SIFMA Supports FINRA's Proposal to Establish Registration Categories for Securities Traders and Securities Trader Principals

SIFMA supports FINRA's proposed amendment to NASD Rule 1032(f), which would replace the Equity Trader registration category and qualification examination (Series 57) with those of a Securities Trader. SIFMA also supports the proposed amendment to NASD Rule 1022(a), which would establish a Securities Trader Principal registration category.

SIFMA suggested that (i) the timeline for implementing them should be flexible enough to allow for other regulatory actions that use firms' resources and (ii) FINRA should coordinate its Series 57 proposal and the Algorithmic Trading Proposal.

See: SIFMA's Response to FINRA's Proposal.