Friday September 28 2018
News Source: Global Exchanges
Focus: Trading Rules
Starting from October 1, FINRA will offer a new qualification exam the Securities Industry Essentials (SIE) for prospective candidates seeking to enter or re-enter the securities industry. The SIE will assess a candidate’s knowledge regarding fundamental securities-related topics, including knowledge of basic products, the structure and function of the securities industry, the regulatory agencies and their functions, and regulated and prohibited practices. FINRA administers qualification examinations designed to establish that individuals employed by broker-dealers have attained specific levels of competence and knowledge pertinent to the industry. In addition to the SIE, in order to become a registered representative at a FINRA member firm, applicants will still need to take a revised Series 6, Series 7 or other qualification exam, appropriate to their prospective job functions. Candidates must also satisfy other requirements relating to the registration process, including a background check.
In addition, FINRA is expanding permissive registrations, allowing firms to permissively register or maintain the registration of individuals functioning as associated persons, including individuals working solely in a clerical or ministerial capacity for a firm. This process is subject to the conditions specified in Regulatory Notice 17-30.
The Securities and Exchange Commission approved these changes in July 2017, with an effective date of October 1, 2018. To enroll to take the SIE exam or to learn more about the SIE exam and FINRA’s other qualification exams, visit http://www.finra.org/industry/essentials-exam.
For further information please click on the link above.