The Series 57: FINRA Security Trader Qualification Examination

On November 18, FINRA published Notice 15-45, confirming the official release date of the Series 57 exam as Jan 4, 2016. The details and exam specifications are consistent with our previous blog post on this topic.

We will have Series 57 study materials available to all candidates prior to the official release of the exam.

Here are a few items of note from the release:

• The equity trader registration category (Series 55) will be available in CRD until December 29, 2015. A person for whom an Equity Trader registration window has been opened prior to December 29, 2015, but who has not yet taken the Series 55 examination, can still take the Series 55 examination, even if the examination is scheduled to be taken on or after December 29, 2015. This means that a candidate with an open window can still take the Series 55.
  • If a person fails the Series 55 exam on or after Jan 4, 2016, that person would then be required to take the Series 57 examination. Effectively, an individual gets one chance to pass the Series 55 after Jan 4, 2016 before becoming a Series 57 candidate.
  • S55 candidates will be able to reschedule the S55 exam anytime within their open window. If they do not take the exam within their open window they would then need to take the S57 exam. This specific point is not in the FINRA release, but we confirmed it directly with FINRA.
• To register as a Securities Trader Principal, an AP must be registered as a Securities Trader and then pass the Series 24 examination. If that person also desires to be registered as a General Securities Principal, the person must also pass the Series 7 or other General Securities Principal pre-requisite.
  • To register a current General Securities Principal as a Securities Trader Principal, firms are required to file an amended U4 within 180 calendar days after Jan 4, 2016. There will be no systematic conversion into the Securities Trader Principal registration category.

As always, we remain available to help candidates prepare for their examinations.