Requesting US Registration for Individuals who are Currently or have Previously been Registered in Canada or the United Kingdom
If an individual has been properly registered in Canada or the United Kingdom, he or she may be eligible to sit for a limited examination in order to be qualified as a General Securities Representative in the United States. The US registration for an eligible individual who has been previously registered in Canada is the Limited General Securities Registered Representative:- CD designation if the individual had the options exam in Canada, or CN if the individual did not take the options exam in Canada. For individuals registered in the United Kingdom the US registration is the Limited Registered Representative IE designation. These registrations are used in place of the General Securities Representative, GS registration, which requires the Series 7 Examination. If a firm requests the IE registration on a U4 filing, Web CRD® will systematically check to see if the individual has successfully completed the Series 17 Exam ; it will also set a Foreign Deficiency for that registration request. This Foreign Deficiency is the notification to FINRA staff that they must verify current or previous registration in the United Kingdom. When FINRA has received confirmation from the United Kingdom regulator that the individual is currently or has been registered within the past two years, the foreign deficiency is manually cleared. Once this deficiency is cleared, individuals who have already passed the Series 17 Exam will systematically become IE approved. The primary contact for United Kingdom registration is the Financial Services Authority (FSA). The specific exams and Registration Categories that are acceptable qualifications appear in the chart below. A firm should also ensure that the individual meets the FSA's Training & Competence requirements, as they apply to that individual.
If an individual requests the CD or CN registration on a U4 filing, Web CRD will systematically check to see if the individual has successfully completed the Series 37 or 38 Exams, respectively, and it will also set a Foreign Deficiency for that registration request. This Foreign Deficiency is the notification to FINRA staff that they must verify current or previous registration in Canada. The foreign deficiency will be cleared when FINRA receives confirmation from a Canadian regulator that the individual is currently or has been registered within the past two years. Once this deficiency is manually cleared, individuals who have already passed the Series 37 or 38 Exams will systematically become CD or CN approved. The primary contact for Canadian registration is the Investment Dealers Association of Canada (IDA).
All these registrations and examinations (Series 7, 17, 37, and 38) require that the individual be sponsored by a FINRA member firm or appropriate regulatory agency.
If the individual has not completed the appropriate U.S. exam within the previous two years, then Web CRD will systematically open a 120-day window for the required exam. It will also set the Foreign Deficiency. The individual will only be approved after both confirmation of foreign registration is received, and the appropriate US qualifying exam is passed.
Once an individual has obtained a CD, CN or IE registration, he/she can transfer that registration from one firm to another without having to re-qualify provided it has been less than two calendar years since they last held the registration.
| IE | CD | CN |
To qualify, the individual must have:
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To qualify, the individual must have taken and passed:
One of the following:
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To qualify, the individual must have taken and passed:
One of the following:
Either the:
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