Investment Banker Registration Category And Series 79 Investment Banking Exam; Effective Date: November 2, 2019 1

Investment Banker Registration Category And Series 79 Investment Banking Exam; Effective Date: November 2, 2019

Effective November 2, 2009, amendments to NASD Rules 1022 and 1032 require individuals whose activities are limited to the investment bank and principals who supervise such activities to complete the new Limited Representative-Investment Banking Qualification Examination (Series 79 Exam). Individuals whose activities require enrollment as an Investment Banking Representative will be asked to complete the Investment Banking Representative Qualification Examination (Series 79) or obtain a waiver.

FINRA has developed this exam to give a more targeted assessment of the work functions performed by the individuals that fall within the enrollment category. The exam will be needed instead of the current General Securities Representative (Series 7) exam or equivalent examinations by the people who perform the work functions explained in the new enrollment category. Any person whose activities go beyond those of the Investment Banking Representative sign up category must separately qualify and register in the appropriate category or types of enrollment attendant to such activities.

Rule 1032 has an exception for member firms that operate training programs in which certain new employees are exposed to the firm’s various business lines by spinning among departments, including investment banking. Individuals currently functioning as a general securities principal supervising investment banking activities as explained in Rule 1032(i) have the same six-month period during which they may opt into the Investment Banking Representative registration. Those people who choose to choose in will preserve their Series 7 or Series 7-similar registered representative registration in addition to the Investment Banking Representative registration.

The qualification exam includes 175 multiple-choice questions. Candidates are allowed 300 minutes (five hours) to take the exam. Candidates will obtain an informational breakdown of their performance on each section of the exam, with their overall move/fail and score position at the conclusion of the exam session. Firms might wish to use this content outline to structure or prepare training material, develop lecture seminar and notes programs, and as a training aide for the candidates. The examination questions are distributed among four major functions reflecting the entire knowledge, skills, and capabilities required of an investment banker.

Detail on the content of each of these four major job functions, the tasks associated with the job functions and the data essential to perform the duties is included in the written text of the content outline. The questions used in the evaluation will be up to date to reveal the most current interpretations of the rules and regulations which they are centered.

Questions on new guidelines will be added to the pool of questions because of this examination within a reasonable time period of the effective schedules of those guidelines. Questions on rescinded rules will be deleted quickly from the pool of questions. Candidates will be asked questions only pertaining to rules that are effective at the time they take the exam. The test is administered as a closed-book exam.

Severe penalties are enforced on applicants who cheat on FINRA-administered examinations. The proctor provides scratch paper, an exhibits reserve, and a basic electronic calculator to applicants. These items must be returned to the proctor at the final end of the session. The Investment Banking Representative Qualification Examination will be administered at test centers operated by Pearson VUE and Prometric professional testing center networks.

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A Uniform Application for Securities Industry Registration or Transfer Form (Form U4) must be posted to FINRA via Web CRD in order to register an individual as an Investment Banking Representative. For new employees, a company must submit a full-Form U4 program to request the enrollment and any documents necessary for registration.

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