Series 14: 7.3.5. Conditions Of Individual Registration

7.3.5. Conditions of Individual Registration

Once a person files a Form U4 with FINRA, it is registered into the Central Registration Depository, but the registration does not become valid until the person passes the appropriate qualification exam. No person is allowed to take any FINRA-administered exam except for the Securities Industry Essentials (SIE) exam unless already associated with a member firm, nor can a person leave the securities industry and maintain an existing registration for longer than two years (except for those actively serving in the military, as discussed in a later section).

FINRA’s so-called permissive registration makes it possible for certain securities personnel to maintain their registration when they no longer perfo