SIFMA Supports FINRA's Proposal to Restructure the Representative-Level Qualification Examination Program

SIFMA expressed public support for FINRA's recent proposal to change the format for the representative-level qualification examination. FINRA solicited comments on a concept proposal to restructure the current representative-level qualification examination program into a format whereby all potential representative-level registrants would take (i) a general knowledge examination and (ii) an appropriate specialized knowledge examination to reflect their particular registered role.

In response, SIFMA stated, among other things, that: (i) the proposed changes will make FINRA's examination program less burdensome, less costly, and more efficient; (ii) material cost savings and efficiencies can be gained by aligning the periods that the Securities Industry Essentials Examination and specialized examinations are valid; (iii) examinations that are duplicative and not extensively used within the industry should be retired; and (iv) an overall time limit on the examinations should be included by FINRA.

In addition, SIFMA recommended that FINRA solicit comments on the topics of the specialized examinations through a regulatory notice to members.

See: SIFMA's Response to FINRA Regulatory Notice 15-20; SIFMA Comment Letter Announcement.Related News: FINRA Requests Comments on Proposal to Restructure Representative-Level Qualification Examination Program (FINRA Reg. Notice 15-20) (May 27, 2015).