-We're restructuring the exams
because today
we have some redundancy
across our exams.
-We really took a step back
to look at the entire program
to identify
what's the best structure
for how the industry
is performing today,
what are the products
that are available,
what are the regulations?
-The big change
is that there's different ways
that people can enter
the securities industry.
Traditionally, people needed
to be hired by a member firm
and then take a qualification
exam to get a registration.
Now there's gonna be options.
-This is gonna be
kind of new for us
because individuals
taking the exam
will be our traditional folks
that are working
with broker-dealers
to become registered reps,
but we're also expanding
the population
that can take the exam by
offering it to college students.
-The Securities Industry
Essentials Exam,
or the Essentials Exam,
or the SIE, is a knowledge exam
about the fundamentals
of the securities industry.
-The new sort of core exam
in our registration process,
and this is an exam that anybody
who's pursuing a registration
is going to need to take.
-Things like
securities products,
fundamentals of the market,
who regulates the industry,
things like that.
-What we've done
with the Essentials
is we've taken
all that general knowledge,
introductory knowledge
into the industry
and rules that apply
to every representative,
and we've put that all together
in the SIE.
-We wanted that to be separate,
allow people to demonstration
that expertise before moving on.
-FINRA's exam restructuring
will become effective
in the fourth quarter of 2018.
-You do need to be 18 years
of age in order to take the SIE,
but other than that,
you're free to go.
You could be a college student.
You could be a career changer.
You could already be associated
with a member firm.
Plenty of opportunities.
-Our registration rules
and the exam restructure rule
was approved by the SEC
this past July.
There's a regulatory notice
that's just been published
on finra.org.
-There is a SIE landing page
and also an exam restructure
landing page.
In addition, you can refer
to the regulatory notice
for more information
about the changes.
-We have received
really positive feedback.
I can tell you, as a regulator,
it's really nice
when you have a nice story
to be able to tell
and to talk with the industry
and have them be excited
about things.
