Md. Code Regs. 02.02.02.06

Current through Register Vol. 51, No. 24, December 2, 2024

Section 02.02.02.06 - Examination Requirement for Broker-Dealers and Agents

A. Examination Requirement. An applicant for registration as a broker-dealer or as a broker-dealer agent in Maryland shall:

(1) Pass, with a score of 70 percent or better, the appropriate examination designated in §B of this regulation within 2 years before the date of application; or

(2) Qualify for an exemption from the examination requirement under §C of this regulation.

B. SRO Examinations. An applicant for initial registration as a broker-dealer or broker-dealer agent shall take the appropriate examination or examinations designated and administered by a self-regulatory organization.

C. Exemption. An applicant for registration as a broker-dealer or broker-dealer agent is exempt from the examination requirement of this regulation if the applicant:

(1) Is a member firm or is a registered representative with the FINRA; or

(2) Has been continuously engaged in the securities business for a period of at least 2 years immediately preceding the date of application.

Md. Code Regs. 02.02.02.06

Regulations .06 adopted effective January 17, 1994 (21:1 Md. R. 26)