The Maintaining Qualifications Program (MQP)

FINRA’s Maintaining Qualifications Program (MQP) allows eligible individuals to maintain their qualifications for up to five years by completing continuing education (CE) annually. Program dates and details are provided on the page below.

For additional information, refer to Regulatory Notice 21-41 and the MQP Quick Reference. 

On This Page

• Overview
• Eligibility Conditions
• Enrolling and Participating in the MQP
• Accessing FinPro
• Frequently Asked Questions
• MQP Learning Plan Extension Requests
• NASAA’s Exam Validity Extension Program

Overview

Pursuant to FINRA Rule 1240(c), Supplementary Material .01 and .02, FINRA established a program providing eligible individuals who terminate any of their representative or principal registrations with the option of maintaining their qualifications for certain terminated registrations by completing annual CE. The rule change provides individuals who choose this option a maximum of five years in which to reregister with a member firm without having to requalify by exam or having to obtain an exam waiver.

The rule change does not eliminate the two-year qualification termination period. Rather, it provides participants with an alternative means of staying current on their regulatory and securities knowledge for up to five years following the termination of their registrations.

Eligibility Conditions

To be eligible for the MQP, individuals must meet the following conditions:

1. have been registered in the terminated registration category for at least one year immediately prior to the termination of that category;
2. elect to participate within two years from the date of termination of the eligible registrations; and
3. complete all CE requirements by their due dates.

The following conditions will preclude participation in the MQP:

1. An individual has been CE inactive for two consecutive years or becomes CE inactive for two consecutive years during their participation.
2. An individual is subject to a statutory disqualification during the one year immediately prior to the termination of the registration category or becomes subject to a statutory disqualification following the termination of their registration or during their participation in the MQP.

If either of these events occurs before or during an individual’s participation in the MQP, they will not be eligible to participate or continue to participate.

Enrolling and Participating in the MQP

Eligible individuals may elect to participate in the MQP immediately after a registration category is terminated via a full or partial Form U5. They may also elect to participate later, within two years from the termination date of the registrations.

Eligible individuals must take the following steps to enroll in the MQP:

1. Sign Up for or Log In to FinPro: This will allow individuals to review and enroll eligible qualifications, receive notifications from FINRA and monitor their CE completion dates and statuses. See the Accessing FinPro section below to learn more about creating or retrieving your FinPro account.

2. Click on the "You may be eligible for the Maintaining Qualifications Program (MQP)” banner in the Reminders section of FinPro and follow the steps to enroll in the MQP. If this option is not available, the individual may not be eligible for the MQP. Please review the MQP Eligibility Conditions for more information.

3. Pay the Annual Participation Fee: MQP participants are required to pay an annual $100 fee, regardless of the number of qualifications enrolled.

Once enrolled, individuals may access and complete their assigned learning which can be found by navigating to the Continuing Ed section in FinPro.

CE Content Requirements

MQP participants are required to complete all assigned CE coursework by the due date(s) specified in FinPro. MQP participants must complete their MQP learning plan, which consists of two elements of CE:

1. Regulatory Element, which consists of courses targeting rules, current issues and regulatory concerns relevant to each registration category; and

2. Practical Element, which consists of courses reminding individuals of products, services and strategies relevant to the job functions they would be qualified for upon return to the industry as a registered person.

MQP participants will then be required to complete their CE requirements annually for each year they remain in the MQP. Failure to complete the required CE by the date(s) specified in FinPro will render participants ineligible to continue participation in the MQP, and these individuals may be required to requalify by exam in order to regain the terminated registrations. To access and complete the assigned CE, please navigate to the Continuing Ed section of FinPro.

At the beginning of each year, MQP participants will receive a notification from FINRA reminding them to renew their enrollment for that calendar year. Once the $100 annual fee is paid and their enrollment is renewed, the MQP learning plan for that calendar year will be assigned.

Accessing FinPro

FinPro users must create account credentials (user ID, password and security challenge questions) and verify their identity with Transunion to access the system. (Tip: See the FinPro Account Creation Guide for guidance if you have not yet created a FinPro account.)

FinPro cannot be accessed with Internet Explorer. Use a supported browser to log in.

Frequently Asked Questions

1. How can I find out if my qualification is eligible for the MQP?
Create a FinPro account and log in to FinPro. If you are eligible to participate in the MQP, the prompt to enroll will inform you of which qualification(s) you are eligible to maintain. 

2. If I am currently registered as a General Securities Representative (Series 7), can I enroll in the MQP to maintain my Series 7 qualification?
No. You can enroll in the MQP only after your registration has been terminated and you meet the MQP eligibility requirements. 

3. What can I do with my qualification while I am maintaining it?
Maintaining a qualification does not permit you to act as a registered person in the capacity of the maintained qualification.

4. I passed the Securities Industry Essentials^® (SIE^®) exam only. Am I able to maintain a qualification?
No. The SIE exam alone does not confer a registration status or a qualification that can be maintained.

5. The two-year anniversary of the termination of my registrations is five days from now. If I pay the fees to enroll in the MQP today, do I have to finish my assigned learning plans (CE) in the next five days? If I don’t, can I get a refund?
You are responsible for completing your assigned CE by the due date specified in FinPro and should consider that when enrolling in the program. There are no refunds if you do not complete your assigned CE by the due date.

6. Why is the due date for my assigned MQP learning plan in FinPro not shown as December 31?
When you first enroll in the MQP, the due date listed in FinPro is based on your two-year qualification period, and you have up until that date to complete your assigned learning plan. However, the coursework associated with your MQP learning plan is an annual requirement, and the expectation is for you to complete your assigned learning plan each year on or before December 31. Furthermore, since the MQP learning plan is assigned annually, you are required to complete any learning plan coursework that becomes due under the MQP between the time of your termination date and the due date listed in FinPro.

For example, if you wait to enroll in the MQP until 18-months after your registration(s) was terminated, you will be assigned two-years of MQP learning: one MQP learning plan for the calendar year you were terminated and one MQP learning plan for the calendar year you enrolled in the program. Both learning plans assigned during your two-year qualification period will be due by your two-year termed date.

Additionally, after you complete your assigned learning plan within your two-year qualification period, the due date for your learning plan will become December 31 of each year until the MQP five-year validity date, which is based on your termination date.

7. Will the MQP option be available to individuals who are registered in an eliminated registration category, such as the Corporate Securities Representative (Series 62)?
No. The MQP option will not be available to individuals who are registered in the following eliminated registration categories.

MQP Learning Plan Extension Requests

Individuals enrolled in the MQP must complete all assigned CE in their MQP learning plan by their due date. If an MQP participant experiences circumstances that prevent them from completing the assigned CE by their due date, FINRA may—upon written application by the participant, with supporting documentation, and a showing of good cause—allow for additional time for the person to complete their CE. Please note that good cause and related documentation must demonstrate that substantive circumstances beyond the individual’s control prevent them from completing their CE by the due date. MQP learning plan extension requests provide a formal process for these individuals to submit such requests to FINRA so that FINRA is able to determine whether an extension may be granted.¹

To submit a request for an MQP learning plan extension, the following form must be completed: MQP Learning Plan Extension Request Form. For an MQP learning plan extension request to be accepted by FINRA, the completed form along with supporting documentation should be emailed to [email protected] no later than the CE due date. As this submission may contain confidential information, please do not include additional FINRA email addresses on this submission.

Note: Individuals should submit MQP learning plan extension requests on their own behalf whenever possible.