FINRA Requests Comments on Proposal to Restructure Representative-Level Qualification Examination Program (FINRA Reg. Notice 15-20)

FINRA issued a regulatory notice requesting comments on a concept proposal to restructure the current representative-level qualification examination program. The new format would require a potential representative-level registrant to take general and appropriate specialized knowledge exams to reflect their particular registered role.

The content of the general knowledge examination, which would be called the Securities Industry Essentials Examination ("SIE"), would include (i) basic product knowledge, (ii) the structure and functions of the securities industry markets and regulatory agencies and (iii) regulated and prohibited practices.

According to FINRA, individuals taking the SIE would not need to be associated with a FINRA member firm, and a passing score on the SIE would be valid for four years. Each specialized knowledge examination would correspond to a current representative examination and registration position (e.g., Series 7 and General Securities Representative) and would test for content specific to that registration category or job function. In addition, several of the current registration categories would be retired.

Comments on the concept proposal are due by July 27, 2015.

See: FINRA Reg. Notice 15-20.