In the “old days” that would be considered a “Parking” violation. The implication here is that our IT guy/gal and sales rep do not have to discharge duties or responsibilities with regard to their newly acquired sales and principal licenses, respectively.
#Poo too weet license#
And: An individual currently having a representative level sales license could maintain a principal’s license. That’s a departure from the previous proscription. Such as: An individual working in a broker-dealer’s IT department can maintain a representative’s sales license with that firm.
FINRA has provided a few startling examples, in my opinion, epitomizing the breadth of the expansion. To be clear, permissive registrations are not new, but the recent rule changes have at once practically, conceptually and significantly expanded the current categories of permissive registrations. If you’ve never left, you’re most likely safe as well. That is, you’ll be grandfathered in and not required to sit for the SIE. If you’re coming back for another round, and depending on how long you’ve been away, you may be considered to have passed the SIE. If you’re a little more serious about a career in the broker-dealer industry, then registering at a broker-dealer for the first time will require that you pass both the SIE and one of the newly revised representative-level examinations. Too, there’s the new Securities Industry Essentials examination (“SIE”), which is open to the general public and can be taken by your Uncle if he wishes to expand his horizons and prime himself for a career change. You’ll recall the more popular changes, such as FINRA member broker-dealers now being required to designate a Principal Financial Officer (“PFO”) and a Principal Operations Officer (“POO”). Let’s discuss Permissive Registrations, shall we? But first, in case you’ve missed the more noticeable points of the recent change here’s a very brief and painless recap: Just the Highlights: My apologies for beating the dead horse that comprises some of the less noticeable points contained in FINRA’s still recent (in the scheme of major rule changes) revision of the licensing schemata of October 2018.
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