General Securities Representative — Requirements & Free Practice

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FINRA General Securities Representative registration under Rule 1220(b)(2).

Initial by examination

All of the following:

Scope: Current initial General Securities Representative registration under FINRA Rule 1220(b)(2)(B); past registrants and examination waivers are distinct conditions under the rule.

Provider: FINRA
Format: Multiple choice
Exam questions: Total questions: 130; Scored questions: 125; Unscored questions: 5; The total includes the scored and unscored questions.
Time limit: 3 hours and 45 minutes

Examination outline

Seeks Business for the Broker-Dealer from Customers and Potential Customers (7%)
- Contacts current and potential customers
- Describes investment products and services
Opens Accounts After Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives (9%)
- Informs customers of account types and restrictions
- Obtains customer information and documentation
- Obtains customer investment profile information
- Obtains supervisory approvals to open accounts
Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records (73%)
- Provides investment and market information to customers
- Reviews customer profiles and recommendations
- Provides investment product disclosures
- Communicates account information and retains documentation
Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes and Confirms Transactions (11%)
- Provides current quotes
- Processes and confirms customer transactions
- Resolves discrepancies, disputes, errors and complaints
- Addresses margin issues

Examination sources

Provider: FINRA
Format: Multiple choice
Exam questions: Total questions: 80; Scored questions: 75; Unscored questions: 5; The total includes the scored and unscored questions.
Time limit: 1 hour and 45 minutes

Examination outline

Knowledge of Capital Markets (16%)
- Regulatory Entities, Agencies and Market Participants
- Market Structure
- Economic Factors
- Offerings
Understanding Products and Their Risks (44%)
- Products
- Investment Risks
Understanding Trading, Customer Accounts and Prohibited Activities (31%)
- Trading, Settlement and Corporate Actions
- Customer Accounts and Compliance Considerations
- Prohibited Activities
Overview of the Regulatory Framework (9%)
- SRO Regulatory Requirements for Associated Persons
- Employee Conduct and Reportable Events

Examination sources