Operations Professional Qualification Examination (Notice)

FINRA RN 11-42

September 16, 2011

FINRA published a regulatory notice to provide firms with information on the qualification examination that will be required for operations professionals. As a result of new FINRA Rule 1230(b)(6), certain individuals engaged in, responsible for, or supervising certain member firm operations functions will be required to register with FINRA and take a qualification examination. The new exam, Series 99, is a 2 ½ hour multiple-choice test, and employees may begin taking it from October 17, 2011.

For more information about this document, you may contact one of the following Cadwalader attorneys: Steven Lofchie; Glen Barrentine.

Cross References

FINRA Rule 1230(b)(6) (registration category for ops professionals)

FINRA Rule 1250 (continuing education requirements)

FINRA RN 11-33 (outlining the new rule)