Monday, August 15, 2011

Texas Proposes Amendment to the Reexamination Waiver for Dealer Principal, Agent and IA Rep. Applicants

Currently, the reexamination waiver is granted for dealer principal, agent, or investment adviser applicants who completed the required examinations but whose registration lapsed for more than two years but that remained continuously registered during the lapse period (or unregistered for no more than 60 days when transferring from one employer to another) with FINRA and the securities regulator for the state where the applicant maintains its principal place of business. As proposed, the reexamination waiver would be granted for applicants who completed the required examinations and whose registration with FINRA and with another securities regulator has not lapsed for more than two years.

The amendment is necessary to bring the Texas reexamination waiver in alignment with the reexamination waiver of the North American Securities Administrators Association (NASAA).

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