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90-23 Administrative Conversion of the Series 7 General Securities Representative Examination to PLATO* Computer-Based Delivery


Legal & Compliance

*These are suggested departments only. Others may be appropriate for your firm.

On May 1, 1990, the NASD and the New York Stock Exchange (NYSE), subject to resolving certain contract language, will begin computer administration of the (Series 7) General Securities Registered Representative Examination at expanded PLATO Professional Development Center locations used for the other industry qualification examinations. The conversion of the Series 7 to computerized delivery will allow the NASD and the NYSE to develop more useful grade-reporting systems, make the test available on a daily basis, offer instant test scoring, relocate testing to more professional settings, and almost double the list of cities offering this test.

During May and June 1990, candidates may elect to take their Series 7 examinations on PLATO or at the traditional third Saturday, paper-and-pencil sessions. Thereafter, Series 7 will be offered in the United States only by appointment at the PLATO Development Center locations (foreign sessions will continue as paper-and-pencil centers examinations). The subject-matter content and other specifications of the Series 7 remain unchanged.

With the change in administration on May 1, 1990, the NASD Series 7 Testing Fee will be raised to $110 (from $60). The NYSE Test Development Fee will be raised to $40 (from $10). Both fees will be charged when the examination request is entered on the Central Registration Depository. A candidate who applies under the old fee structure before May 1, 1990 and who elects to take the test on PLATO will be charged the $80 difference between the old and new rates when the score is posted to the Central Registration Depository record. Candidates who make application before May 1, 1990, and who take the Series 7 at a paper-and-pencil site in either May or June 1990 will be charged only the old rate.

Questions regarding this notice may be directed to David Uthe, Senior Qualifications Analyst, at (301) 590-6695; Carole Hartzog, Senior Qualifications Analyst, at (301) 590-6696; or Mark Costley, Qualifications Analyst, at (301) 590-6697.

*PLATO is a registered trademark of The Roach Organization, Inc. (TRO).

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