REGISTRATION AND DISCLOSURE

Central Registration Depository (CRD)

(New) Presentation Changes and New Functionality in the Central Registration Depository (CRD®) System

FINRA is introducing enhancements and presentation changes in the CRD system that relate to the implementation of FINRA’s restructured qualification examination program and the adoption of consolidated FINRA registration rules. These changes, effective October 1, 2018, principally affect the Examination Requests and SRO Registrations sections.

FINRA Information Notice (September 24, 2018): Presentation Changes and New Functionality in the Central Registration Depository (CRD®) System

Continuing Education

(New) Administrative Changes to the Continuing Education Regulatory Element Programs

Effective December 8, 2018, the content from the S106 and S901 Regulatory Element Continuing Education (CE) Programs will become part of the S101 Regulatory Element CE Program. The S106 and S901 CE Programs will be retired as stand-alone programs. Individuals who previously completed these programs instead will be required to complete the S101 CE Program. The S101 CE Program will include new personalized modules for each of the following representative categories: Investment Company and Variable Contracts Products, Investment Banking, and Research

FINRA Information Notice (October 2, 2018): Administrative Changes to the Continuing Education Regulatory Element Programs

 


(New) FINRA Requests Comment on Enhancements Under Consideration by the Securities Industry/Regulatory Council on Continuing Education

FINRA requests comment from member firms and other interested parties on enhancements to the Securities Industry Continuing Education Program (CE Program) under consideration by the Securities Industry/Regulatory Council on Continuing Education (CE Council). These enhancements include the transition of the Regulatory Element program to a more focused and shorter learning requirement administered annually. The CE Council is also gathering feedback on the current Firm Element program and supporting resources as well as on the overlap of the Firm Element program with other firm training requirements. The overall goal of the program review is to reflect advances in technology and learning theory while continuing to ensure that registered persons receive timely education on the securities business and the regulatory requirements applicable to their respective functions. In addition, the CE Council is exploring program changes that would allow individuals to maintain their qualification status following the termination of their registrations by completing continuing education in an effort to address the challenges that industry professionals face when attempting to re-enter the industry after an absence.

FINRA Regulatory Notice 18-26 (September 6, 2018): FINRA Requests Comment on Enhancements Under Consideration by the Securities Industry/Regulatory Council on Continuing Education

Qualifications Exams

(New) Test Results Information

Effective October 1, 2018, FINRA restructured its representative-level qualification examination program. In conjunction with the restructuring, FINRA will no longer provide a total score and a score profile for each major section of the content outline to candidates who pass a qualification examination. FINRA believes that providing such information is unnecessary once a candidate has met the minimum score threshold for passing an examination. However, FINRA will continue to provide a total score and a score profile for each major section of the content outline to a candidate who fails an examination

Securities Exchange Act Release No. 84376 (October 5, 2018), 83 FR 51720 (October 12, 2018) (File No. SR-FINRA-2018-036): Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Provision of Test Result Information to Candidates Who Pass a FINRA Qualification Examination

 


(New) Restructured Qualification Examinations and Related Examination Fees

Effective October 1, 2018, FINRA restructured its representative-level qualification examination program. As part of this restructuring, FINRA has developed the Securities Industry Essentials™ (SIE™) examination and revised several of its representative-level qualification examinations. In addition, FINRA has (1) set the fee for the SIE examination; (2) revised the fees for the representative-level examinations that FINRA is retaining; and (3) revised the administration and delivery fee for the Municipal Securities Representative (Series 52) examination.

FINRA Regulatory Notice 18-27 (September 6, 2018): Restructured Qualification Examinations and Related Examination Fees

 

Qualification and Registration

The SEC approved a proposed rule change to: (1) adopt consolidated FINRA registration rules; (2) restructure the representative-level qualification examinations by creating a general knowledge examination called the Securities Industry Essentials (SIE) and transforming the representative-level examinations into specialized knowledge examinations; and (3) amend the Continuing Education (CE) requirements. In January 2018 the SEC approved the content outline and selection specifications for the SIE. These changes become effective October 1, 2018.

Securities Exchange Act Release No. 82578 (January 24, 2018), 83 FR 4375 (January 30, 2018) (File No. SR-FINRA- 2018-002): Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the New Securities Industry Essentials Examination

• FINRA Regulatory Notice 17-30 (October, 2017):  SEC Approves Consolidated FINRA Registration Rules, Restructured Representative-Level Qualification Examinations and Changes to Continuing Education Requirements