series 7 replaced

Discussion in 'Professional Trading' started by 50 cent, Jul 27, 2005.

  1. WAWTU31


    People who have a 7 already will not have to re-test.
  2. syrre


    Very interesting news!

    But it is almost one and a half year to take place.
  3. Nutzo


    So if I'm studying for my series 7 currently and going to take the test next month, I should continue to do so right?
  4. Right, and the same for other Series 7 candidates for at least the next year and a half.

    NASD, NYSE Regulation and U.K.'s Securities & Investment Institute Agree to Create New, International Securities Qualification Exam


    " Washington, DC — NASD, New York Stock Exchange Regulation and the Securities & Investment Institute (SII)—the United Kingdom's principal wholesale financial services qualifications provider— today announced a three-way agreement to create a common qualifications test for capital markets professionals. Those passing the new Global Capital Markets Qualification (GCMQ) examination will qualify for a new registration category in the areas of equity and debt capital markets, and syndicate and investment banking. The new registration category will allow them to move easily between the United States and United Kingdom.

    It is anticipated that U.S. candidates seeking to work in the capital markets business only will be able to take the new examination rather than the currently required General Securities Registered Representative (Series 7) exam. U.S. securities advisers, dealers and specialists in wholesale capital markets who are currently certified under the Series 7 would not have to requalify. The GCMQ exam is expected to be launched in late 2006...

    ... The new exam will be comprised of two units. The "core" GCMQ unit will test the knowledge that candidates must have to perform entry-level capital markets work in the U.S. and U.K. The second unit—the regulatory "top off"—will assess knowledge specific to the respective jurisdictions. The U.S. Capital Markets Rules and Regulations Exam will be developed by NASD and NYSE Regulation to assess knowledge of the U.S. regulatory system. The SII will develop the U.K. Capital Markets Rules and Regulation Exam, which will assess knowledge of the U.K. securities and investment industry's rules and regulations. When fully deployed, capital markets professionals who are fully licensed in either the U.S. or U.K. will become qualified in the other jurisdiction (subject to applicable state requirements in the U.S.) by taking the applicable top-off exam..."