TheFinancial Industry Regulatory Authority, Certified Financial Planner Board of Standards, aswell as the Securities and ExchangeCommission continue to adjust regulatory and exam requirements in light ofthe coronavirus pandemic.
FINRA and the SEC also are warningthe regulated community of coronavirusscams and are taking actions to halt them.
In mid-May, broker-dealers and
their registered reps were awaiting the
date they could begin their online test-
taking appointments for exams that
will start on May 24 as part of FINRA
Administrators Association’s online
testing service, which is to be adminis-
tered remotely by Prometric.
The online test delivery service willallow candidates to use their camera-equipped computer to take qualifications exams.
FINRA and NASAA said in early Maythat they and other regulators plannedto finalize in the coming weeks therequirements for the online testing,which initially will include online delivery of the Securities Industry Essentials(SIE), Series 6, Series 7, Series 63, Series
65 and Series 66 exams, FINRA said.
The CFP Board also postponed the
July 2020 CFP Certification Exam to
Sept. 22–29, due to the coronavirus.
Those already registered for the July
2020 exam were to be notified in May
about how to reschedule testing appoint-
ments for September or Nov. 3–10.
“The health and safety of our examcandidates has been paramount to usas we’ve monitored the COVID- 19 pandemic and considered its impact on theCFP exam,” according to CFP BoardCEO Kevin Keller.
“CFP Board did not make this decision lightly. We recognize the monthsof preparation many candidates put intopreparing for the exam, and we appreciate their ongoing dedication and perseverance,” Keller added.
Registration for the September examis open to all eligible candidates, anddiscounted early registration is availablethrough July 28. The exam’s final registration deadline is Sept. 8.
The CFP Board noted that exam administrations will continue as planned “only ifthey can be conducted without compromising the health of exam candidates.”
There were about 2,600 registrantsfor the March CFP exam, with roughly1,630 passing it — for a pass rate of 63%.
FINRA REDUCES MEDIATION FEESFINRA also announced a “significantly”reduced-fee mediation program.
Parties can use remote mediation atsignificantly reduced fees through Aug. 31.
To date, more than 85 mediators haveagreed to participate in the program,FINRA said, which features the following benefits:
By Melanie Waddell
Regulatory Groups Gear Up
Remote Exam Requirements
FINRA reduces mediation fees and enhances
action against new wave of scams.