Series 56 Exam - August 12 Deadline Confirmed

Discussion in 'Prop Firms' started by EvOTrAdEr, Jul 5, 2011.

  1. It's official boys: no trading after August 12 if you do not pass the exam.

    Please Read the following important Compliance Requirement that has been issued by the CBOE/SEC regarding the series 56 and the series 24:

    Firm wide distribution for ____ Staff and Associated Class B members and Supervisors:


    As of June 20, 2011 the CBOE is requiring all traders to schedule and pass the Series 56 (Proprietary Trader Registration) by August 12, 2011. Attached is an outline provided by the CBOE as well as the Regulatory Circular(Please Read). Waivers for this test are one an individual basis and must be completed by each individual. The link for the waiver is in the regulatory circular. The waiver will be based upon an individual’s current securities registrations and experience. All branch managers must take the Series 56. Also, each manager will be required to take the Series 24 as well. The cost for each trader exam is $200.00.

    Each Traders is required to respond back to compliance by July 8 with the following information:

    1. Trader name and user ID
    2. Whether they will be taken the test or requesting to be U-5’d
    3. The $200 exam fee will either be deducted from the Prop Reports or a personal check may be issued
    4. All traders that have not been active 30 days or or insufficient capital remaining will be automatically U-5’d unless requesting to take exam.
    5. All mangers must also request the Series 24.

    For all new associates coming abroad, the following steps need to be followed:

    1. Fill out on-line wizard
    2. Sign signature packet
    3. Fingerprinted
    4. Check for $325, for processing and registration.
    Once the compliance receives these 4 pieces, the Firm will wait till the prospect clears FINRA, than u-4 them and request the Series 56. The trader will then have 60 days to pass the test. Once they pass, than a capital contribution can be made and a user id will be created.

    After August 12, 2011, NOBODY WILL BE ALLOWED TO ENTER AN ORDER UNLESS THEY HAVE PASSED THE EXAM.

    If the CBOE should make any changes to the requirement date, you will be notified.
     
  2. feng456

    feng456

    scam much?
     
  3. The official circular was last week on the june 28. The same news that i posted several times on the threads last week. suprised not many trader's are talking about this? This will affect all traders not just cboe members. everyone. it's going to be a bumpy ride.
     
  4. Maverick74

    Maverick74

  5. the 64k dollar question is ? How long will it take to find out if a trader is approved on their waiver request? With less then 6 weeks on the clock it's going to be a mad rush to Not get suspended from trading if you can't meet the Aug 12 deadline as of Now.
     
  6. Maverick74

    Maverick74

    I've now heard from several sources that the series 7 is all you need. No need to wait for a waiver. These are just sources and I'm not saying this is 100% fact yet.
     
  7. I spoke to cboe/cbsx exchange legal & membership dept. The trader Must Apply for a waiver. Or take the 56 test. Not sure how long it will take for any approval at this point according to them. It's on a case by case basis . no guarantee on who will be approved & what the criteria for approval is . subjective. If they drag their feet on approvals then the 7 licensed traders will be in jeopardy from trading just as the other traders that have to pass the test. I spoke to a few traders with a 7 license that are going to take the # 56 test just to be safe . everyone seems to be scrambling to get clarity on this process.
     
  8. DLP198

    DLP198

    Any word yet on when and where study material will be available?
     
  9. a few places have study material. I tried to post one that I found online but passperfect said there's 7 pages of their material in there so its gotta go. theseries56.com has a guide and so do some other sites. Most firms have guides that they are keeping internal for some reason. A few are available for sale online but you need to siff through them to see which is best.

    THE CBSX has stated that july 29 official material will be released through their options institute and a online course to accommodate it. a bunch of questions will be up there too on the 29th. No word on pricing yet

    On and the test date has been moved back to sep. 19, so the august 12th deadline has been extended.
     
  10. DLP198

    DLP198

    Thanks for the info. Do you know how reliable the theseries56.com study material is? Just wondering if I should wait for the Options Inst. material. I started making my own study guide based on the test outline...lots of cutting and pasting...pain in the ass..lol.
     
    #10     Jul 24, 2011