FINRA filed for immediate effectiveness to revise its rules for qualification exams and continuing education sessions.  Specifically, the proposed rule change would:  (i) establish a fee for individuals who cancel or reschedule a qualification examination or Regulatory Element Continuing Education (“Regulatory Element”) session 3 to 10 business days prior to the appointment date;  and;  (ii) add a reference to the fee for individuals who fail to timely appear for a scheduled Regulatory Element session or who cancel or reschedule such a session within 2 business days prior to the appointment date.

Three-to-Ten Day Cancellations/Reschedulings.   As it pertains to persons acquiring required categories of registration appropriate to their work - as governed by NASD Rule 1120.2 - FINRA currently administers exams and Regulatory Element programs via computer at testing centers operated by vendors under contract with FINRA.  FINRA members must request and schedule an appointment for a qualification examination by filing a Form U4 through the CRD.  For Regulatory Element programs, registered persons in covered registration categories will automatically become enrolled for the requisite program on the 2nd anniversary of their initial securities registration and every 3 years thereafter. 

Once an individual or an individual’s firm receives the enrollment notification for an examination or Regulatory Element session, the individual may then contact a FINRA authorized testing center to schedule an appointment.  Once its scheduled, individuals may cancel or reschedule their appointments by contacting the testing center.  Currently, there's no fee for doing so if it's done by noon 2 business days before the scheduled appointment.  A cancellation fee equal to the exam or RegElement session fee is charged if this deadline is not met, if an individual does not appear for an appointment, or if an individual arrives so late for an appointment that the exam or RegElement session cannot begin without disrupting the testing center’s schedule. 

New Fee Change.   FINRA has determined that cancellations and reschedulings - even if more than 2 business days before the scheduled appointment date - place an administrative burden on test-delivery vendors and degrade the efficiency of test center  resource utilization. To discourage such behavior, FINRA is implementing a fee when the cancellation or rescheduling is made within 3 to 10 business days of a scheduled appointment date.  The amount of the fee will be 1/2 of the exam or session fee. 

For further details, go to:   FINRA Rule Filing 11-26, 6/8/11]