The North American Securities Administrators Association (NASAA) IAR CE Model Rule, adopted in November 2020, requires 12 credit hours annually. Those subject to it need six credits in Products and Practices and six in Ethics and Professional Responsibility.
Thus far, about one-half of the jurisdictions represented within the NASAA have implemented it. In 2026, Illinois joins the list.
Different states have implemented this at different times resulting in a confusing array of effective dates. One of the main pain points for IARs is that the rule creates "trailing liability", and if an IAR is registered in a CE-adopting state for any part of a calendar year, they're obligated to complete the full 12-hour requirement even after withdrawing from that state.
It's a system of "once required, always required."
It is what it is whether it is right, fair, or just.
Eventually, it is probable that all states will have this implemented.
