SEC Approves FINRA’s Streamlined Securities Competency Exams for Industry Professionals and Consolidated Registration Rules

On October 5, the Financial Industry Regulatory Authority (FINRA) revealed SEC approval of its proposal to combine specific registration guidelines and enhance proficiency examinations for specialists going into or returning to the securities market. Under Regulatory Notice 17-30, the NASD and NYSE included registration guidelines are now combined as “FINRA guidelines” to supply member companies “consistency and harmony.”

The guidelines will enable member companies to permissively sign up all associated individuals of a company and develop waiver programs for signed up staff members who “transfer to a financial services market affiliate of a member company.” Even more, as formerly talked about in an InfoBytes post worrying the proposed guideline, FINRA’s brand-new structured evaluation structure is created to remove duplicative screening and get rid of out-of-date classifications. The modifications consist of a general understanding assessment that brand-new representative-level candidates will be needed to pass, in addition to a modified credentials assessment proper to their job functions. Modifications to FINRA’s continuing education requirements have also been made. The guideline works October 1, 2018.