Exchange Rule 345A (Continuing Education for Registered Persons) requires 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 member organizations, and must be evaluated and updated at least annually.

The Exchange, in conjunction with the Securities Industry/Regulatory Council on Continuing Education, annually identifies topics that are of particular current interest to the industry and may be appropriate for member organizations to include in their Firm Element training. These topics are identified in the Firm Element Advisory which can be obtained on the Council website at http://www.securitiescep.com under the Firm Element Page and Council Publications.

­Each member organization should consider the relevance of the topics identified in the Firm Element Advisory to the member organization’s lines of business, registered employees, and training needs. Further direction for reviewing and considering the topics is provided in the Advisory.

Starting in 2007, the Firm Element Advisory will be updated at least twice each year - April and October to ensure that the latest information is available to member organizations. The Council provides a Firm Element Organizer on its website http://www.securitiescep.com to assist member organizations in conducting their Firm Element Needs Analysis and developing a training plan.

Questions about the Continuing Education Program should be directed to Roni Meikle at (212) 656-2156 or Pat DeVita at (212) 656-2746.