Pro firms and transferability of Series 7

Discussion in 'Prop Firms' started by GATrader, Jun 5, 2004.

  1. I have a question about transferring S7. I was a member of a pro firm whose SRO is the PHLX and passed s7 Oct 2000. I was u5'd by the firm 10/2003. I was hoping to join an NASD pro firm which requires S7, S55. I took the s55 and ASSumed the S 7 can be transferred. NASD told me 2 days ago I have to take the S7 again!

    I always thought the rule was that the s7 is valid 2 years from being u5 'd .

    Can someone kindly tell me what regulations govern the validity of the S 7 when changing from a PHLX to an NASD pro firm? Has anyone experienced such ?

  2. Great question, but can you give all the details of your situation? How long were you at the PHLX firm?
  3. Ticked



    Did you take the regulatory element of your Continuing Education requirements?

    If you didn't sit for any kind of CE session [Sylvan/Prometric center] since you passed in 2000, then you probably went "CE inactive" meaning you are deficient in the eyes of the NASD.

  4. Nope. I always ASSumed that the 2 years is from the time one gets u5'ed. Anyway do you think if I go back to the old pro firm that is in the old SRO I can get back in? I really don't like to spend next 2-3 weeks studying for the 7 again specially since it had zero bearing whatsoever on the task at hand! Do you think I can get the CE retro or do I have to be an active member of the firm?

    Thanks again.
  5. Ticked



    I will you PM you with my phone number. I have a contact at the NASD that can answer this for you. Can also check out your U4 if you want to see what's what.

  6. Ticked


    To answer your question...yes...two years after the U-5 date. CE session should be completed withn 120 days of the first two year anniversary date of passing the 7. Then it becomes every three years.

    My first thought was that you should just have to take the CE session but maybe there's something else - I'm not familiar with the PHLX as an SRO. We can find out tomorrow.

  7. You gotta be careful with all this, check with your new compliance officer. If you went from 2000 to 13/2003 without taking your Continuing Education, then you may be in default anyway. If you're going to a Nasd (instead of an Exchange member) only type firm, then you should show up on the CRD. You can check your new CRD by going to and searching for the firm and yourself..

  8. I kinda felt like dead man walking when I saw that the test date was in 2000 Thanks again,