According to FINRA: “Effective November 2, 2009, amendments to NASD Rules 1022 and 1032 require individuals whose activities are limited to Continue reading
November 2 is just around the corner.
According to FINRA: “Effective November 2, 2009, amendments to NASD Rules 1022 and 1032 require individuals whose activities are limited to investment banking and principals who supervise such activities to pass the new Limited Representative – Investment Banking Qualification Examination (Series 79 Exam). Individuals who are registered as a General Securities Representative (Series 7) and engage in the member firm’s investment banking business as described in NASD Rule 1032(i) may “opt in” to the new registration category.”
It’s interesting to note that at this time, FINRA has not announced what a passing score will be. “The passing score for the examination is the minimum number of test questions that a candidate has to answer correctly in order to pass the examination. The Committee, using a standard setting procedure, establishes the passing score for the examination. The passing score is an absolute standard and it is independent of the performance of candidates taking the examination. Since multiple forms of the examination will be administered, the passing score will fluctuate moderately from examination to examination.”
If your firm has not created a Series 79 training program, what can you do to get the new Investment Banking Representative registration?
As per FINRA Regulatory Notice 09-41: “during the six-month transition period (November 2, 2009 – May 3, 2010), new Investment Banking Representative candidates who are in the process of qualifying for the new Investment Banking Representative registration category can take either the Series 79, the Series 7 or a Series 7-equivalent exam. A candidate who takes and passes the Series 7 Exam or Series 7- equivalent exam could then opt in to the Investment Banking Representative registration.
“Series 7 equivalent exams” and registrations are the Limited Representative—Corporate Securities (Series 62), the United Kingdom (Series 17) or Canada (Series 37/38) Modules of the Series 7.
