Quest CE Announces New Firm Element Course on FINRA Rules 2090 and 2111
The Securities and Exchange Commission (SEC) has approved FINRA’s proposal to adopt rules governing know-your-customer (Rule 2090) and suitability obligations (Rule 2111). The rules will be effective on July 9, 2012.
FINRA Rule 2090 (Know Your Customer) replaces former NYSE Rule 405. The new rule requires firms to use reasonable diligence, in regard to the opening and maintenance of every account, as well as knowing and retaining the essential facts concerning every customer.
FINRA’s Rule 2090 explains that essential facts are those required to:
• Effectively service the customer's account
• Act in accordance with any special handling instructions for the account
• Understand the authority of each person acting on behalf of the customer
• Comply with applicable laws, regulations, and rules
FINRA Rule 2111 replaces former NASD Rule 2310 (Suitability), and requires that a firm or associated person "have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer's investment profile."
Member firms must be in compliance when the rules become effective. Prior to the date, firms will need to take action to ensure their supervisory and compliance guidelines incorporate the proposed rules, as well as educating and training compliance personnel on the rules and new firm procedures.
Quest CE is committed to authoring new and relevant content for their Firm Element Course Catalog on an annual basis. In addition to offering over 230 courses, Quest CE authors new courses as new rules and regulations become effective or per client request. To view the catalog, Click Here (or visit http://www.questce.com/uploads/FECatalog.pdf).
For questions regarding the new course or to add the course to a 2012 Firm Element Program, please contact a dedicated Account Executive at 877-593-3366 or e-mail firstname.lastname@example.org.
About Quest CE
Since 1986, Quest CE has built a reputation of being the premier provider of Compliance Education to the financial services industry. In addition to offering Providership Administration and insurance continuing education (CE) for professionals holding insurance licenses and professional designations like the CFP, CPA, CLE, CIMA and CLU/ChFC designations, Quest also provides a complete spectrum of compliance training solutions including the Financial Industry Regulatory Authority (FINRA) annually required Firm Element Training for registered representatives, On-demand Annual Compliance Meetings, Annual Compliance Questionnaires, Needs Analysis Surveys, Outside Business Activity Tracking, Gifts and Entertainment Tracking and Political Contributions Tracking.
With a client retention rate of 93% and a growth rate of over 770% since January 1, 2005, more and more people are discovering why Quest CE is the Next Generation of Compliance Training Solutions. Quest CE serves more than 280 leading insurance carriers, broker/dealers, banks, and other financial institutions. Quest is a privately held firm which allows us to quickly meet the ever-changing needs of their clients. Quest’s commitment is to provide advanced custom solutions at cost effective rates while providing a level of service that greatly surpasses that of our competitors. Quest provides a single source solution for organizations training and compliance needs, saving you both time and money.
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