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Subcommittee withdraws continuing-education rule for rewrite, advances securities exemptions to full committee
Summary
The subcommittee voted to withdraw-and-resubmit a proposed continuing-education rule for securities licensees (document 5,364) to resolve an exemption for older licensees, and it sent document 5,365 (securities exemptions and manual updates) to the full committee with a recommendation to approve.
The House Regulations Administrative Procedures Artificial Intelligence Cybersecurity Committee and the Education Administrative Subcommittee voted to withdraw and resubmit a proposed continuing-education rule for securities licensees (document 5,364) after committee members identified language that may exempt long-practicing licensees from continuing education. The panel also voted to send document 5,365 — updates to exemptions and references used by the securities division — to the full committee with a recommendation that it be approved.
Jonathan Williams, assistant deputy attorney general in the securities enforcement division, told the subcommittee that staff had not identified any exemption in the Securities Act that would automatically exempt licensees with 20 years of experience who are age 65 or older. "She is not aware of any exemption in the Securities Act for folks in the industry," Williams said when asked about the claimed exemption.
Louis Cody, senior assistant attorney general, described the continuing-education proposal as codifying a policy the division currently enforces by order. Cody said the rule would allow someone who leaves the industry temporarily (for example, to raise a child) to maintain an exam credit for up to five years if they continue required continuing education, and that investment advisers would be required to complete 12 credits of continuing education each year.
Representative Bridal moved to withdraw and resubmit the continuing-education regulation pending resolution of whether the statute or rules provide an exemption for individuals 65 and older with long service; Representative Teeple seconded. The motion carried by voice vote.
On document 5,365 — which updates references to industry manuals, provides certain registration exemptions and codifies prior no-action relief for M&A brokers — Alan Powell moved that the subcommittee send the document to full committee with a recommendation to approve; the motion carried by voice vote. The subcommittee record shows committee members asked staff to prepare clear withdrawal-and-resubmission language before the full committee acts.
