REGISTRATION AND DISCLOSURE

Central Registration Depository (CRD)

Presentation Changes and New Functionality in the Central Registration Depository (CRD®) System

FINRA is introducing enhancements and presentation changes in the CRD system that relate to the implementation of FINRA’s restructured qualification examination program and the adoption of consolidated FINRA registration rules. These changes, effective October 1, 2018, principally affect the Examination Requests and SRO Registrations sections.

FINRA Information Notice (September 24, 2018): Presentation Changes and New Functionality in the Central Registration Depository (CRD®) System

Continuing Education

(New) Continuing Education Program Transformation

FINRA seeks comment on a proposal to implement the recommendations of the Securities Industry/Regulatory Council on Continuing Education (CE Council) enhancing the continuing education requirements for securities industry professionals. The proposal would change the: (1) Regulatory Element to provide annual training, make the content more relevant, incorporate diverse instructional formats, publicize the learning topics in advance and enhance the related management systems; (2) Firm Element to expressly recognize other training requirements, improve the guidance and resources available to firms and establish a content catalog; and (3) Continuing Education Program to enable individuals who terminate their registrations the option of maintaining their qualification by completing continuing education. The comment period expires on April 20, 2020

FINRA Regulatory Notice 20-05 (February 18, 2020): FINRA Requests Comment on a Proposal to Implement the Recommendations of the CE Council Regarding Enhancements to the Continuing Education Program for Securities Industry Professionals

 

Administrative Changes to the Continuing Education Regulatory Element Programs

Effective December 8, 2018, the content from the S106 and S901 Regulatory Element Continuing Education (CE) Programs became part of the S101 Regulatory Element CE Program. The S106 and S901 CE Programs have now been retired as stand-alone programs. Individuals who previously completed these programs iare now required to complete the S101 CE Program. The S101 CE Program now includes new personalized modules for each of the following representative categories: Investment Company and Variable Contracts Products, Investment Banking, and Research.

FINRA Information Notice (October 2, 2018): Administrative Changes to the Continuing Education Regulatory Element Programs

Qualifications Exams

MSRB to Launch Permanent Series 54 Examination November 12, 2019

The MSRB permanent Municipal Advisor Principal Qualification Examination (Series 54) is now available. As provided for under MSRB Rule G-3, municipal advisor principals are required to take and pass the Series 54 examination in order to become appropriately qualified to engage in the management, direction or supervision of the municipal advisory activities of the municipal advisor and its associated persons. To facilitate the transition to the new exam requirement, the MSRB is providing a one-year grace period, sunsetting on November 12, 2020, during which individuals qualified with the Series 50 examination will be able to take the Series 54 examination while continuing to engage in principal-level activities. The score required to pass the Series 54 examination is 70 percent.

MSRB Regulatory Notice 2019-18 (October 11, 2019): MSRB To Launch Permanent Series 54 Examination November 12, 2019
MSRB Regulatory Notice 2019-19 (October 18, 2019): MSRB Revises Content Outline For The Municipal Advisor Principal Qualification Examination

 

Test Results Information

Effective October 1, 2018, FINRA restructured its representative-level qualification examination program. In conjunction with the restructuring, FINRA no longer provides a total score and a score profile for each major section of the content outline to candidates who pass a qualification examination. FINRA believes that providing such information is unnecessary once a candidate has met the minimum score threshold for passing an examination. However, FINRA continues to provide a total score and a score profile for each major section of the content outline to a candidate who fails an examination

Securities Exchange Act Release No. 84376 (October 5, 2018), 83 FR 51720 (October 12, 2018) (File No. SR-FINRA-2018-036): Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Provision of Test Result Information to Candidates Who Pass a FINRA Qualification Examination

 

Qualification and Registration

The SEC approved a proposed rule change to: (1) adopt consolidated FINRA registration rules; (2) restructure the representative-level qualification examinations by creating a general knowledge examination called the Securities Industry Essentials (SIE) and transforming the representative-level examinations into specialized knowledge examinations; and (3) amend the Continuing Education (CE) requirements. These changes became effective October 1, 2018.

• FINRA Regulatory Notice 17-30 (October, 2017):  SEC Approves Consolidated FINRA Registration Rules, Restructured Representative-Level Qualification Examinations and Changes to Continuing Education Requirements

On January 24, 2018, the SEC announced the immediate effectiveness of the content outline and selection specifications fo rthe SIE examination. 

• Securities Exchange Act Release No. 82578 (January 24, 2018), 83 FR 4375 (January 30, 2018) (File No. SR-FINRA- 2018-002): Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the New Securities Industry Essentials Examination