Merrill Lynch and Wells Fargo are working to help their financial advisors comply with a new rule for continuing education that has been adopted in Maryland, Mississippi and Vermont.

Maryland, Mississippi and Vermont now require continuing education requirements for advisors in their jurisdictions, adopting a North American Securities Administrators Association rule that was set in November last year. The states were the first to adopt the Nasaa rule, which requires state-registered and federal-covered advisors to complete annual continuing education requirements for 2022.

Merrill Lynch and Wells Fargo are working to ensure compliance with the new rules in the three states.

“The company has reviewed the requirements and are working closely with local leaders in these regions to ensure they are met,” said a Merrill spokesperson. “We’re communicating with our advisors about the new requirements and leveraging or enhancing existing internal trainings.”

Wells Fargo is working to address both the new requirements and the changes to the Financial Industry Regulatory Authority’s continuing education requirements that go into effect in 2023.

Last year, Finra adopted several changes to its continuing education program. For example, the “Regulatory Element” of the program, which focuses on regulatory requirements and industry standards, will be required every year, effective Jan. 1, 2023. Currently, it is required once every three years.

Morgan Stanley declined to comment on the implementation of the new continuing education rules in the three states.

UBS had not responded to a request for comment for this story as of this writing.

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