56 waiver?

Discussion in 'Prop Firms' started by Trade_Cents, Jul 22, 2011.

  1. Anyone hear back yet if they have received waiver for 56?
  2. bump
  3. EPrado


    People are suppose to start hearing back in the beginning of August.
  4. if you don't pay the $200 you wont hear back for your waver, even if you qualify. AGAIN even if you don't take the test, need to take the test, or sit to take the test, you will still pay the $200.
  5. I still haven't received word on mine. I submitted it about a month ago now? I applied for it but am studying for the 56 just in case. If I get word on mine, I'll definitely post here asap.
  6. EPrado


    They apparently are waiting on a ruling from The SEC about automatic approval on waivers for current Series 7 holders. Once that is done then they are suppose to go through the waivers. I would imagine they will get to the waivers this week and next week as the deadline is Sept 19.

    Makes sense to do what you are doing with the test. Apparently the test material is pretty straightforwards. Someone posted that 5 people took the test at their firm and 4 passed. Like any other test...if you study you will pass.

    It's funny how those doom and gloom people who thought this was going to change the industry have gone into hiding :D
  7. I heard there will be no automatic waivers, so this process can take a long time.

    What are the odds they get to the waivers before the sept 19 deadline?

    Looks like its time to start studying. :(
  8. Now hearing that automative renewals are a done deal.

    If you have series 7 you are exempt.
  9. I haven't heard an official word on that yet. Although knowing the lazy regulators, there's no chance they will go through each application individually. the 7 fees are also higher so that's more incentive for them to keep you holding the 7 and not dump it for a 56.
  10. the word is in guys. all series 7 holders receive an automatic waiver but must apply for waiver by the end of the year. For now, series 7 holders can register and open accounts with CBOE firms without paying for the 56 or waiting for the 7 waiver to come in.

    see the circular here: http://www.cboe.com/publish/RegCir/RG11-095.pdf
    #10     Aug 11, 2011