How to Become An RR
As you probably know by now, there are two basic steps for registering as an RR:

  1. Application: You must fill out a Uniform Application for Securities Industry Registration or Transfer (Form U-4), which discloses your employment and disciplinary history. FINRA keeps this on file in a database called the Central Registration Depository (CRD). Your U-4 is updated regularly throughout your career and follows you from job to job; your customers as well as your employers

    • both current and prospective - have access to it. So do state regulators and the SEC.

  2. Passing the Series 7 Exam: You must take the 120-question, multiple-choice test and score at least 70% on it (at least 84 questions answered correctly). The good news is the test is taken and scored electronically, so you will know immediately if you passed or failed.

Termination and Transfer of Registration
If a member firm terminates an RR - for whatever reason, voluntary or not - that firm must file a Uniform Termination Notice for Securities Industry Termination (Form U-5) with FINRA.

  • both current and prospective - have access to it. So do state regulators and the SEC.

There is an exception: under FINRA Membership and Registration Rule 1070(d), the RR's new firm can request a waiver if the two years have elapsed, reinstating the RR's status "in exceptional cases and where good cause is shown". (In other words, it is likely the RR would have to go to court to get this sort of waiver.)



Reporting Outside Business Activities

Related Articles
  1. Financial Advisor

    Why Bad Credit Is Bad For Financial Careers

    In order to obtain and maintain a career in the financial industry, it is also important to have a clean credit report.
  2. Insights

    FINRA: How It Protects Investors

    Find out the history of FINRA, and how it's organized to monitor the markets and protect investors.
  3. Investing

    What is Terminal Value?

    The terminal value of an asset is its anticipated value on a certain date in the future.
  4. Financial Advisor

    Should You Add A Securities License To Your Qualifications?

    Clients love planners who sell securities, but a securities license takes a lot of work. Learn if the stress and study are worth it.
  5. Small Business

    How To Handle A Wrongful Termination

    From the moment you lose your job to finding your next one, how do you handle being wrongfully terminated?
  6. Financial Advisor

    Series 63, Series 65 Or Series 66?

    When joining the world of investment professionals, you must take the right exams.
  7. Financial Advisor

    The Difference Between Series 63, 65 and 66

    After passing the first core examination, usually the FINRA Series 6 or Series 7, one hurdle remains. That’s the Series 63, 65 or 66.
  8. Financial Advisor

    Who Needs to Take the Series 65?

    Most states require individuals to pass the Series 65 exam in order to act as investment advisors.
  9. Personal Finance

    The Series 79 Exam: What It Is And When You Need It

    If you're getting into the field of investment banking, you'll need to know all about the Series 79.
  10. Financial Advisor

    How Does Your Stockbroker Rank?

    Evaluate your broker by more than current performance. Here's how to find their history, including any formal complaints or legal actions against them.
Frequently Asked Questions
  1. What are the Differences Among a Real Estate Agent, a broker and a Realtor?

    Learn how agents, realtors, and brokers are often considered the same, but in reality, these real estate positions have different ...
  2. What is the difference between amortization and depreciation?

    Because very few assets last forever, one of the main principles of accrual accounting requires that an asset's cost be proportionally ...
  3. Which is better, a fixed or variable rate loan?

    A variable interest rate loan is a loan in which the interest rate charged on the outstanding balance varies as market interest ...
  4. What is the 1003 mortgage application form?

    Learn about the 1003 mortgage application form, what information it requires and why this form is the industry standard for ...
Trading Center