Regulatory Outlook | 09.20.22
NASAA Model Rules Let Advisors Maintain Licenses While Out of Industry
The North American Securities Administrators Association has approved two model rules that would allow financial advisors to maintain their licenses when they leave the industry for a certain amount of time to deal with life events. Both measures—one that addresses examination requirements for broker-dealer agents and another for investment advisor representatives—enable brokers to return to the industry within five years without retaking licensing exams as long as they complete annual continuing education. The model rules align with the Financial Industry Regulatory Authority's Maintaining Qualifications Program, under which the grace period was extended from two to five years for resuming broker work without going through the exam process again.
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