General Securities Sales Supervisor (Series10) Practice Exam

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Which statement is true regarding the requalification of an individual who served in active military duty and wishes to return to the securities business?

  1. This individual must retake and pass the Series 7 exam in order to be requalified

  2. This individual must take Regulatory Element CE in order to be requalified

  3. This individual must retake and pass the Series 7 exam and must take Regulatory Element CE in order to be requalified

  4. This individual will be relicensed without being required to retake the Series 7 exam

The correct answer is: This individual will be relicensed without being required to retake the Series 7 exam

The correct statement is that an individual who served in active military duty will be relicensed without being required to retake the Series 7 exam. This policy is in place to recognize and accommodate the unique challenges faced by military personnel who are called to active duty and may be away from their professional roles for extended periods. The Financial Industry Regulatory Authority (FINRA) has provisions that allow individuals who have been away from the industry for a defined period due to military service to return without undergoing the typically required requalification exams, provided they meet certain conditions. However, they may still need to fulfill Regulatory Element Continuing Education (CE) requirements, which ensure that all registered individuals remain current on pertinent regulations and practices. This flexibility encourages veterans to reintegrate into the securities industry effectively, acknowledging their service while also aiming to maintain industry standards through the CE requirements. In summary, the focus on facilitating the requalification process for military personnel reflects industry support for those who serve in the armed forces.

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