Blog FinReg + Policy Watch September 16, 2020

Rule Change Extends the Deadline for Passing the Examination for Certain Categories of Broker Professionals

On August 28, FINRA filed with the SEC a notice of proposed rule change that would extend the 120-day period that certain individuals can function as a principal or Operations Professional without having successfully passed an appropriate qualification examination through December 31, 2020. Earlier this year, in response to COVID-19, FINRA provided temporary relief to member firms from FINRA rules and requirements addressing disruptions to the administration of FINRA qualification examinations caused by the pandemic that have significantly limited the ability of individuals to sit for these examinations. The proposed rule change would apply only to those individuals who were designated to function as a principal or Operations Professional prior to September 3, 2020. Any individuals designated to function as a principal or Operations Professional on or after September 3 would need to successfully pass an appropriate qualification examination within 120 days.

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