FINRA Registration and Examination Requirements
Registered Principal &ndash, Persons associated with a member who are actively engaged in the management of the member's investment banking or securities business, including supervision, solicitation, conduct of business, or the training of persons associated with a member for any of these functions are designated as principals. Such persons include sole proprietors, officers, partners, managers of offices of supervisory jurisdiction, and directors of corporations .
Categories of Principal Registration and Examination Requirements
Registered Options Principal - (Series 4) &ndash, 125 multiple choice questions, 3 hours testing time. This examination is required of an individual who will function as a registered options principal, compliance registered options principal, or senior registered options principal. The Series 4 tests the individual's knowledge of options trading, exchange rules, and regulations applicable to the trading of options contracts, as well as the rules of the Options Clearing Corporation.
General Securities Sales Supervisor - (Series 9 and 10) &ndash, 200 multiple choice questions. The testing time is 1 hour and 30 minutes for the Series 9, which contains 55 options questions. Four (4) hours are allowed for the Series 10, which has 145 questions covering FINRA, New York Stock Exchange, Municipal Securities Rule Board, and Securities and Exchange Commission rules. This registration is appropriate for individuals required to register as principals to supervise sales activities in corporate, municipal, and options securities, investment company products, variable contracts, and direct participation programs. In addition to branch office managers, regional and national sales managers may also register in this capacity.
General Securities Principal - Sales Supervisor Module - (Series 23) &ndash, 100 multiple choice questions, 2 hours and 30 minutes testing time. The Series 23 is designed to test a candidate&rsquo,s knowledge of the rules and statutory provisions applicable to the management of a general securities broker/dealer. Series 23 examination program allows persons associated with FINRA members who are registered as General Securities Sales Supervisors and who are seeking to register and qualify as General Securities Principals an alternative to completing the Series 24. The Series 23 examination covers material from the Series 24 examination not otherwise covered under the Series 9/10 examination.
General Securities Principal - (Series 24) &ndash, 150 multiple choice questions, 3 hours and 45 minutes testing time. This examination qualifies individuals required to register as general securities principals in order to manage or supervise the member's investment banking or securities business for corporate securities, direct participation programs, and investment company products/variable contracts. The Series 24 does not qualify an individual to function as a:
- Registered Options Principal
- General Securities Sales Supervisor for Options and Municipal Securities
- Municipal Securities Principal
- Municipal Fund Securities Principal
- Financial and Operations Principal
- Introducing Broker/Dealer Financial and Operations Principal
Investment Company Products/Variable Contracts Limited Principal - (Series 26) &ndash, 110 multiple choice questions, 2 hours and 45 minutes testing time. This examination qualifies an individual who will function as a principal for the solicitation, purchase, and/or sale of redeemable securities of companies registered pursuant to the Investment Company Act of 1940, securities of closed-end companies registered pursuant to the Investment Company Act of 1940 during the period of original distribution only, and variable contracts and insurance premium funding programs and other contracts issued by an insurance company.
Financial and Operations Principal - (Series 27) &ndash, 145 multiple choice questions, 3 hours and 30 minutes testing time. The Series 27 is designed to test a candidate's knowledge and understanding of financial responsibility rules and recordkeeping requirements.
Introducing Broker/Dealer Financial and Operations Principal - (Series 28) &ndash, 95 multiple choice questions, 2 hours testing time. The Series 28 is designed to test a candidate's knowledge and understanding of financial responsibility and recordkeeping requirements of introducing firms that do not carry customer accounts or hold customer funds or securities. A Series 27 may also meet these requirements at an introducing firm.
Direct Participation Programs Limited Principal - (Series 39) &ndash, 100 multiple choice questions, 2 hours and 15 minutes testing time. This qualifies an individual who will function as a principal for the solicitation, purchase, and/or sale of programs that provide for flow-through tax consequences, such as oil and gas programs, real estate programs, and S corporation offerings.
Municipal Fund Securities Principal (Series 51) &ndash, 60 multiple choice questions, 1 hour and 30 minutes testing time. This examination is designed to test a candidate&rsquo,s knowledge of the rules and statutory provisions applicable specifically to municipal fund securities and the supervision of the activities of registered representatives effecting municipal fund securities transactions (e.g. 529 College Savings Plans, Local Government Investment Pools (LGIPs).
Municipal Securities Principal - (Series 53) &ndash, 100 multiple choice questions, 3 hours testing time. This examination is designed to test a candidate's knowledge of the rules and statutory provisions applicable to a municipal securities broker or dealer and to the supervision of the activities of municipal securities representatives. This exam also enables the principal to supervise municipal fund securities activities (i.e. selling 529 College Savings Plan or Local Government Investment Pools (LGIPs)).
Government Securities Principal &ndash, Persons associated with a member who supervise the solicitation, purchase, and/or sale of government securities must be registered with FINRA. There is no qualification requirement for Government Securities Principals.
Registered Representative &ndash, Persons associated with a member, including assistant officers other than principals, who are engaged in the investment banking or securities business for the member including the functions of supervision, solicitation, or conduct of business in securities or who are engaged in the training of persons associated with a member for any of these functions, are designated as representatives.
Categories of Representative Registration and Examination Requirements
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