SEC Approves FINRA Rule to Streamline Exams

Susan Axelrod, executive vice president of Regulatory Operations, said recently that the new exam approach “would give individuals seeking to enter the securities industry the opportunity to demonstrate a fundamental knowledge of regulatory requirements prior to joining a firm, potentially providing firms a larger pool of qualified candidates.”

The rule also sets out waiting periods for retaking a failed exam. Any person who fails to pass a qualification exam prescribed by FINRA can take that exam again after a period of 30 calendar days from the date of the person’s last attempt to pass that exam. However, anyone who fails to pass an exam three or more times in succession within a two-year period can’t retake that exam until 180 calendar days from the date of the person’s last attempt to pass that exam.