FINRA Revises Series 4 Examination Program (FINRA Regulatory Notice 15-29)

FINRA revised the Registered Options Principal ("Series 4") examination program pursuant to NASD Rule 1022(f). The program requires firms that engage or intend to engage in transactions in options with the public to have at least one Registered Options Principal.

FINRA divided the content outline into "six major job functions that are performed by a Registered Options Principal" and included the following specific tasks for each function:

• Function 1: Supervise the Opening of New Options Accounts;
• Function 2: Supervise Options Account Activities;
• Function 3: Supervise General Options Trading;
• Function 4: Supervise Options Communications;
• Function 5: Implement Practices and Adhere to Regulatory Requirements; and
• Function 6: Supervise Associated Persons and Personnel Management Activities.

FINRA stated that these changes will be implemented no later than September 28, 2015.

See: FINRA Regulatory Notice 15-29; FINRA-Revised Series 4 Content Outline.Related news: FINRA Proposes Update to Series 4 Options Exam (June 15, 2015); FINRA Surveys to Update the Series 4, 9 and 10 Qualification Examinations (June 5, 2013).