660:11-5-16 - Examination requirements for agents and principals of non-FINRA member broker-dealers

Sep 25, 2026

Uploaded by Jacob

Rule 660:11-5-16 establishes examination requirements for agents and principals of non-FINRA member broker-dealers seeking registration. Applicants must complete required exams within specified time windows: SIE within four years and other category exams within two years, alongside a uniform state law examination administered per registration category. Activities are limited to the qualified registration category unless waived. The rule also lists examination categories by role, addresses changes to FINRA series numbers, and describes validity and waiver provisions for prior scores.

LanguageEnglish

CategoryExam

FormatPDF

Pages2

Reading Time5 min

AccessFree to download

Examination requirement

Examination and categories

Limitations on licenses

Change, validity, and waiver

660:11-5-16. ~~Qualification examination~~Examination requirements for agents and principals of non-FINRA member broker-dealers (a) Examination requirement. Proof of compliance with the examination requirements of this Section is prerequisite to a complete filing for registration under the Securities Act. (b) Examination. Each applicant for registration as a broker-dealer agent,~~ or~~ issuer agent, or principal of a non-FINRA broker-dealer ~~must ~~shall, unless covered by subsection (g), have ~~pass~~passed within four (4) years of the date of application the Securities Industry Essentials examination (SIE) and within two (2) years of the date of application the other applicable examinations for the desired category of registration as set forth in subsection (d) or (e) . The examinations shall consist of a qualification examination(s) applicable to the category of registration applied for and a uniform state law examination. The Administrator adopts the examinations administered by FINRA as applicable to each individual registrant by category of registration as the required examinations. (c) Limitations on licenses. ~~Without regard to the category of registration of one's broker-dealer, if any, the~~The activities of each person registered as an agent are limited to the corresponding category for which they are qualified by examination, unless waived, and for which they are registered under the Securities Act. (d) Examination categories. Examination categories for agents are as follows: (1) General securities or government securities-FINRA Members: -~~Securities Industry Essentials (SIE)~~ SIE ; Series 7; and Series 63 or 66 (2) General securities-Non-FINRA Members/Issuers-SIE; Series 7; and Series 63 or 66 (3) Investment company and variable contract products-SIE; Series 6; and Series 63 or 66 (4) Direct participation programs-SIE; Series 22; and Series 63 or 66 (5) Municipal securities-Series 7; Series 52; and Series 63 or 66 (6) Investment banking representative – SIE; Series 79; and Series 63 or 66 (7) Securities Trader – SIE; Series 57; and Series 63 or 66 (8) Limited Representative – Private Securities Offerings – SIE: Series 82; and Series 63 or 66 (9) Research Analyst – SIE; Series 86; Series 87; and Series 63 or 66 (10) Operations Professional – SIE; Series 99; and Series 63 or 66 (e) Examination categories for principals of non-FINRA member broker-dealers. Examination categories for principals of non-FINRA member broker-dealers are as followsSeries 7; Series 24; and Series 63 or 66 ~~(e)~~(f) Change in series number. Should FINRA examination series numbers change, the most current examination series applicable to the category of registration shall apply. ~~(f)~~(g) Validity of prior examination scores. ~~(1) The Department will not recognize for purposes of qualification for registration under the Securities Act any FINRA examination score (other than the SIE) that predates an initial application for registration by more than two (2) years in the absence of registration as an agent, principal, broker-dealer, investment adviser or investment adviser representative since examination~~. ~~(2) The Department will not recognize for purposes of qualification for registration under the Securities Act the examination score(s) (other than the SIE) of any person whose most recent registration as an agent, principal, broker-dealer, investment adviser or investment adviser representative has been terminated for a period of two (2) or more years immediately~~ ~~preceding the date of receipt by the Department of a new application for registration under the Securities Act~~. ~~(3) With respect to the SIE, the time period for validity is four (4) years~~. (1) Any individual who has been registered as an agent in any state within two years from the date of filing an application for registration shall not be required to retake the required examinations to be eligible for registration. (

FAQs

What is the prerequisite to complete a registration filing under the Securities Act?

Proof of compliance with the section’s examination requirements is a prerequisite to a complete filing for registration under the Securities Act.

What examinations must an applicant complete for non-FINRA broker-dealer agent registration?

An applicant must pass the Securities Industry Essentials (SIE) within four years and, within two years, the other applicable examinations for the desired registration category, plus a uniform state law examination.

How are license activities limited once a person is registered as an agent?

An agent’s activities are limited to the corresponding registration category for which they are qualified by examination, unless an applicable waiver is granted.

Sep 25, 2026

Uploaded by Jacob