Regulatory Notice 15-20

FINRA Requests Comment on a Concept Proposal to Restructure the Representative-Level Qualification Examination Program

Comment Period Expires: July 27, 2015

Executive Summary

FINRA is requesting comment on a concept proposal to restructure the current representative-level qualification examination program into a format whereby all potential representative-level registrants would take a general knowledge examination and an appropriate specialized knowledge examination to reflect their particular registered role. For purposes of this proposal, the general knowledge examination will be called the Securities Industry Essentials Examination (SIE). SIE content would include knowledge fundamental to working in the securities industry, such as basic product knowledge; structure and functioning of the securities industry markets, regulatory agencies and their functions; and regulated and prohibited practices. Individuals taking the SIE would not need to be associated with a FINRA member firm and a passing result on the SIE would be valid for four years. Each specialized knowledge examination would correlate to a current representative examination and registration position (e.g., Series 7 and General Securities Representative) and would test content specific to that registration category or job function. In addition, several of the current registration categories would be retired. This Notice seeks comment on the proposal from the industry and other interested persons.

The draft SIE Content Outline is attached as Appendix A.

Questions concerning this Notice should be directed to:

  • Afshin Atabaki, Associate General Counsel, Office of General Counsel, at (202) 728-8902;
  • Joe McDonald, Senior Director, Testing and Continuing Education Department, at (240) 386-5065; or
  • Alexandra Toton, Qualifications Manager, Testing and Continuing Education Department, at (240) 386-4677.
The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments: 
DateCommenterFormat - Size
7/10/2015Monahan & Roth, LLCPDF - 81.15 KB
7/13/2015Roberto EderPDF - 11.97 KB
7/14/2015Arrow Investments, Inc.PDF - 11.13 KB
7/14/2015Tessera Capital Partners, LLCPDF - 78.94 KB
7/16/2015CFA InstitutePDF - 696.58 KB
7/17/2015SIFMAPDF - 319.26 KB
7/20/2015XT Capital Partners, LLCPDF - 30.16 KB
7/21/2015Investment Company InstitutePDF - 83.39 KB
7/22/2015N.I.S. Financial Services, Inc.PDF - 1.09 MB
7/27/2015Financial Services InstitutePDF - 108.73 KB
7/27/2015Sutherland Asbill & Brennan LLPPDF - 496.5 KB
7/27/2015PFS Investments Inc.PDF - 895.95 KB
7/27/2015Wells Fargo Advisors, LLCPDF - 244.04 KB
7/27/2015Israel BondsPDF - 131.82 KB
7/27/2015Lincoln FinancialPDF - 118.42 KB
7/27/2015Integrated Management Solutions USA LLCPDF - 148.52 KB
7/28/2015Smarten Up Institute Inc.PDF - 287.25 KB
7/28/2015Edward JonesPDF - 156.77 KB
7/29/2015Roberto Antonio EderPDF - 47.55 KB
8/3/2015ARMPDF - 127.82 KB