December 1, 2021

Volume XI, Number 335

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November 29, 2021

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SEC’s Recent Order Approving FINRA Rule Change Relating To Qualification and Registration Requirements

On July 7, the Securities and Exchange Commission issued an order adopting the Financial Industry Regulatory Authority’s proposed rule amending the qualification and registration requirements for associated persons. The new rule restructures the current qualification examinations, creates a general knowledge examination called Securities Industry Essentials (SIE) and specialized knowledge examinations, and revises the continuing education requirements. The new rule also consolidates certain National Association of Securities Dealers rules and New York Stock Exchange rules into the FINRA Rulebook.

In particular, the new rule requires first-time registrants to take the SIE exam prior to taking a representative qualification examination specific to their job function at a FINRA member firm. In addition, the new rule expands the scope of individuals who may permissively register and allows individuals flexibility to retain their registration status, even after working at a non-FINRA member financial services affiliate for an extended period.

For more information, click here.

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume VII, Number 195
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About this Author

Michael T. Foley, Katten, Lawyer, Finance, FINRA, Chicago
Special Counsel

Michael Foley represents broker-dealers, investment advisers and other financial services industry participants with respect to a broad spectrum of legal and regulatory matters arising under the federal securities laws.

Michael has nearly 20 years of experience in private practice and in-house at both a large, full-service broker-dealer and at an online discount broker-dealer, advising broker-dealers and other financial institutions regarding compliance with the federal securities and commodities laws, and with the regulations of the US Securities and Exchange...

312-902-5452
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