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Exam Alert: FINRA modifies Series 55 outline and passing score

Effective August 12, 2013, FINRA will revise the Series 55 exam program. This includes significant changes to the Series 55 content outline, along with a change in the passing score. Continue reading

Effective August 12, 2013, FINRA will revise the Series 55 exam program. This includes significant changes to the Series 55 content outline, along with a change in the passing score. The current passing score is 70% – the new passing score will be 67%. The breakdown of questions by topic will also change, though the total number of questions will remain at 100 scored plus 10 unscored. The new breakdown is as follows:

-Trading: 45 questions

-Order Handling: 36 questions

-Record Keeping and Regulatory Reporting: 19 questions

The new exam outline can be found here.

Source: Regulatory Notice 13-22: FINRA Revises the Series 55 Examination Program

This alert applies to the Series 55.

Exam Alert: Disclosures required by the Department of Labor do not need to be filed with FINRA

On October 20, 2010, the U.S. Department of Labor (DOL) adopted a rule that requires retirement plan administrators to show participants in participant-directed individual account plans (e.g., 401(k) plans) information on alternative investment options. On January 13, 2012, FINRA stated that communications that contain only the information required by the DOL rule do not need to be filed with FINRA. Note that communications that have additional information not required by the DOL rule must be filed with FINRA. Continue reading

On October 20, 2010, the U.S. Department of Labor (DOL) adopted a rule that requires retirement plan administrators to show participants in participant-directed individual account plans (e.g., 401(k) plans) information on alternative investment options.  On January 13, 2012, FINRA stated that communications that contain only the information required by the DOL rule do not need to be filed with FINRA.  Note that communications that have additional information not required by the DOL rule must be filed with FINRA.

Source: FINRA Regulatory Notice 12-02

This alert applies to the Series 62, Series 6, Series 26, Series 24, Series 7, and Series 82.

Exam Alert: proposed exam for Operations Professionals will focus on basics

On March 4, 2011, FINRA filed documents with the SEC that describe the content covered by the proposed exam for Operations Professionals. The exam will focus Continue reading

On March 4, 2011, FINRA filed documents with the SEC that describe the content covered by the proposed exam for Operations Professionals.  The exam will focus on ethics and basic knowledge of the securities industry regarding products, markets, and broker-dealer activities.  An Operations Professional would not be held to the same standard of knowledge about a product as a product specialist or representative selling the product.

FINRA rule filing: http://www.finra.org/Industry/Regulation/RuleFilings/2011/P123267

Analysis by the Securities Technology Monitor: http://www.securitiestechnologymonitor.com/news/-27324-1.html