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FINRA Alert: Broker-Dealer Operations Professionals Must Register

Effective October 17, 2011, certain personnel involved in the back office operations of a broker-dealer must pass a FINRA qualification examination, and subsequently register as an Operations Professional.

The Rule further requires senior management having direct responsibility over such personnel to also register.

Operations Professionals can be considered: (i) senior management with a direct responsibility over back office functions; (ii) supervisors or other personnel who are responsible for approving or authorizing work; and (iii) personnel with authority or discretion to commit a firm’s capital or to authorize a contract or agreement on behalf of a firm as related to back-office functions.

New Personnel must be registered before engaging in any activities that require registration.

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