Qualifications Frequently Asked Questions (FAQ)—Operations Professional

Examination/Registration—General

  1. How many questions are on the Operations Professional examination (Series 99)?
  2. How much does it cost to take the Series 99 examination?
  3. Will the fees for cancelling/rescheduling an examination apply to the Series 99 examination?
  4. Where can I find more information about registering for the Series 99 examination, including test center locations?
  5. What are the test center protocols and policies for Series 99 examination sessions?
  6. If I fail the Series 99 examination, is there a waiting period before I can take the examination again?
  7. What is the Central Registration Depository (CRD®) position code for the Operations Professional registration category?
  8. If I have been fingerprinted by my current firm and continuously employed by that firm, will I have to be re-fingerprinted in order to register as an Operations Professional?
  9. Can firms submit “batch” Form U4 filings to request Operations Professional registration for individuals who are required to register?
  10. Are persons registered as Operations Professionals subject to BrokerCheck®?

 

 

Exception to the Series 99 Examination Requirement

  1. Which registration categories will allow me to register as an Operations Professional without passing the Series 99 examination?
  2. If I hold an eligible registration, how do I register for the Operations Professional registration category?
  3. Will the option to obtain an eligible registration and rely on that registration to qualify as an Operations Professional without passing the Series 99 examination be available long-term?
  4. What steps should I take if I want to obtain an eligible registration and use that registration to register as an Operations Professional?
  5. Will I be charged a fee for registering for the Operations Professional registration if I hold an eligible registration?
  6. If I have extensive experience in the operations area of my firm, will I be eligible to be “grandfathered” into the Operations Professional registration category?

 

 

Prerequisites

  1. Does the Series 99 examination meet the prerequisites for any other FINRA examination?
  2. Does the Series 99 examination have any prerequisites?
  3. Does the Series 99 examination meet the prerequisites for registering as a broker-dealer agent with a state?

 

Continuing Education

  1. If I am registered as an Operations Professional, will I be subject to Firm Element continuing education?
  2. If I am registered as an Operations Professional, will I be subject to Regulatory Element continuing education?

 

Examination/Registration—General

 

1. How many questions are on the Operations Professional examination (Series 99)?
The Series 99 examination has 100 questions, with an additional 10 unidentified “pretest” questions that are not included in a candidate’s score. Candidates have 2.5 hours to complete the examination.
2. How much does it cost to take the Series 99 examination?
The fee for the Series 99 examination is $125.
3. Will the fees for cancelling/rescheduling an examination apply to the Series 99 examination?
Yes. These fees apply to the Series 99 examination. See FINRA’s Cancellation and Reschedule Policy for the applicable fees.
4. Where can I find more information about registering for the Series 99 examination, including test center locations?
For more information about registering for an examination, see the Qualifications guidelines.
5. What are the test center protocols and policies for Series 99 examination sessions?
The test center protocols and policies applicable to all testing and continuing education sessions apply for the Series 99 examination. For more information, see the Test Center Security Guidelines.
6. If I fail the Series 99 examination, is there a waiting period before I can take the examination again?
Yes. Under NASD Rule 1070(e), you must wait 30 calendar days before you can retake the examination. If you fail an examination three or more times in succession, you must wait until 180 calendar days have elapsed from the date of your last attempt before retaking the examination.
7. What is the Central Registration Depository (CRD®) position code for the Operations Professional registration category?
The CRD system position code for the Operations Professional registration category is “OS.”
8. If I have been fingerprinted by my current firm and continuously employed by that firm, will I have to be re-fingerprinted in order to register as an Operations Professional?
No. If your firm has submitted your fingerprints to the CRD system, the fingerprints on file can be used to register you as an Operations Professional.
9. Can firms submit “batch” Form U4 filings to request Operations Professional registration for individuals who are required to register?
Yes. Firms that are Web EFT Form Filing subscribers may submit batch Form U4 filings to the CRD system. See the Web EFT section of FINRA’s website for additional information regarding the Web EFT batch filing process.
10. Are persons registered as Operations Professionals subject to BrokerCheck®?
Yes. Information about persons registered as Operations Professionals will be released through BrokerCheck pursuant to FINRA Rule 8312 (BrokerCheck Disclosure).

Exception to the Series 99 Examination Requirement

 

1. Which registration categories will allow me to register as an Operations Professional without passing the Series 99 examination?
If you hold any of the following registration categories (each an “eligible registration”), or have held one within the two years immediately prior to registering as an Operations Professional, you may qualify as an Operations Professional without taking the Series 99 examination:
  • Registered Options Principal (Series 4)
  • Investment Company Products/Variable Contracts Representative (Series 6)
  • General Securities Representative (Series 7)
  • General Securities Sales Supervisor (Series 9/10)
  • Compliance Officer (Series 14)
  • Supervisory Analyst (Series 16)
  • United Kingdom Securities Representative (Series 17)
  • General Securities Principal (Series 24)
  • Investment Company Products/Variable Products Principal (Series 26)
  • Financial and Operations Principal (Series 27)
  • Introducing Broker-Dealer Financial and Operations Principal (Series 28)
  • Canada Securities Representative (Series 37 or 38)
  • Municipal Fund Securities Limited Principal (Series 51)
  • Municipal Securities Principal (Series 53)
Please note that if you qualify for the exception based on having held an eligible registration within the two years immediately prior to registering as an Operations Professional, you must first re-activate your eligible registration prior to requesting Operations Professional registration. Additionally, the exception does not apply to persons whose eligible registrations are revoked pursuant to FINRA Rules 8310 (Sanctions for Violation of the Rules) or 8320 (Payment of Fines, Other Monetary Sanctions, or Costs; Summary Action for Failure to Pay), suspended or otherwise deemed inactive.
2. If I hold an eligible registration, how do I register for the Operations Professional registration category?
You may register by submitting an amended Form U4 to request the Operations Professional registration (i.e., by selecting the “OS” CRD system position code).
3. Will the option to obtain an eligible registration and rely on that registration to qualify as an Operations Professional without passing the Series 99 examination be available long-term?
Yes. Persons seeking registration as an Operations Professional going forward may elect to obtain an eligible registration and use that registration to register as an Operations Professional.
4. What steps should I take if I want to obtain an eligible registration and use that registration to register as an Operations Professional?
You may register as an Operations Professional by newly qualifying in an eligible registration in either of the following ways:
  • You may submit a Form U4 and request: (1) the OS registration and the eligible registration you would like to rely on in Section 4 of Form U4, and (2) the examination for the eligible registration only in Section 7 of Form U4; or
  • You may submit a Form U4 to request the eligible registration only. After you have passed the qualification examination, you may then submit a Form U4 amendment to request the Operations Professional registration. If you are a Day-One Professional and are going to use this option, please keep in mind that all Day-One Professionals must request registration as an Operations Professional before December 16, 2011.
Please note that if an individual seeks to qualify for the Operations Professional registration using an eligible registration, the standard 120-day examination window for the relevant qualifying examination will open even if the request is made during the 60-day identification period. Notwithstanding the opening of this 120-day window, Day-One Professionals who are identified during the 60-day identification period will still have 12 months to qualify as an Operations Professional and be able to function in that capacity during the 12-month transition period without having passed the examination.
5. Will I be charged a fee for registering for the Operations Professional registration if I hold an eligible registration?
No. You will not be charged a fee for requesting the OS registration if you use an eligible registration to register as an Operations Professional.
6. If I have extensive experience in the operations area of my firm, will I be eligible to be “grandfathered” into the Operations Professional registration category?
No. There is no option to be “grandfathered” into the Operations Professional registration category.  The various options for registering as an Operations Professional are described above and in Regulatory Notice 11-33.

Prerequisites

 

1. Does the Series 99 examination meet the prerequisites for any other FINRA examination?
No. The Series 99 examination does not meet the prerequisites for any other FINRA examination.
2. Does the Series 99 examination have any prerequisites?
No. There are no prerequisites for taking the Series 99 examination.
3. Does the Series 99 examination meet the prerequisites for registering as a broker-dealer agent with a state?
No. The Series 99 examination will not satisfy the requirements for state broker-dealer agent (AG) registration. You must pass the Series 7 examination or another examination that is recognized by the relevant state for qualifying for the AG registration.

Continuing Education

 

1. If I am registered as an Operations Professional, will I be subject to Firm Element continuing education?
Yes. Under FINRA Rule 1250 (Continuing Education Requirements), every person registered as an Operations Professional will be subject to Firm Element continuing education.
2. If I am registered as an Operations Professional, will I be subject to Regulatory Element continuing education?
Yes. Under FINRA Rule 1250, every person registered as an Operations Professional will be subject to Regulatory Element continuing education. If you hold only an Operations Professional registration, you will be subject to the S901 Regulatory Element Program. If you registered as an Operations Professional by using an eligible registration, you will take the Regulatory Element Program appropriate for the eligible registration. For example, if you registered as an Operations Professional by holding a General Securities Representative registration (Series 7), you will be subject to the S101 Regulatory Element Program in lieu of the S901 Regulatory Element Program.