FINRA Manual: Contents
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90-69 Amendment to Schedule C of the NASD By-Laws Regarding Use of the Modified General Securities Representative Examination to Qualify Persons Registered With The Securities Association of the United Kingdom, Effective Immediately
*These are suggested departments only. Others may be appropriate for your firm.
The Securities and Exchange Commission (SEC) has approved, effective immediately, an amendment to Schedule C of the NASD By-Laws that would allow persons registered with The Securities Association of the United Kingdom to qualify as a general securities representative by passing a modified general securities representative examination.
It is the NASD's responsibility under Section 15A(g)(3) of the Securities Exchange Act of 1934 to prescribe standards of training, experience, and competence for persons associated with NASD members. Pursuant to this statutory obligation, the NASD has developed examinations and administers examinations developed by other self-regulatory organizations designed to establish that persons associated with NASD members have attained specified levels of competence and knowledge.
The amendment to Part III, Section (2)(a)(ii) of Schedule C is intended to coordinate with the recent SEC approval of a New York Stock Exchange (NYSE) rule that allows a qualified registered representative in good standing with The Securities Association of the United Kingdom to become qualified as a general securities representative (Series 7) by passing a modified general securities representative examination developed by the NYSE. The NASD now has no rule that allows for NASD registration of a person who has passed the modified qualification examination.
Questions concerning this notice may be directed to Frank McAuliffe, Vice President, Qualifications, at (301) 590-6694, or David Uthe, Senior Qualifications Analyst, at (301) 590-6695.
TEXT OF RULE CHANGE
(Note: New text is underlined.)
Schedule C of the NASD By-Laws