Final answer:
The Firm Element CE must be completed annually by securities industry professionals to comply with FINRA regulations. It is tailored to the individual's role and the firm's business but must address compliance, regulatory requirements, product knowledge, and sales practices. Failure to comply can lead to sanctions and penalties.
Step-by-step explanation:
The Firm Element Continuing Education (CE) is a requirement for securities industry professionals to help ensure that they remain knowledgeable about the latest regulations and products. The Financial Industry Regulatory Authority (FINRA) mandates that registered individuals complete Firm Element CE annually to stay current with the evolving securities environment. This typically includes training on topics such as compliance, regulatory requirements, product knowledge, and sales practices.
Registered firms are responsible for administering the Firm Element CE to their covered employees. The content and frequency of the training may vary depending on the roles and responsibilities of the individual and the nature of the firm's business. Nonetheless, at a minimum, it should be completed once a year to satisfy FINRA regulations.
Failing to complete Firm Element CE can result in sanctions and additional training requirements for the individual and potential penalties for the firm.