FINRA Issues Notice Regarding Amendments to Series 26 Examination Program (Regulatory Notice 14-18)

FINRA issued a regulatory notice regarding the revisions to the Investment Company and Variable Contracts Products Principal ("Series 26") examination program. After conducting a review of the Series 26 examination program, FINRA revised the content outline to reflect changes in the laws, rules and regulations covered by the examination in order to incorporate the functions and associated tasks that an Investment Company and Variable Contracts Products Principal performs currently.

Specifically, FINRA divided the content outline into three major job functions and included specific tasks for each function. The three major job functions include:

• Function 1: Personnel Management Activities and Registration of the Broker-Dealer;
• Function 2: Supervises Associated Persons and Oversees Sales Practices; and
• Function 3: Oversees Compliance and Business Processes of the Broker-Dealer and Its Offices.

The changes will appear in Series 26 examinations administered on or after June 16, 2014.

See: Notice 14-18.Related news: FINRA-Proposed Rule Change to Amend the Series 26 Exam (Fed. Reg.) (April 29, 2014); FINRA-Proposed Rule Change to Revise the Series 26 Examination Program (April 15, 2014).