Glossary term
Maintaining Qualifications Program (MQP)
The Maintaining Qualifications Program is a FINRA program that lets eligible former registered persons keep certain qualifications current through annual continuing education.
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What Is the Maintaining Qualifications Program (MQP)?
The Maintaining Qualifications Program, or MQP, is a FINRA program that gives eligible former registered persons a way to maintain certain securities qualifications after their registration ends. Participants complete annual continuing education instead of immediately losing the practical value of prior qualification exams after the normal registration lapse period.
The MQP does not let someone act as a registered representative or principal while they are not registered with a firm. It preserves eligible qualifications for a limited period so the person may be able to return to the industry without retaking qualifying exams.
Key Takeaways
- The MQP applies to eligible people whose representative or principal registrations have terminated.
- Participants complete annual continuing education to maintain certain qualifications.
- The program can extend the period in which a person may reregister without requalifying by exam.
- MQP participation does not authorize securities business while the person is unregistered.
How the MQP Works
When an eligible registration category terminates, a person may elect to participate in the MQP through FINRA's systems. Once enrolled, the person must complete assigned continuing education and meet program conditions. FINRA describes the MQP as an alternative way to stay current on regulatory and securities knowledge after leaving a registered role.
The program is especially relevant for people who leave a broker-dealer, step out of the industry temporarily, or move into a nonregistered role but may later return. Without an available maintenance path, a person may have to retake exams or seek a waiver after too much time passes.
What the MQP Does and Does Not Do
MQP feature | Practical meaning |
|---|---|
Maintains qualifications | Helps preserve eligible exam qualifications for a limited period. |
Requires annual CE | Participants must complete assigned learning to stay eligible. |
Does not create registration | A participant still cannot act in a registered capacity without proper registration. |
Has eligibility conditions | Not every exam, registration, or former registrant qualifies. |
Eligibility and Practical Limits
The MQP is useful because securities qualification exams can represent a meaningful career investment. But the program is not a universal license-holding tool. Eligibility depends on the registration category, timing, prior status, and continued compliance with program conditions.
Individuals should also distinguish FINRA's MQP from similar state-level or NASAA exam-validity programs. A person returning to the industry may still need a sponsoring firm, Form U4 filing, state registration, background review, and other approvals.
The Bottom Line
The MQP helps eligible former securities professionals preserve certain qualifications through annual continuing education. It can make a return to the industry easier, but it does not replace registration or permit unregistered securities activity.