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The Series 7 Exam (General Securities Representative Qualification Examination) is a 125-question, 3-hour 45-minute exam, requiring a 72% score, that tests knowledge of securities products, client suitability, and, heavilyFINRA rules and regulations. Candidates must be sponsored by a member firm and pass the Securities Industry Essentials (SIE) exam first.
Key FINRA Rules & Regulations Topics for Series 7 Registration Requirements (Rule 1210 & 1220): Candidates must be sponsored by a FINRA member firm. The Series 7 qualifies individuals to sell stocks, bonds, options, and municipal securities. Supervision & Compliance: Firms must have, and maintain, a supervisory system. Registered representatives must follow strict guidelines regarding communication with the public, including pre-approval of marketing materials. Code of Procedure (Discipline): Rules regarding violations, such as failure to supervise or violation of fair dealing, can lead to sanctions, including revocation of licenses. Form U-4 and U-5: U-4 is for registration; U-5 is for termination. Firms must file U-5 within 30 days of a rep's termination. Customer Protection Rules: Regulations regarding the opening of accounts, Know Your Customer (KYC), and suitability (making recommendations suitable for client financial profiles). Investment Company Regulations: Rules governing the sale of mutual funds and UITs. Trading Conduct: Prohibitions against market manipulation, front-running, and insider trading.
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