You'd qualify as a "covered person" who engages in one or more of the "covered functions," and thus must register as an Operations Professional.  Now, how could you get out of taking the qualifying examination?  As proposed, an exception to the Operations Professional ("Ops Pro") qualification exam requirement would apply to:

1. persons who currently hold certain registrations, or have held one during the 2 years immediately prior to registering as an Operations Professional.  
2. persons who do not hold an eligible registration, but prefer an alternative to taking the Ops Pro exam.  Such persons would be permitted to register in an eligible registration category - subject to passing the corresponding qualification examination or obtaining a waiver - and use such registration to qualify for Ops Pro registration.

Any individual who vies for the latter proposed exception wouldn't be automatically waived-in, but would have to opt-in by requesting Operations Professional registration via Form U4.  A person who qualifies for the proposed exception based on their having held an eligible registration within the 2 years immediately prior to registering as an Operations Professional would be required to first re-activate such eligible registration prior to requesting Operations Professional registration.

If there are no other deficiencies (e.g., fingerprints), the Ops Pro registration would be approved automatically at the time such request is made.  FINRA would not assess a separate registration fee for persons relying on the proposed exception to register as Operations Professionals.

    Persons Already Registered.  In addition to most Principal-level registration categories, persons who hold the following representative-level registration categories, or who have held such registration categories within the 2 years immediately prior to registering as an Operations Professional, would be qualified to register as an Operations Professional without passing the Ops Pro qualification exam: 

• Series 6 - Investment Company Products/Variable Contracts Representative.
• Series 7 - General Securities Representative.
• U.K. Securities Representative (Series 17) or Canada Securities Representative (Series 37 or 38).

    Exemption for Principals.    Persons who hold the following principal-level registration categories, or who have held such registration categories within the 2 years immediately prior to registering as an Operations Professional, would be qualified to register as an Ops Pro without passing the Ops Pro qualification examination:

• Series 4 - Registered Options Principal.
• Series 9/10 - General Securities Sales Supervisor.
• Series 14 - Compliance Officer.
• Series 16 - Supervisory Analyst.
• Series 24 - General Securities Principal.
• Series 26 - Investment Company Products/Variable Products Principal.
• Series 27 - Financial and Operations.
• Series 28 - Introducing Broker-Dealer Financial and Operations Principal.
• Series 51 - Municipal Fund Securities Limited Principal.
• Series 53 - Municipal Securities Principal.

For further details in the FINRA Pronouncement, go to:   [RULE Filing 11-13, 3/4/11]