Okla. Admin. Code § 660:11-5-16

Current through Vol. 41, No. 19, June 17, 2024

Section 660:11-5-16 - Examination requirements for agents and for principals of non-FINRA member broker-dealers

(a)Examination requirement. Proof of compliance with the examination requirements of this Section is prerequisite to a complete filing for registration under the Securities Act.

(b)Examination. Each applicant for registration as a broker-dealer agent, issuer agent, or principal of a non-FINRA member broker-dealer shall, unless covered by subsection (g), have passedwithin four (4) years of the date of application the Securities Industry Essentials examination (SIE) and within two (2) years of the date of application the other applicable examinations for the desired category of registrationas set forth in subsection (d) or (e). The examinations shall consist of a qualification examination(s) applicable to the category of registration applied for and a uniform state law examination. The Administrator adopts the examinations administered by FINRA as applicable to each individual registrant by category of registration as the required examinations.

(c)Limitations on licenses. The activities of each person registered as an agent are limited to the corresponding category for which they are qualified by examination, unless waived, and for which they are registered under the Securities Act.

(d)Examination categories. Examination categories for agents are as follows

(1) General securities or government securities - FINRA Members: - SIE; Series 7; and Series 63 or 66

(2) General securities - Non-FINRA Members/Issuers - SIE; Series 7; and Series 63 or 66

(3) Investment company and variable contract products - SIE; Series 6; and Series 63 or 66

(4) Direct participation programs - SIE; Series 22; and Series 63 or 66

(5) Municipal securities - Series 7; Series 52; and Series 63 or 66

(6) Investment banking representative - SIE; Series 79; and Series 63 or 66

(7) Securities Trader - SIE; Series 57; and Series 63 or 66

(8) Limited Representative - Private Securities Offerings - SIE: Series 82; and Series 63 or 66

(9) Research Analyst - SIE; Series 86; Series 87; and Series 63 or 66

(10) Operations Professional - SIE; Series 99; and Series 63 or 66

(e)Examination categories for principals of non-FINRA member broker-dealers. Examination categories for principals of non-FINRA member broker-dealers are as follows - Series 7; Series 24; and Series 63 or 66

(f)Change in series number. Should FINRA examination series numbers change, the most current examination series applicable to the category of registration shall apply.

(g)Validity of prior examination scores.

(1) Any individual who has been registered as an agent in any state within two years from the date of filing an application for registration shall not be required to retake the required examinations to be eligible for registration.

(2) Any individual who has not been registered as an agent in any state for more than two years but less than five years, who has elected to participate in the FINRA Maintaining Qualifications Program pursuant to FINRA Rule 1240(c), and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the FINRA Maintaining Qualifications Program shall be deemed in compliance with the examination requirements for the FINRA qualifying examination; provided, however, that participation in the FINRA Maintaining Qualifications Program shall not extend the Series 63 or Series 66 for purposes of agent registration.

(3) Successful participation in the FINRA Maintaining Qualifications Program shall not extend the Series 63, Series 65, or Series 66 for purposes of investment adviser representative registration.

(h)Waiver of examination requirement. The Administrator may waive the examination requirements on a case-by-case basis when such action is determined to be consistent with the purposes fairly intended by the policy and provisions of the Securities Act. Requests for waivers shall be in writing setting forth the justifications therefor.

Okla. Admin. Code § 660:11-5-16

Added at 21 Ok Reg 2532, eff 7-1-04; Amended at 30 Ok Reg 2071, eff 8-1-13

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 11/1/2018

Amended by Oklahoma Register, Volume 39, Issue 24, September 1, 2022, eff. 9/15/2022

Amended by Oklahoma Register, Volume 40, Issue 22, August 1, 2023, eff. 9/15/2023