Tag: Operations Professional

Exam Alert: Operations Professionals must pass the Series 99 by October 17

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. Continue reading

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.

 

Sources:

“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.

Exam Alert: New passing score for the Series 99 is 68%

First off, congratulations to all of our students who have passed the Series 99: FINRA Operations Professional Exam! We know many of you were anxious about this brand new exam Continue reading

First off, congratulations to all of our students who have passed the Series 99: FINRA Operations Professional Exam! We know many of you were anxious about this brand new exam (and brand new experience with standardized testing for many of you). But your hard work paid off, so well done!

As our students let us know they’ve passed, they’ve also told us that the current passing score for the Series 99 is 68%. Don’t let that low score fool you – this exam will still require hard work and diligent studying to pass. We continue to monitor this brand new exam and will keep you updated to any changes to the passing score or to the exam. Be sure to subscribe to our Blog and regularly check our Exam FAQs and Exam Updates pages to keep current with exam information!

Exam Alert: The New Series 99 Exam for Operations Professionals

The SEC recently adopted FINRA’s proposal to create a new Operations Professional Exam to be called the Series 99 exam. This exam will affect people Continue reading

The SEC recently adopted FINRA’s proposal to create a new Operations Professional Exam to be called the Series 99 exam. This exam will affect people involved in back office functions such as recordkeeping, trade confirmation and transaction settlement. Importantly, it will not be required for those who are already licensed under the Series 6 or 7 exams. This new rule goes into effect on October 17, 2011.

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

Exam Alert: FINRA proposes rule requiring Operations Professionals to register

On March 4, 2011, FINRA filed a proposed rule with the SEC that would require that persons who are both “covered persons” and who perform “covered functions” Continue reading

On March 4, 2011, FINRA filed a proposed rule with the SEC that would require that persons who are both “covered persons” and who perform “covered functions” register as “Operations Professionals.”  Operations Professional is a new category of registration that is subject to FINRA’s qualifying exams and continuing education requirements.  Essentially, covered persons are those with control over what work takes place, how a member’s money is materially spent, and what material agreements the member is entered into.  The list of covered functions is fairly broad, covering many broker-dealer activities.

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