Anyone who was identified by their firm as an Operations Professional as of October 17, 2011, must pass the Series 99 (or other appropriate qualification exam) by October 17, 2012. Those who need to pass the exam should note the 30-day waiting period for retaking the exam. The waiting period increases to 180 days if an individual fails the exam three or more times in succession.
If an individual fails to pass the Series 99 (or other qualification exam) by October 17, then the individual must stop functioning as an Operations Professional until he or she passes the exam. FINRA has stated that it will not grant exceptions or waivers to the waiting period rule.
“Operations Professional Qualification Exam” (FINRA website)
“Qualifications FAQ-Operations Professional” (FINRA website)
NASD Rule 1070, Qualification Examinations and Waiver of Requirements
This alert applies to the Series 99.