisory (FEA).    The Council compiles its database of topics from industry regulatory and SRO announcements and publications of significant events.  The FEA, designed for internet use, briefly ID's each topic and provides links to relevant documents issued about the specified subjects.  New material is denoted by a “(New)” next to the appropriate title.  Material from previous editions that the Council has updated is denoted with an “(Updated)” next to the appropriate title.   Previous editions of the FEA, as well as a matrix indicating the topics covered in those editions, are available, as well, at the Council’s website (www.cecouncil.com). 

In addition to consulting the 2011 FEA's comprehensive list of areas, firms would be wise to also consider current and previous FEAs.  Furthemore, in response to requests from firms for more resources, the Council suggests the following additional tools:  addition to the FEA:

• Guide to Firm Element Needs Analysis and Training Plan Development.  A how-to guide for effectively performing the needs analysis and developing written training plans.

• Quarterly Continuing Education Performance Reports.  FINRA produces quarterly reports that compare a firm’s continuing education (CE) performance with the industry at large for the same programs and modules.  Firms should review the performance of their registered persons since the last needs analysis to determine if any modules or topics appear to warrant additional training. These reports are no longer mailed; firms may sign up to view the reports on FINRA’s Report Center.

• FINRA's Annual Regulatory and Examination Priorities Letter.  Each year, FINRA issues a letter that highlights issues of importance to FINRA’s examination program. These letters may be useful when developing education programs within a firm.

• FINRA Investor Alerts.  These are periodic alerts that highlight products and sales practices of particular concern, which firms may use to supplement  training materials.

• FINRA Online Learning.  FINRA's online learning programs address a range of training topics for compliance personnel, RR's, administrative and operations staff, and those with supervisory responsibilities. Some of these programs offer completion tracking and deliver compliance training that may be suitable for firm element CE.

        Firms are Reminded ... that individuals are now required to use either their CRD or FINRA ID numbers to schedule an exam or CE appointment at Prometric or Pearson VUE testing centers. Social Security numbers are no longer accepted.  All non-FINRA candidates who enroll using the Form U10 will be assigned a FINRA ID number for scheduling purposes.  Please note that the Form U10 is now only available for online submission;  hardcopy forms mailed to FINRA are no longer accepted.

        FINRA Contact.  Questions about this Notice should be directed to:  (i)  cecounciladmin@finra.org; or  (ii) Roni Meikle, Director, Continuing Education, FINRA, at (646) 315-8688.

For additional information, go to:   [FINRA Regulatory Notice 11-18, April 2011]   [2011 Spring FEA]    [Previous Editions of the FEA]