Which of the following is true regarding a registered person who wishes to move her registration from one broker/dealer to another quizlet?

Pursuant to FINRA Rule 1240(c), Supplementary Material .01 and .02, effective March 15, 2022, FINRA has established a program providing eligible individuals who terminate any of their representative or principal registrations with the option of maintaining their qualifications for certain terminated registrations by completing annual continuing education (CE). The rule change provides individuals who elect this option a maximum of five years in which to reregister with a member firm without having to requalify by exam or having to obtain an exam waiver.

CE coursework for the 2022 MQP is now available. Enrolled participants can access their learning plans in FinPro.

The rule change does not eliminate the two-year qualification termination period. Rather, it provides participants an alternative means of staying current on their regulatory and securities knowledge for up to five years following the termination of their registration(s).

For additional information, refer to Regulatory Notice 21-41 and the MQP Quick Reference.

On This Page

• Important Dates
• Eligibility Conditions
• Participating in the MQP
• Accessing FinPro
• Frequently Asked Questions

Important Dates

Individuals Who Terminated Their Registrations Before March 15, 2022

Enrollment into the MQP is now closed to individuals who terminated their eligible registrations before March 15, 2022.

Individuals Who Terminate Their Registrations on or After March 15, 2022

Individuals who meet the eligibility conditions below and elect to participate in the MQP must enroll within two years of their termination date.

Eligibility Conditions

To be eligible for the MQP, individuals must meet the following conditions:

1. have terminated the registration category on or after March 15, 2022;
2. have been registered in the terminated registration category for at least one year immediately prior to the termination of that category;
3. elect to participate within two years from the date of termination of the eligible registrations; and
4. complete all CE requirements by their due dates.

The following conditions will preclude participation in the MQP:

1. An individual has been CE inactive for two consecutive years or becomes CE inactive for two consecutive years during their participation.
2. An individual is subject to a statutory disqualification during the one year immediately prior to the termination of the registration category or becomes subject to a statutory disqualification following the termination of their registration or during their participation in the MQP.

If either of these events occurs before or during an individual’s participation in the MQP, they will not be eligible to participate or continue participation.

Participating in the MQP

Eligible individuals may elect to participate in the MQP immediately after a registration category is terminated via a full or partial Form U5. They may also elect to participate later, within two years from the termination date of the registrations.

Eligible individuals must take the following steps to enroll in the MQP:

1. Sign Up for or Log In to FinPro: This will allow individuals to review and enroll eligible qualifications, receive notifications from FINRA and monitor their CE completion dates and statuses. See the Accessing FinPro section below to learn more about creating or retrieving your FinPro account.

2. Pay the Annual Participation Fee: MQP participants will be required to pay an annual $100 fee, regardless of the number of qualifications enrolled.

CE Content Requirements

Individuals enrolled in the MQP are required to complete all assigned CE coursework by the due date(s) specified in FinPro.

MQP-enrolled individuals must complete two elements of CE:

1. Regulatory Element, which consists of courses targeting rules, current issues and regulatory concerns relevant to each registration category; and

2. Practical Element, which consists of courses reminding individuals of products, services and strategies relevant to the job functions they would be qualified for upon return to the industry as a registered person.

Individuals will then be required to complete their CE requirements annually for each year that they remain in the MQP. Failure to complete the required CE by the date(s) specified in FinPro will render the individuals ineligible to continue participation in the MQP.

Accessing FinPro

FinPro users must create account credentials (user ID, password and security challenge questions) as well as verify their identity with Transunion to access the system. (Tip: See the FinPro Account Creation Guide for guidance if you have not yet created a FinPro account.)

FinPro cannot be accessed with Internet Explorer. Use a supported browser to log in.

FinPro MQP enrollment does not support mobile or tablet devices at this time. For the best experience, please use a laptop or desktop.

First-Time FinPro Users

Before creating an account: Have you self-enrolled in an exam or used one of these FINRA systems? If so, you can use the same system credentials to log in to FinPro.

Can’t remember your user ID or password? Recover them via email.

Returning FinPro Users

If you have logged in to FinPro before, sign in or quickly retrieve your credentials through the buttons below.

Note: You may need to create a new FinPro account if more than three years have passed since your last login. FinPro credentials are automatically deleted after 36 months of inactivity.

Frequently Asked Questions

Additional MQP FAQ are available in the CE Transformation FAQ.

1. My firm terminated my General Securities Representative (Series 7) registration on March 17, 2022. How can I find out if my qualification is eligible for the MQP?
Create a FinPro account and log in to FinPro. If you are eligible to participate in the MQP, the prompt to enroll will inform you of which qualification(s) you are eligible to maintain. 
 

2. If I am currently registered as a General Securities Representative (Series 7), can I enroll in the MQP to maintain my Series 7 qualification?
No. You can enroll in the MQP only after your registration has been terminated and you meet the MQP eligibility requirements. 

3. What can I do with my qualification while I am maintaining it?
Maintaining a qualification does not permit you to act as a registered person in the capacity of the maintained qualification. 

4. If my registration terminated before March 15, 2022, can I get an extension of the March 15, 2022 deadline to enroll in the MQP?
No. There are no extensions, exemptions or waivers for individuals who terminated before March 15, 2022, to enroll in the MQP. 

5. I passed the Securities Industry Essentials® (SIE®) exam only. Am I able to maintain a qualification?
No. The SIE exam alone does not confer a registration status or a qualification that can be maintained.

6. Will the MQP option be available to individuals who are registered in an eliminated registration category, such as the Corporate Securities Representative (Series 62)?
No. The MQP option will not be available to individuals who are registered in the following eliminated registration categories.