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ARTICLE · 28 MARCH 2017

FINRA Proposes Streamlining Competency Exams For Securities Industry

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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FINRA filed a proposal with the SEC to streamline competency exams and facilitate opportunities for professionals seeking to enter or re-enter the securities industry.

United StatesFinance and Banking
George Silfen
George Silfen
Ronald Feiman
Ronald Feiman
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FINRA filed a proposal with the SEC to streamline competency exams and facilitate opportunities for professionals seeking to enter or re-enter the securities industry. FINRA rules currently require individuals who work for a covered firm in various capacities to demonstrate their qualifications by passing specific exams. These individuals must be associated with a FINRA-regulated firm to be eligible to take FINRA qualification exams. In 2016, FINRA had more than 90,000 representative-level exam candidates. The proposal revises the current exam structure to eliminate duplicative testing and barriers to demonstrating and maintaining qualifications. Among other changes, the proposal would make it easier for an individual with no prior securities industry experience to take a general knowledge exam as a first step to entering the industry.

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