Licenses and Keeping them active...

Discussion in 'Professional Trading' started by jlcarey1, Jan 16, 2004.

  1. jlcarey1


    My Series 7,63,55 are currently active, but I no longer work under a Broker/Dealer.

    Is there any way I can keep them active without being employed with a B/D?

    They will expire on March 31, 2005

    If I put money into an account with a B/D, such as Interactive Brokers, does that count?

    I know it sounds dumb and I probably already know the answer to my question, but I was just wondering if I had other options that I am not aware of.

  2. You must be registered with a b/d for the clock to stop ticking. Depositing money with a b/d neither counts nor matters. Additionally, any siginificant changes in your residence, employment status (just about anything disclosed in your U-4) requires you to update with CRD.

    I know of a few registered reps, who registered with independent B/D's. That can allow you to do some light retail business and maintain you registrations.

    Good luck.
  3. rwk


    According to NASD, you have to be using your license to keep it current. There are broker/dealers who will list you has an affiliate, but that is skirting the intent of the regs.

    I think you can be self-employed, but I don't know the details. I think it requires a Series 24 license. Check with NASD or hire an expert for advice.

  4. What is your reason for keeping them active? Do you intend to be a commission-based broker again in the future? If you intend to have your own fee-based (as opposed to commission-based) investment firm, because you passed the exams for Series you mentioned, you should meet the minimum qualifications required to be an Investment Adviser Rep and then you would have to register your firm as an IRA, etc. This gets into a bunch of other stuff, but something to consider if you want to manage money but aren't going to be commission-based.

  5. Sorry to the typo!
  6. I shouldn't type while watching an NFL game.