Registration: Depending on the activities involved, certain persons associated with member firms are designated as either Representatives or as Principals.
These persons are required to be registered.
Series 6 - Investment Company Products/Variable Contracts Limited Representative
Passing the Series 6 exam is required by the NASD in order for individuals to qualify to sell primary offerings of shares from closed-end companies, mutual funds, unit investment trusts and variable products.
Once you pass your Series 6 exam, you will be known as a Registered Representative (RR).
Series 7 - General Securities Representative
The Series 7 exam was prepared by various organizations including the NASD, the NYSE and the MSRB.
Its purpose is to ensure compliance of registered representatives with established procedures and regulations in the transactions of general securities in order to protect investors.
Once you pass your Series 7 exam, you will be known as a Registered Representative (RR).
Series 26 - Investment Company Products/Variable Contracts Limited Principal
This exam was prepared by the NASD. It tests the knowledge of individuals with the desire to become registered as principals for a financial institution in the business of redeemable securities of closed-end funds in initial distributions of securities and variable contracts.
Once you pass your Series 26 exam, you are qualified to solicit and transact all securities products as a registered principal.
Series 63
Passing your Series 63 test establishes you as a Securities Agent. In order to protect investors from fraud most states have adopted The Uniform Securities Act.
The Series 63 exam was developed by the NASAA to test applicants about their knowledge on this set of laws.
By passing this exam individuals become registered to perform business in these states.
The Series 63 does NOT require an individual to be appointed by a member. Its intent is to qualify individuals as Securities Agents.
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