FINRA is permitted to waive the examinations in “exceptional cases and where good cause is shown.” Related experience, education, regulatory experience, registration filing errors and related exams may be grounds for waiver requests. Age and/or physical infirmity are factors FINRA may consider but Rule 1070(d) says that age and/or illness alone are not sufficient ground. English as a second language is not considered grounds for a waiver, but ESL candidates can request additional time (30-60) minutes to take an exam. Principal examinations, such as the Series 24 General Securities Principal Exam and the Series 26 Investment Company Products/Variable Contracts Limited Principal Exam, are “rarely waived.” Also, if you’re talking NASAA exams (Series 63, 65, 66) you have to go to the state to request a waiver, not FINRA. Finally, examination waiver requests must be submitted by the firm, not the applicant, electronically via Firm Gateway and they “are conditional on the applicant successfully completing a Regulatory Element training session pursuant to FINRA Continuing Education Rule 1250.”
Relevant to: Series 7, Series 6, Series 24, Series 26, Series 55, Series 79, Series 99, Series 82.
Some one has passed a Principal licensing exam, but the employer failed to hold the license with FINRA, thus the individuals license expired, even though that individual had been performing as a Principal, close to 2 years. Will FINRA consider a waiver request for that individual from retesting?
Hi Padma, thank you for your question. Because the situation you described is very specific and unusual, it’s impossible for us to say whether FINRA would consider a waiver request or not. I’m sorry we can’t be of more help!