The North American Securities Administrators Association (NASAA) released its Investment Adviser Section Annual Report (Report) in April 2021, highlighting 2020 section activities. The Report focuses largely on two topics: (1) the Investment Adviser Representative Continuing Education Model Rule (Model CE Rule) and (2) the Investment Adviser Policies and Procedures Model Rule and accompanying Compliance Grid (Policies and Procedures Model Rule). This Tonkon Tip focuses on the Model CE Rule.

The Report speaks to developments since NASAA’s announcement on November 30, 2020, that its membership had approved the Model CE Rule to “set parameters by which NASAA members could implement continuing education programs for investment adviser representatives (IARs) in their jurisdictions.” The intent is that all jurisdictions will adopt the Model CE Rule and subject all investment

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