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 individualâs 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-5âd 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-5âd 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.