NRS Course Catalog

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Ethics and Non-Cash Compensation

Course Code: CE_ETHICS_NCC

Audience

This course is well suited for registered representatives acting as agents for broker/dealers and their supervisors, as well as wholesale representatives and investment adviser representatives.

Course Description

Ethics and Non-Cash Compensation focuses on ethics or ethical behavior and how it fits into the moral framework of industry rules. It explores both unethical practices and ethical best practices for registered representatives and outlines the required ethical standards for non-cash compensation.

The final lesson of the course touches on professional behavior and attitudes and the impact they have on the integrity of the securities profession.

Ethics for Futures Reps

Course Code: CE_EFR

Audience

Considering the constantly changing industry rules and standards, firms must make employees aware of the best behaviors for given situations that fully comply with industry rules and standards of ethical behavior. This course is appropriate for futures representatives who must be aware of how to uphold such rules and standards.

Course Description

Pursuant to the National Futures Association's Compliance Rule 2-9, which requires annual training in ethics, Ethics for Future Reps discusses ethical issues through case studies that portray the ethical decisions that should be made under given circumstances.

While the type of customers that invest in futures varies, the basic concepts of customer service and placing the interests of the customer first should always prevail. A firm's culture with respect to ethics is critically important in order that firms provide exceptional customer service and build a strong business around serving the needs of its customers.

Considering the constantly changing industry rules and standards, firms must make employees aware of the best behaviors for given situations that fully comply with industry rules and standards of ethical behavior. This course is appropriate for futures representatives who must be aware of how to uphold such rules and standards.

Ethics for Institutional Representatives

Course Code: CE_ETH_INSTITUTIONAL

Audience

This course is intended for registered representatives servicing institutional clients, their supervisors, and those who support the reps.

Course Description

The financial services industry is one of the most highly-regulated industries in the world. Countless governmental bodies and self-regulatory agencies have issued volumes of rules and regulations that give specific guidelines for conducting business. However, there are times when choosing which direction to take cannot be found in the rulebooks. At times, individuals must rely on their own sense of right versus wrong, or make a choice between the lesser of two evils. This is where a person's ethics come into play. As a registered representative conducting business with institutional clients, many people look up to you, both inside and outside the industry. The actions you take are examples for other reps who hope to one day find themselves in your position.

This course looks at the motivations behind ethical and unethical actions, some of which are also prohibited. It also describes the principles and models detailed in the International Organization of Securities Commissions Self-Regulatory Consultative Committee's report on a code of ethics.

Ethics for Research Analysts

Course Code: CE_ERA

Audience

This course is intended for research analysts, their supervisors, and managers.

Course Description

Securities research analysts came under tighter scrutiny due to a number of scandals in the late 1990s and early 2000s. Ethics for Research Analysts begins by examining the nature of ethics, how easy it is to justify unethical behavior, and steps that can be taken to help avoid it. The course moves on to rules instituted to prevent fraudulent activities, how to avoid conflicts of interest, the importance of information barriers, and how to evaluate if a firm's research is objective. The final lesson in the course discusses research analyst communications and how they may be affected by the JOBS Act.

Ethics for Wholesalers

Course Code: CE_ETHICS_W

Audience

Ethics for Wholesalers is an introductory level course specifically designed for wholesalers, their supervisors, and their sales support staff. It is also appropriate for other financial service industry professionals interested in ethical issues surrounding the sales practices and responsibilities of wholesalers.

Course Description

This course provides an overview of wholesaler roles, how wholesalers help registered reps perform their jobs, and how ethical dilemmas may arise and be resolved in the execution of this role. The course outlines activities that should be avoided and what can happen when a wholesaler makes unethical choices. We look at the different means of communicating with the public and the regulatory requirements surrounding each, as well conflicts of interest and appropriate disclosures. Finally, the rules and regulations that affect giving gifts and providing entertainment are also discussed.

Ethics General

Course Code: CE_ETH

Audience

This course is well suited for registered representatives of securities broker/dealers, investment advisers and their representatives, back office operations personnel, executive management personnel, as well as supervisors and support staff.

Course Description

This course focuses on ethics and ethical behavior in the securities industry. Lesson 1 differentiates between ethics and morals and offers possible motivations for "white collar" crime. In addition, the course offers steps to take when one is struggling with an ethical dilemma. Lesson 2 identifies ethical best practices for registered representatives, including the ethical standards that must be followed when interacting with customers.

The final lesson of the course touches on professional behavior and attitudes and the impact they have on the integrity of the securities profession. Recent case studies are presented throughout to emphasize the course material.

Exchange-Traded Funds

Course Code: CE_ETFNDS

Audience

Exchange-Traded Funds is intended for any financial service industry professional interested in the latest developments and regulatory focus of the exchange traded funds market. This course is most beneficial for institutional representatives, representatives with high net-worth clients, investment advisors, their supervisors, and support staff.

Course Description

Exchange-Traded Funds (ETFs) have been the focus of regulatory concern recently. This course is designed to comply with regulator training requirements and provide the student with a working knowledge of the ETFs distinctive terms, features, suitability factors, and risks, as well as help them gain proficiency with leveraged and inverse ETF calculations.

This course presumes a foreknowledge of basic trading and analysis concepts. The course also requires some light mathematic calculations.

CFP Program ID: 200235     CFP Credit Hours: 1.00

Fair Pricing and Compensation

Course Code: CE_FPAC

Audience

The Fair Pricing and Compensation course is primarily designed for market makers, bond traders, securities dealers, those conducting proprietary trades, and anyone working with these individuals in a supervisory or support position.

Course Description

This course focuses on fair pricing and compensation prescribed by FINRA Rule 2121 and FINRA Rule 2124. It defines the standards for fair pricing and market circumstances that should be considered when determining a fair price. Specifically, the course discusses the 5% guideline, and the parameters for determining the prevailing market price of a bond. The course discusses in detail the difference between a "broker" and "dealer," and the differences in how each is compensated. The first lesson describes how to calculate the compensation for a "net" transaction, in addition to disclosure and consent requirements for various client types.

Finally, the course reviews some recent regulatory concerns, and the best practices prescribed by FINRA for detecting abusive practices at your firm regarding proprietary trading. In addition, the final lesson discusses specific regulatory concerns regarding fees and compensation related to direct participation programs (DPP's), and real estate investment trusts (REIT's).

CFP Program ID: 234865     CFP Credit Hours: 1.00

Fiduciary Responsibility

Course Code: CE_FIDRESP

Audience

This course is intended for investment adviser representatives and also may be beneficial to registered reps and other financial service professionals interested in learning more about what it means to act as a fiduciary.

Course Description

"Fiduciary duty is the first principle of the investment adviser." This statement by Lori Richards, Director of the Office of Compliance Inspections and Examinations of the SEC, underscores investment advisers' fiduciary responsibility to their clients.

Through this course, students will learn what it means to be a fiduciary in the eyes of the Supreme Court, the SEC, and NASAA. Fiduciary Responsibility explores the different standards that apply to investment adviser representatives and the registered reps with broker/dealers, and how the rules that mandate who must act as a fiduciary may be changing. The top responsibilities of investment advisers acting as fiduciaries are listed as well as the deficiencies most commonly found in SEC examinations of investment advisers. Fiduciary Responsibility concludes with a look at some conflicts of interest that can arise in the course of business, and how failing to deal with them properly can result in disciplinary actions.

CFP Program ID: 234866     CFP Credit Hours: 1.00

FINOP Duties and Customer Protection

Course Code: CE_FINOP

Audience

This course is intended and most relevant for FINRA Series 27 Financial Operations Principals (FINOPs) and their supervisors. Those interested in the rules related to the financial reporting of a broker/dealer and principals involved in supervising the business activities of their firm and representatives may also find this course helpful.

Course Description

FINOP Duties & Customer Protection provides a review of regulations involving the financial operations of a brokerage firm. The three major rules covered in this course are:

  • FINRA Rule 15c3-1 - broker/dealer's minimum standards for net capital, known as the Net Capital Rule
  • FINRA Rule 17a-11 - the early warning and reporting rule regarding net capital
  • FINRA Rule 15c3-3 - the Customer Protection Rule
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