Registered Representatives' Responsibilities
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Securities Transactions/Activity |
Qualification/Registration Requirement |
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Mutual funds (closed-end funds on the initial offering only); variable annuities; variable life insurance; unit investment trusts; municipal fund securities (e.g., 529 College Savings Plans, Local Government Investment Pools (LGIPs), Coverdell Education Savings Accounts) |
Investment Company Products/Variable Contracts Limited Representative - Series 6 |
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Public offerings and/or private placements of corporate securities (stocks and bonds); rights; warrants; mutual funds; money market funds; unit investment trusts; REITS; asset-backed securities; mortgage-backed securities; options; options on mortgage-backed securities; municipal securities; government securities; repos and certificates of accrual on government securities; direct participation programs; securities traders; venture capital; ETFs; hedge funds |
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Accept unsolicited securities orders (all securities except municipal securities and direct participation programs) only from the firm's clients |
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Module of the Series 7 Exam administered to candidates who hold a registration in good standing as a representative with Financial Services Authority of the United Kingdom and are seeking registration in the U.S. The Series 17 does not cover municipal securities activity. |
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Direct participation programs (real estate; oil and gas; equipment leasing); limited partnerships; limited liability companies; S corporations |
Direct Participation Programs Limited Representative - Series 22 |
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Module of the Series 7 Exam administered to candidates who hold a registration in good standing with Canadian securities regulatory organizations and are seeking registration in the U.S. Options are tested on the Series 37. This registration does not qualify the representative to conduct a municipal securities business. |
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Module of the Series 7 Exam administered to candidates who hold a registration in good standing with Canadian securities regulatory organizations and are seeking registration in the U.S. Options are not tested on the Series 38 which is administered to candidates who completed the Canadian options course. This registration does not qualify the representative to conduct a municipal securities business. |
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Municipal securities, including municipal fund securities (e.g., 529 College Savings Plans, Local Government Investment Pools (LGIPs)) |
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NASDAQ/OTC equity traders |
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Corporate securities (stocks and bonds); rights; warrants; closed-end funds; money market funds; REITS; repos and certificates of accrual on corporate securities; asset-backed securities; mortgage-backed securities; securities traders; corporate financing; ETFs |
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Government securities; government agency securities; mortgage-backed securities |
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Advise on or facilitate debt or equity offerings through a private placement or public offering or to advise or facilitate mergers or acquisitions, tender offers, financial restructurings, asset sales, divestitures or other corporate reorganizations or business combination transactions. |
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Private placement securities as part of a primary offering |
Limited Representative-Private Securities Offerings - Series 82 |
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Preparation of written or electronic communications that analyze equity securities and/or companies and industry sectors and provide information reasonably sufficient upon which to base investment decisions |
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Covered functions enumerated in FINRA Rule 1230(b)(6) |