Series 17 Exam

Properly registered individuals in the United Kingdom may be eligible to act as a General Securities Representative in the United States by obtaining the Limited Registered Representative (IE) registration. The IE registration is obtained by meeting certain criteria, outlined below, and by passing the Series 17 examination. The IE registration allows individuals to act as a General Securities Representative (GS) without having to sit for the Series 7 examination. However, such registration does not permit persons to conduct business in municipal securities.

 

How to Obtain a Limited Registered Representative (IE) Registration

 

Prerequisites

 

A candidate must first meet all of the following requirements in order to obtain an IE registration:

  • Be in good standing with the United Kingdom's Financial Conduct Authority (FCA).
  • Have satisfied the prerequisite examination requirements of the Chartered Institute for Securities & Investment (CISI). The specific examinations and registration categories that are acceptable appear in this table (PDF 17 KB).
  • Be sponsored by a FINRA member firm or appropriate regulatory agency.

In order to obtain the IE/Limited Registered Representative registration, regardless of the year in which the FINRA-recognized CISI Certificate or appropriate combinations of CISI Certificates and units were passed, the firm and candidate must complete the following steps:

  1. Refer to the table above to confirm that the candidate has met one of the 11 prerequisites.
  2. Complete the CISI Examination Verification Form (PDF 27 KB) and send it to the CISI. Upon receipt of this form, the CISI will send FINRA the candidate's examination information.
  3. The firm must file a Form U4 with FINRA. When filing the U4, the firm must specifically request the IE registration for the candidate in order to place the candidate in the Foreign Deficiency Queue. Upon completing this request, the candidate will automatically be added to the Foreign Deficiency Queue on Web CRD® and an examination window for the Series 17 examination will be opened.
  4. The candidate may then schedule to take the Series 17 examination at an approved FINRA test center.
  5. FINRA will use the information provided by the CISI to verify that the candidate has passed the appropriate combination of CISI examinations. FINRA will also confirm that the candidate has had an active registration with the FCA during the past two years.
  6. Once FINRA has determined that the candidate possesses the acceptable prerequisites, it will remove the foreign deficiency.
  7. If the candidate has passed the Series 17 examination and all other requirements have been met, the IE registration will become approved.

Failure to complete the above tasks in the prescribed order will delay the registration becoming active.

 

Once an individual has obtained an 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 he/she last held the registration.

 

 


 

Frequently Asked Questions

 

1. What is the Series 17 examination and what purpose does it serve?

 

The Series 17 examination is the UK Limited Registered Representative Examination. It is an abbreviated version of the General Securities Registered Representative Examination (Series 7) for associated persons who are registered and in good standing with the United Kingdom's Financial Conduct Authority (FCA) and are seeking registration as registered representatives at a member firm. Candidates who are registered with the Financial Conduct Authority (FCA) in the United Kingdom and who have passed certain examinations may be eligible to take the Series 17 examination.

 

The Series 17 examination consists of 100 multiple-choice questions administered over a 2.5 hour period. Upon passing the examination and meeting FINRA's registration and eligibility requirements, the individual will be given the Limited Registered Representative (IE) registration, per NASD Rule 1032 (a)(2)(B).

 

2. What are the eligibility requirements for the Series 17 examination?

 

Since the Series 17 examination is an abbreviated examination, any individual wishing to take it in lieu of the Series 7 examination must demonstrate specific industry knowledge. This is recognized by passing certain Chartered Institute for Securities & Investment (CISI) (formerly known as the Securities Investment Institute) examinations that are approved by the UK's Financial Services Skills Council (FSSC) and being registered with the FCA. FINRA recognizes certain CISI certificates, or certain combinations of CISI certificates and units as pre-requisites for the Series 17 examination. An individual who passed any of the appropriate combinations of FINRA-recognized CISI certificates and units more than two years ago must be registered with the FCA during the past two years. This table (PDF 17 KB) lists the CISI Certificates and the acceptable combinations of CISI Certificates and Units that are prerequisites for the Series 17 examination.

 

3. What if the candidate does not meet any of the prerequisites?

 

If the individual is unable to meet any of the prerequisites, he or she will not qualify for the IE registration. Even if the candidate passes the Series 17 examination, the registration will not become approved.

 

4. Is having an active FCA Control Function 30 (CF30) registration sufficient to qualify to sit for the Series 17 examination?

 

No, a candidate must have the CF30 and one of the combinations of CISI Certificates and CISI units as described above (or has passed such examinations within the past 2 years) in order to sit for the Series 17 examination. In the past, FINRA used certain designated CF registrations to determine the candidate's eligibility to sit for the Series 17 examination. However, in November 2007, the FCA consolidated control functions CF21 through CF27 into new control function CF30. Because the CF30 does not specify which of the previously separated control functions the individual is qualified to perform, FINRA has stopped accepting CF registration alone to qualify a candidate for the Series 17 examination. FINRA conducted a review of the Financial Services Skills Council's (FSSC's) appropriate examinations list to determine which examinations would qualify a candidate for the Series 17 examination. As a result of the review, FINRA has identified certain CISI Certificates and certain combinations of CISI Certificates and units that qualify a candidate for the Series 17 examination.

 

5. Can an individual who has qualified for the IE/Limited Registered Representative registration by passing the Series 17 examination conduct the same business as an individual who has qualified for the GS registration by passing the Series 7 examination?

 

An individual who obtains the IE registration is qualified to conduct the same business as a General Securities Representative EXCEPT that such individual may not conduct business in municipal securities.

 

6. What if an individual registered with the FCA wants to sell municipal securities?

 

To sell municipal securities, the individual must pass the Series 7 examination and obtain the General Securities Representative registration or the Series 52 examination and obtain the Municipal Securities Representative registration, regardless of which CISI examinations that person has passed.

 

7. Does the Series 17 examination satisfy the prerequisite requirement for principal registration?

 

The Series 17 examination satisfies the prerequisite requirement for the General Securities Principal Registration (Series 24 examination), and the Compliance Registered Options Principal (Series 4 examination). However, because the Series 17 examination does not qualify an individual to engage in municipal securities business, it does not satisfy the prerequisite for the General Securities Sales Principal (Series 9/10 examination), Municipal Fund Securities Limited Principal (Series 51 examination), or the Municipal Securities Principal (Series 53 examination).