FINRA filed for immediate effectiveness a rule change that adopts the specifications and content of the examination individuals must pass in order to qualify as a Series 99 Operations Professional.  The Series 99 examination program is proposed in connection with FINRA Rule 1230(b)(6), a new representative registration category and qualification examination requirement for certain operations personnel. Implementation date of the proposed rule change and corresponding FINRA Rule 1230(b)(6) will be 10/17/11.

The Series 99 examination program has been developed to provide reasonable assurance that covered persons understand their professional responsibilities, including key regulatory and control themes, as well as the importance of identifying and escalating red flags that may harm a firm, its customers, the integrity of the marketplace or the public.

Applicants will be tested on general securities industry knowledge and its associated regulations and rules.  The Series 99 examination consists of 100 multiple-choice questions, and candidates will have 150 minutes to finish.  Exam takers get an informational breakdown of the performance on each section of the exam, along with their overall score and pass/fail status at the completion of the testing session.

A content outline has been prepared to assist member firms in preparing candidates for the Series 99 exam and is available at www.finra.org/brokerqualifications/registeredrep.  The outline describes the following 3 topical sections comprising the examination:

1. Basic Knowledge Associated with the Securities Industry (32 questions);
2. Basic Knowledge Associated with Broker-Dealer Operations (48 questions); and
3. Professional Conduct and Ethical Considerations (20 questions).

The selection specifications for the Series 99 examination, which FINRA has submitted under separate cover with a request for confidential treatment to the Commission’s Secretary pursuant to Rule 24b-2 under the Act,11 describe additional confidential information regarding the examination.   For further details, go to:  [FINRA Rule Filing 11-41, 8/19/11]