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1070. Qualification Examinations and Waiver of Requirements

(a) Qualification Examinations specified in this Rule 1000 Series shall consist of a series of questions based upon topics contained in study outlines provided by the Association, a list of which is available from the Qualifications & Examination Department.

(b) Examinations shall be given at such times and places and under such conditions as shall be prescribed by the Board of Governors and shall be graded according to the procedure prescribed by the Board.

(c) Examination results shall be reported to member firms and may be accompanied by an analysis of the candidate's performance on the examination. Passing scores assigned to each examination series shall be determined by the Board of Governors, or its designee.

(d) Pursuant to the Rule 9600 Series, NASD may, in exceptional cases and where good cause is shown, waive the applicable Qualification Examination and accept other standards as evidence of an applicant's qualifications for registration. Advanced age or physical infirmity will not individually of themselves constitute sufficient grounds to waive a Qualification Examination. Experience in fields ancillary to the investment banking or securities business may constitute sufficient grounds to waive a Qualification Examination.

(e) Any person associated with a member who fails to pass a qualification examination prescribed by the Association shall be permitted to take the examination again after either a period of 30 calendar days has elapsed from the date of the prior examination or the next administration of an examination administered on a monthly basis, except that any person who fails to pass an examination three or more times in succession shall be prohibited from again taking such examination either until a period of 180 calendar days has elapsed from the date of such person's last attempt to pass the examination or until the sixth subsequent administration of an examination administered on a monthly basis.

Amended by SR-NASD-2003-24 eff. March 3, 2003.
Amended by SR-NASD-97-28 eff. Aug. 7, 1997.
Amended by SR-NASD-89-14 eff. June 8, 1989.

Selected Notices: 89-52, 90-1, 03-20, 08-67.

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