State adopts continuing education rule for investment reps

The Wisconsin Department of Financial Institutions’ (DFI) Division of Securities announced the publication in the Wisconsin Administrative Code of CR 21-057, creating an administrative rule that requires both state-registered and federal covered investment adviser representatives to complete annual continuing education. Unlike other financial service professionals, investment adviser representatives were not subject to a continuing education requirement to ensure their knowledge and competence were being maintained or expanded. The new rule is effective as of Jan. 1, 2023. Other states adopting similar continuing education requirements for investment adviser representatives include Maryland, Michigan, Mississippi, and Vermont. More states are expected to follow.