SIE practice questionmediumContinuing Education - Firm Element
Which of the following best describes the Firm Element of FINRA's continuing education program?
- AA FINRA-administered computer-based training that must be completed every three years
- BA one-time orientation training for newly registered persons
- CAn annual, firm-developed training program that addresses the firm's specific business activities and regulatory developments✓ Correct answer
- DAn SEC-mandated ethics course required every five years
Explanation
Why C — An annual, firm-developed training program that addresses the firm's specific business activities and regulatory developments
The Firm Element (FINRA Rule 1240) requires each member firm to develop and administer an annual training program for its registered persons. The content must be tailored to the firm's business model, the products it sells, and current regulatory issues. Firms must conduct a needs analysis each year to determine what training is necessary. This is different from the Regulatory Element, which is a standardized, FINRA-administered program completed on the representative's registration anniversary schedule.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 1,867+ SIE questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Related Regulatory Framework questions
- If a registered person's registration has been terminated for more than two years, what must occur before they can…
- A registered representative moves to a new home address. Within how many days must the Form U4 be updated?
- A dispute arises between two FINRA member firms regarding a trade settlement. Under FINRA rules, how must this dispute…
- A customer sends a written complaint to a registered representative's personal email. What should the representative do?