An important message from your
FPA of Michigan Board of Directors
As you may have already heard, NASAA (North American Securities Administrators Association) recently adopted a new rule requiring continuing education credits that may impact many of you. Their website states: "The program applies to all registered IARs of both state-registered and federal covered investment advisers in that jurisdiction," (NASAA). There are currently 12 states who have adopted or are planning on adopting this rule.
12 CE's will be required each year, 6 CE credits of Products and Practices, and 6 CE credits of Ethics and Professional Responsibility. IARs will need to create an account with FinPro to report their CEs. IAR credits cannot be carried over to the next year. There will be a $3 reporting fee per credit hour.
Prometric must approve all IAR CE courses. If we as an organization were to want to provide these credits for our members, there is a $250 speaker fee approval and a $250 presentation approval fee, per presentation offering credit. This will be a huge challenge for our organization to overcome this expense. We have been in discussion with NASAA about the implementation of this rule and what we can do to work with Prometric to lower the approval fee.
We will continue to have discussions and provide you with updates as they become available to us. For more information please review the FAQ page on the NASAA website.
We wanted to do our best to keep you informed of ongoing developments that may impact you, and to keep you informed of what we are trying to do to help you address the issues.