SIE, Series 6, 7, 10, 24 & 26 Course Update January 2023
> SIE, Series 6, 7, 10, 24 & 26
Addendum: for use with the Series 6, 7, 10, 24, and 26, and the Securities Industry Essentials (SIE) online courses per a regulatory update. FINRA exams are expected to be updated to reflect these changes on 1/1/2023.
Continuing Education – Regulatory Element and Firm Element (FINRA Rule 1240)
Effective January 1, 2023, registered persons must complete the Regulatory Element of the Continuing Education annually by December 31 for each representative or principal registration they hold. (Prior to January 1, 2023, the rule required registered persons to complete the Regulatory Element by the second anniversary date of their registration, and every 3 years thereafter.)
FINRA has customized the Regulatory Element content so that it is specific to each registration category. FINRA and the CE Council will publish the topics by October 1 of the preceding year.
The initial annual Regulatory Element is due by December 31, 2023, for individuals:
- Whose registration status remains unchanged after January 1, 2023; and
- Who reregister in 2023 for a registration category without having completed the Regulatory Element for that registration category in 2023, passed an exam for that registration category, or obtained an unconditional exam waiver for that registration category.
The initial annual Regulatory Element is due by December 31, 2024, for individuals who:
- Reregister in 2023 for a registration category after having completed the Regulatory Element for that registration category in 2023, passed an examination for that registration category, or obtained an unconditional examination waiver for that registration category; and
- Register for the first time in 2023 after having passed an examination for that registration category or obtained an unconditional examination waiver for that registration category.
If a registered person has not completed the Regulatory Element by the prescribed annual deadline, FINRA will designate that person as CE inactive. Any person whose registration becomes inactive under this rule must cease all activities as a registered person and is prohibited from performing any duties and functioning in any capacity requiring registration.
Completion of the Firm Element continues to be an annual requirement. Broker/dealers are required to establish a formal training program to keep all registered persons current on topics related to the role, activities, and responsibilities of the registered person and to their professional responsibility.
The following are updated dollar amounts for 2023 for Qualified Retirement Plans (please note that not all of these products appear in every course):
|
CONTRIBUTION LIMITS |
2023 |
2022 |
|
Traditional IRA or Roth IRA |
|
|
|
Contribution Limit |
$6,500/$7,500 age 50 + |
$6,000/$7,000 age 50 + |
|
IRA Catch up |
$1,000 |
$1,000 |
|
SIMPLE IRA |
|
|
|
Contribution Limit |
$15,500 |
$14,000 |
|
IRA Catch up |
$3,500 |
$3,000 |
|
Other Qualified Plans |
|
|
|
Keogh (HR-10) |
$66,000 or 100% of eligible compensation |
$61,000 or 100% of eligible compensation |
|
Elective Deferrals: |
$22,500 |
$20,500 |
|
Defined Contribution Limits |
$66,000 |
$61,000 |
|
Defined Benefit Plan Maximum Benefit |
$265,000 |
$245,000 |
|
SIMPLE 401(k) |
$3,500 |
$3,000 |
|
SEP |
Lesser of 25% of employee’s compensation or $66,000 |
Lesser of 25% of employee’s compensation or $61,000 |
|
Annual Gift Tax Exclusion |
$17,000 |
$16,000 |
|
529 and ABLE: 5-year Contribution Limit |
$85,000 single; $170,000 joint |
$80,000 single; $160,000 joint |
|
Kiddie Tax |
$1,250 |
$1,150 |
|
Coverdell ESA |
$2,000 |
$2,000 |