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89-73 Revisions to Certain NASD Qualification Examinations


Legal & Compliance

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

The Securities and Exchange Commission recently approved revisions to several of the NASD's qualification examinations. These changes become effective January 1, 1990. The revised examinations include the following:

  • Investment Company Products/VariableContracts Representative Examination (Series 6)
  • Direct Participation Programs Representative Examination (Series 22)
  • General Securities Principal Examination(Series 24)
  • Financial and Operations Principal Examination (Series 27)
  • Direct Participation Programs Principal Examination (Series 39)

The revised testing programs incorporate the many product and regulatory changes that have occurred in recent years. In addition, the grading method for the Direct Participation Program Principal Examination (Series 39) will be changed to require a minimum passing score of 70 percent on both the entire examination and on an expanded Section 4 — Financial Responsibility Rules. A candidate who fails either the whole test or Section 4 will be required to take and pass the entire Series 39 examination, subject to the aforementioned dual grading standard, before registration as a direct-participation programs principal can be effected.

Availability of Study Outlines

The study outlines for the revised examination programs may be purchased from NASD Information Services, 9513 Key West Avenue, Rockville, MD 20850, or from any of the NASD's 14 district offices. The Series 6, 22, and 39 outlines are $4 each; and the Series 24 and 27 outlines are $10 each (add 20 percent if the outlines are to be shipped first class).

Questions regarding this notice may be directed to Carole Hartzog, Senior Qualifications Analyst, at (301) 590-6696 or Mark Costley, Qualifications Analyst, at (301) 590-6697 in the NASD Qualifications Department.

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