Registered Representatives' Responsibilities

Securities Transactions/Activity

Qualification/Registration Requirement

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

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

General Securities Representative - Series 7

Accept unsolicited securities orders (all securities except municipal securities and direct participation programs) only from the firm's clients

Assistant Representative-Order Processing - Series 11

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.

Limited Registered Representative – Series 17

Direct participation programs (real estate; oil and gas; equipment leasing); limited partnerships; limited liability companies; S corporations

Direct Participation Programs Limited Representative - Series 22

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.

Canadian Module of Series 7—with options – Series 37

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.

Canadian Module of Series 7—no options – Series 38

Municipal securities, including municipal fund securities (e.g., 529 College Savings Plans, Local Government Investment Pools (LGIPs))

Municipal Securities Representative - Series 52

NASDAQ/OTC equity traders

Equity Traders Limited Representative - Series 55

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

Corporate Securities Limited Representative - Series 62

Government securities; government agency securities; mortgage-backed securities

Government Securities Representative - Series 72

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.

Limited Representative - Investment Banking - Series 79

Private placement securities as part of a primary offering

Limited Representative-Private Securities Offerings - Series 82

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

Research Analyst – Series 86 and Series 87

Covered functions enumerated in FINRA Rule 1230(b)(6)

Operations Professional – Series 99