FINRA Manual: Contents
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91-28 Availability of the Series 17 Limited Registered Representative Examination to Qualify Persons Registered With The Securities Association of the United Kingdom As NASD General Securities Representatives
Members may now opt to use a new test, the Series 17 Limited Registered Representative Examination, to qualify some candidates as NASD General Securities Representatives. To be eligible, a candidate must hold a registration in good standing as a representative with The Securities Association of the United Kingdom (TSA). In a cooperative effort with the NASD and TSA, the New York Stock Exchange (NYSE) based the development of the Series 17 on the Series 7 exam. The 90-question 120-minute Series 17 examination drops the duplicate test questions formerly present for a TSA registrant. Up to now, TSA registrants had to pass the Series 7 examination to become registered in the United States.
NASD Notice to Members 90-69 in October 1990 announced Securities and Exchange Commission approval of an amendment to Schedule C of the NASD By-Laws. That amendment allows a person registered and in good standing with The Securities Association of the United Kingdom (TSA) to opt to more efficiently qualify as a NASD General Securities Representative. To do so, the candidate must pass a modified general securities representative qualification examination. The New York Stock Exchange (NYSE) has completed development of the modified test, the Series 17 Limited Registered Representative Examination.
The Series 17 is a 90-question, 120-minute shortened version of the full Series 7 examination. It drops the duplicate questions present on the TSA examination. Note that neither the Series 17 nor the TSA examination covers municipal securities activity. Therefore, before the representative engages in the solicitation, purchase, and/or sale of municipal securities as defined in Section 3(a)(29) of the Securities Exchange Act of 1934, a General Securities Representative who qualifies using the new Series 17 examination must apply for registration as a Municipal Securities Representative and pass the Series 52 Municipal Securities Representative Examination.
The Central Registration Depository (CRD) system employs the status code "IE" for International Examination, for a registered General Securities Representative using the Series 17 as a qualifying examination. Only NASD or NYSE affiliates may hold "IE" status. A member may request the "IE" position code and the Series 17 examination by filling in the "Other" line in question 11 on page 1 of Form U-4. The testing fee for the Series 17 is $65.
When CRD processes the request, it will create a status line for the candidate within the employment record of the requesting firm. CRD will initially flag the registration request as deficient for the Series 17 ("S17") and as deficient for a foreign exam ("FOR"). This is in addition to any other filing deficiencies that may exist on the status line. CRD will communicate directly with TSA to receive test scores and verify disciplinary history. CRD must post passing grades for the Series 17 and the TSA exams to the candidate's exam history. The member must clear all other filing deficiencies. Only then may the NASD or NYSE manually approve the registration.
The NASD's PLATO Professional Development Centers now offer the Series 17 examination through the normal appointment-making process. The NASD's non-U.S. paper and pencil centers will offer the Series 17 exam by appointment beginning with the regular (third-Saturday) May administrations.
Members may order a study outline for the Series 17 examination by telephoning the NASD Book Order Department at (301) 590-6578. Please direct questions on the application process to the Member Services Phone Center at (301) 590-6500. Members may direct other questions on the Series 17 Limited Registered Representative Examination program to David Uthe in the Qualifications Department at (301) 590-6695.