Series 17 - United Kingdom Securities Representative Exam (IE)

The Series 17 exam—the United Kingdom Securities Representative Qualification Examination (IE)—an abbreviated version of the Series 7 exam, is appropriate for candidates who hold a registration in good standing with the Financial Conduct Authority (FCA) in the United Kingdom and are seeking registration in the U.S.

The exam assesses the competency of the candidate to perform his or her job as a general securities representative in the U.S. It measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a general securities representative, including sales of corporate securities, investment company securities, variable annuities, direct participation programs, options and government securities.

The exam consists of 100 scored questions. Candidates are given two hours and 30 minutes to complete the exam. The passing score is 72 percent.

Please see NASD Rule 1032(a)(2)(B) General Securities Representative for more information.

Content Outline


The Series 17 Content Outline provides a comprehensive guide to the range of subjects covered on the exam, as well as the depth of knowledge required. It includes sample questions to acquaint candidates with the types of multiple-choice questions on the exam.

The content outline consists of the five main job functions of a Series 17 representative:

  • Function 1—Seeks business for the broker-dealer through customers and potential customers
  • Function 2—Evaluates customers’ other security holdings, financial situation and needs, financial status, tax status, and investment objective
  • Function 3—Opens accounts, transfers assets and maintains appropriate account records
  • Function 4—Provides customers with information on investments and makes suitable recommendations
  • Function 5—Obtains and verifies customers’ purchases and sales instructions, enters orders, and follows up

Download: Series 17 Content Outline

Eligibility


The Series 17 has a prerequisite exam requirement. In order to take the Series 17 exam, candidates must first meet the following requirements:

  • Be in good standing with the U.K.'s FCA and hold or have held an active registration with the FCA within the past two years.
  • Have satisfied one of the 11 prerequisite exam requirements of the Chartered Institute for Securities & Investment (CISI). The specific exam and registration categories that are acceptable appear in the tables.

In addition, the firm must complete the following steps:

  1. Complete the CISI Verification Form and send it to CISI. Upon receipt of the form, CISI will send FINRA the candidate's exam information.
  2. File the Form U4 via Web CRD, and specifically request the IE registration. This will place the candidate in the Foreign Deficiency Queue in Web CRD. Upon completing this step, the Series 17 exam window will open.
  3. FINRA will use the information provided by CISI to verify that the candidate meets the prerequisite requirements and will then remove the foreign deficiency.
  4. When the candidate passes the Series 17 exam and meets all other requirements, FINRA will approve the IE registration.

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

Please see Register a New Candidate for more information on the registration process.

Permitted Activities


Covered activities and products include the solicitation and sale of:

  • Public offerings and/or private placements of corporate securities (stocks and bonds)
  • Rights
  • Warrants
  • Mutual funds
  • Money market funds
  • Unit investment trusts
  • Options on mortgage-backed securities
  • Government securities
  • Repos and certificates of accrual on government securities
  • Direct participation programs
  • Securities traders
  • Venture capital
  • ETFs
  • Hedge funds

Taking the Exam


The table below lists the allocation of exam questions for each main job function of a general securities representative.

Major Job Functions Percentage of Test Questions Number of Test Questions
(F1) Seeks business for the broker-dealer through customers and potential customers 20% 20
(F2) Evaluates customers’ other security holdings, financial situation and needs, financial status, tax status, and investment objectives. 15% 15
(F3) Open accounts, transfer assets, and maintains appropriate account records. 25% 25
(F4) Provides customers with information on investments and makes suitable recommendations.  20% 20
(F5) Obtains and maintains customer’s purchase and sales instructions, enters orders, and follows up. 20% 20
TOTAL 100% 100

Learn more about exam protocols and logistics here: On the Day of Your Exam.

Key Questions


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

The Series 17 exam is an abbreviated version of the Series 7 (General Securities Registered Representative) exam. It is appropriate for a candidate who is registered and in good standing with the U.K’s FCA and is seeking to become a registered representative with a FINRA member firm. A candidate must meet eligibility prerequisites to take the Series 17 exam.

2. Is having an active FCA Control Function 30 (CF30) registration sufficient to qualify a candidate to sit for the Series 17 exam?

No, a candidate must have the CF30 and one of the combinations of CISI certificates and units in order to sit for the Series 17 exam. In the past, FINRA used certain designated CF registrations to determine a candidate's eligibility to sit for the Series 17 exam. In November 2007, the FCA consolidated control functions CF21 through CF27 into new CF30. CF30 does not specify which of the previously separated control functions the individual is qualified to perform, so FINRA has stopped accepting CF registrations alone to qualify a candidate for the Series 17 exam. FINRA conducted a review of the Financial Services Skills Council's (FSSC's) appropriate exams list to determine which exams would qualify a candidate for the Series 17 exam. Review the Acceptable CISI Certificates tables for more information.

3. Can an individual who qualifies for the IE registration by passing the Series 17 exam conduct the same business as an individual who qualifies for the GS registration by passing the Series 7 exam?

No, an individual who obtains the IE registration is qualified to conduct the same business as a general securities representative except that he or she is not permitted to conduct business in municipal securities.

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

To sell municipal securities, the individual must pass the Series 7 (General Securities Representative) or the Series 52 (Municipal Securities Representative) exam, regardless of which CISI exam(s) he or she passed.

5. Does the Series 17 exam satisfy the prerequisite requirement for principal registration?

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

Using Reference Materials


The test administrator will provide whiteboard/dry erase marker and basic electronic calculators to the candidates, which must be returned to the test center administrator at the end of the testing session. Some test questions involve calculations. Only the provided calculators may be used during the examination.

The examination may contain questions that require the use of exhibits (e.g., charts, graphs, tables). If so, the questions will indicate when to refer to an exhibit.

Candidates are not permitted to bring any reference materials to testing sessions. Severe penalties are imposed on candidates who cheat or attempt to cheat on FINRA administered examinations.

To learn more about logistics and protocols for your exam day, please see On The Day of Your Exam.