Exchange Rule 345A (Continuing Education for Registered Persons) requires members and member organizations to maintain a current Firm Element training program for registered persons who have direct contact with customers, and for their immediate supervisors. This Firm Element training should be specifically tailored to the business of the members and member organizations, and must be evaluated and updated at least annually.

The Exchange, in conjunction with the Securities Industry/Regulatory Council on Continuing Education, has identified topics that are particularly relevant to the industry at this time and may be appropriate for members and member organizations to include in their Firm Element training. These topics are identified in the attached Firm Element Advisory.

Each member and member organization should consider the relevance of the topics identified in the Firm Element Advisory to the member's or member organization's lines of business and training needs. The attachment provides further direction for reviewing and considering the topics.

The Firm Element Advisory can also be located on the website of the Securities Industry/Regulatory Council on Continuing Education at www.securitiescep.com.