FINRA Manual: Contents
FINRA ManualConnected by Complinet
MEMBERSHIP AND REGISTRATION RULES (1000)
1000. MEMBERSHIP, REGISTRATION AND QUALIFICATION REQUIREMENTS
1030. Registration of Representatives
|View Whole Section||Text only||Print Manager||Link|
1031. Registration Requirements
(a) All Representatives Must Be Registered
All persons engaged or to be engaged in the investment banking or securities business of a member who are to function as representatives shall be registered as such with NASD in the category of registration appropriate to the function to be performed as specified in Rule 1032. Before their registration can become effective, they shall pass a Qualification Examination for Representatives appropriate to the category of registration as specified by the Board of Governors. A member shall not maintain a representative registration with NASD for any person (1) who is no longer active in the member's investment banking or securities business, (2) who is no longer functioning as a representative, or (3) where the sole purpose is to avoid the examination requirement prescribed in paragraph (c). A member shall not make application for the registration of any person as representative where there is no intent to employ such person in the member's investment banking or securities business. A member may, however, maintain or make application for the registration as a representative of a person who performs legal, compliance, internal audit, back-office operations, or similar responsibilities for the member, or a person who performs administrative support functions for registered personnel, or a person engaged in the investment banking or securities business of a foreign securities affiliate or subsidiary of the member.
(b) Definition of Representative
Persons associated with a member, including assistant officers other than principals, who are engaged in the investment banking or securities business for the member including the functions of supervision, solicitation or conduct of business in securities or who are engaged in the training of persons associated with a member for any of these functions are designated as representatives.
(c) Requirement for Examination on Lapse of Registration
Any person whose registration has been revoked pursuant to Rule 8310 or whose most recent registration as a representative or principal has been terminated for a period of two (2) or more years immediately preceding the date of receipt by the Association of a new application shall be required to pass a Qualification Examination for Representatives appropriate to the category of registration as specified in Rule 1032.
Rule 8311, Effect of Suspension, Revocation, or Bar
Amended by SR-NASD-2003-24 eff. March 3, 2003.
Amended by SR-NASD-89-53 eff. Aug. 28, 1990.
Amended by SR-NASD-89-15 eff. June 8, 1989.
Amended by SR-NASD-80-01 eff. June 26, 1980.