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The notice summarizes changes to study outlines, reflected exam content, and the legal and regulatory basis under the Securities Exchange Act and NASD rule framework. It also explains how updates affect candidate materials and highlights key topics such as limited principal and limited representative qualifications, required knowledge areas, and referenced SEC forms and rule sections. Contact details for further questions are provided.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/nasd-notice-to-members-july-2006-revisions-to-examination-programs-06-35/398770/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/nasd-notice-to-members-july-2006-revisions-to-examination-programs-06-35/398770.png","ImageObject",300,407,{"name":92,"@type":93},"Pentious","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-29","2026-09-27",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",11,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"When do the revised examination programs take effect?","Question",{"text":113,"@type":114},"The changes appear in examinations administered starting on August 15, 2006.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"Which examination programs are revised in this Notice?",{"text":118,"@type":114},"NASD revised the examination programs for Series 22, 27, 28, 39, and 55.",{"name":120,"@type":111,"acceptedAnswer":121},"What is the purpose of NASD reviewing and revising examination content?",{"text":122,"@type":114},"NASD periodically reviews examination content to determine whether revisions are necessary or appropriate based on changes to the subject matter and related laws, rules, and regulations, and to better reflect duties and responsibilities of candidates.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},398770,1791427464,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":39,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":46,"preview_page_count":4},1374404730887,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","Notice to Members  \nJULY 2006  \nSUGGESTED ROUTING  \nLegal & Compliance Operations Registration  \nGUIDANCE  \nQualification Examinations  \nRevisions to the Series 22, 27, 28, 39 and 55 Examination Programs; Implementation Date: August 15, 2006  \nTraining  \nKEY TOPICS  \nLimited Principal – Direct Participation Programs (Series 39)  \nLimited Principal – Financial and Operations (Series 27)  \nLimited Principal – Introducing Broker-Dealer Financial and Operations (Series 28)  \nLimited Representative – Direct Participation Programs (Series 22)  \nLimited Representative – Equity Trader (Series 55)  \nRule 1022(b)  \nRule 1022(c)  \nRule 1022(e)  \nRule 1032(c)  \nRule 1032(f)  \n06-35  \nExecutive Summary  \nNASD has revised the following examination programs:  \n➧ Limited Representative – Direct Participation Programs (Series 22);  \n➧ Limited Principal – Financial and Operations (Series 27);  \n➧ Limited Principal – Introducing Broker-Dealer Financial and Operations (Series 28);  \n➧ Limited Principal – Direct Participation Programs (Series 39); and  \n➧ Limited Representative – Equity Trader (Series 55) .1 The changes are reflected in study outlines that are available on the NASD Web site ([www.nasd.com/brokerqualifications](www.nasd.com/brokerqualifications)) . The changes will appear in examinations administered starting on August 15, 2006.  \nQuestions/Further Information  \nQuestions concerning this Notice may be directed to Carole Hartzog, Senior Qualifications Specialist, NASD Testing and Continuing Education Department (TCE), at (240) 386-4678; Elaine Warren, Lead Analyst, TCE, at (240) 386-4679; Eva Cichy, Senior Qualifications Analyst, TCE, at (240) 386-4680; or Karen Bescher, Senior Qualifications Analyst, TCE, at (240) 386-4677.  \nNASD NTM JULY 2006 1  \n06-35  \nBackground and Discussion  \nSection 15A(g)(3) of the Securities Exchange Act of 1934 requires NASD to prescribe standards of training, experience and competence for persons associated with NASD members. In accordance with that provision, NASD has developed examinations, and administers examinations developed by other self-regulatory organizations, that are designed to establish that persons associated with NASD members have attained specified levels of competence and knowledge. NASD periodically reviews the content of the examinations to determine whether revisions are necessary or appropriate in view of changes pertaining to the subject matter covered by the examinations.  \nNASD staff and committees of industry representatives recently reviewed the Series 22, 27, 28, 39 and 55 examination programs. As a result of these reviews, and as discussed in greater detail below, NASD has revised the examination programs to reflect changes to the laws, rules and regulations covered by the examinations and to better reflect the duties and responsibilities of the individuals who are taking these examinations.  \nSeries 22  \nNASD Rule 1032(c) provides that an associated person of a member firm who meets the definition of “representative” in Rule 1031 may register with NASD as a Limited Representative – Direct Participation Programs if 1) the individual’s activities in the investment banking and securities business are limited solely to the solicitation, purchase and/or sale of equity interests in or debt of direct participation programs as defined in Rule 1022(e)(2) and 2) the individual passes the Series 22 qualification examination.  \nNASD has revised the Series 22 study outline to add a section on the Securities and Exchange Commission (SEC) Form S-1 registration. NASD also has added a section on NASD Rule 2370 (Borrowing from or Lending to Customers) and a section on like-kind exchanges.  \nIn addition, NASD has removed the sections on Section 4(3) under the Securities Act of 1933 and SEC Rule 174; NASD Rules 1040 (Registration of Assistant Representatives and Proctors) and 1110 (formerly Registration of Government Securities Principals and Representatives); and NASD Certificate of Incorpor","cbCaiifheUpbre5B","https://ap.wps.com/l/cbCaiifheUpbre5B","pdf",47170,"English","# SUGGESTED ROUTING\n## Legal & Compliance Operations Registration\n# GUIDANCE\n## Qualification Examinations\n## Key Topics\n# Executive Summary\n# Questions/Further Information\n# Background and Discussion\n# Series 22\n# Series 27","[{\"question\":\"When do the revised examination programs take effect?\",\"answer\":\"The changes appear in examinations administered starting on August 15, 2006.\"},{\"question\":\"Which examination programs are revised in this Notice?\",\"answer\":\"NASD revised the examination programs for Series 22, 27, 28, 39, and 55.\"},{\"question\":\"What is the purpose of NASD reviewing and revising examination content?\",\"answer\":\"NASD periodically reviews examination content to determine whether revisions are necessary or appropriate based on changes to the subject matter and related laws, rules, and regulations, and to better reflect duties and responsibilities of candidates.\"}]","NASD Notice to Members - JULY 2006 - Revisions to Examination Programs 06-35 | PDF",1790488819]