Series 7: 17.5.2. Uniform Practice Code

Taken from our Series 7 Online Guide

17.5.2. Uniform Practice Code

The Uniform Practice Code (UPC), created by NASD/FINRA in 1941 to govern the OTC market, provides a set of uniform standards for use by FINRA member firms when clearing and settling transactions on the secondary OTC market. Its set of rules codifies industry practices with respect to the delivery and payment of securities, reclamations and rejections, dividend distribution, close-out procedures, and dispute resolution.

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I am still so giddy that I passed my Series 7 on 1/31. I truly cannot believe it. I took the 7 three times in 2019 utilizing Kaplan study materials and didn't feel good going into the tests any of the times. So shockingly I failed all three times by a lot. My highest score was a 68%. I used Solomon for my 51 in September (passed on the first try) so I thought I could try it for my 7 even though it is the hardest securities test I have taken. I felt so good going into the testing center and I passed!!! I am so grateful to have found your materials. They have been incredibly helpful and I am able to understand all the material covered in the books. I still am in shock that I passed. Now off to the 24!

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