This rule is no longer applicable. NASD Rule 1070 has been superseded by FINRA Rule 1200 Series. Please consult the appropriate FINRA Rule.
(a) Qualification Examinations specified in this Rule 1000 Series shall consist of a series of questions based upon topics contained in study outlines provided by the Association, a list of which is available from the Qualifications & Examination Department.
(b) Examinations shall be given at such times and places and under such conditions as shall be prescribed by the Board of Governors and shall be graded according to the procedure prescribed by the Board.
(c) Examination results shall be reported to member firms and may be accompanied by an analysis of the candidate's performance on the examination. Passing scores assigned to each examination series shall be determined by the Board of Governors, or its designee.
(d) Pursuant to the Rule 9600 Series, NASD may, in exceptional cases and where good cause is shown, waive the applicable Qualification Examination and accept other standards as evidence of an applicant's qualifications for registration. Advanced age or physical infirmity will not individually of themselves constitute sufficient grounds to waive a Qualification Examination. Experience in fields ancillary to the investment banking or securities business may constitute sufficient grounds to waive a Qualification Examination.
(e) Any person associated with a member who fails to pass a qualification examination prescribed by the Association shall be permitted to take the examination again after either a period of 30 calendar days has elapsed from the date of the prior examination or the next administration of an examination administered on a monthly basis, except that any person who fails to pass an examination three or more times in succession shall be prohibited from again taking such examination either until a period of 180 calendar days has elapsed from the date of such person's last attempt to pass the examination or until the sixth subsequent administration of an examination administered on a monthly basis.
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As an expert in financial regulations and securities industry qualifications, my in-depth knowledge extends to the intricacies of regulatory frameworks and examination procedures. My expertise is grounded in both practical experience and a comprehensive understanding of the governing bodies and their rules.
Now, diving into the provided article, it appears to discuss the transition from NASD (National Association of Securities Dealers) Rule 1070 to FINRA (Financial Industry Regulatory Authority) Rule 1200 Series. This transition indicates an evolution in the regulatory landscape governing qualification examinations in the securities industry.
Let's break down the key concepts and details mentioned in the article:
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Rule Transition:
- NASD Rule 1070 is mentioned as no longer applicable, having been superseded by FINRA Rule 1200 Series. This signals a regulatory update or change in the qualification examination process within the securities industry.
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Qualification Examinations (Rule 1000 Series):
- The article outlines that qualification examinations specified in the Rule 1000 Series consist of a series of questions based on topics outlined by the Association (presumably NASD or FINRA).
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Examination Administration:
- The examinations are given at prescribed times and places under conditions set by the Board of Governors. Grading is performed according to procedures determined by the Board.
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Examination Results:
- Results are reported to member firms, and they may include an analysis of the candidate's performance. Passing scores for each examination series are determined by the Board of Governors.
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Waiver of Qualification Examination:
- NASD, as per the Rule 9600 Series, may waive qualification examinations in exceptional cases where good cause is shown. However, advanced age or physical infirmity alone is not sufficient for a waiver. Experience in related fields may be considered for waiver.
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Retaking Examinations:
- Individuals associated with a member firm who fail a qualification examination are allowed to retake the exam after a specific period (30 calendar days) has elapsed from the date of the prior examination or the next monthly administration. There are restrictions on retaking exams multiple times in succession.
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Amendments:
- The article notes amendments made by SR-NASD-2003-24 (effective March 3, 2003) and SR-NASD-97-28 (effective August 7, 1997). Amendments indicate changes or updates to the rules over time.
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Selected Notices:
- The article references selected notices (89-52, 90-1, 03-20, 08-67), which could contain additional information, updates, or guidance related to the mentioned rules.
In summary, the article discusses the phasing out of NASD Rule 1070 in favor of FINRA Rule 1200 Series, detailing the procedures, conditions, and criteria associated with qualification examinations in the securities industry. The provided information reflects a nuanced understanding of the regulatory landscape governing financial professionals and underscores the importance of staying informed about rule changes and amendments.
