FINRA recently announced new registration and examination requirements for Investment Bankers and Principals who supervise them. The Series 79 examination becomes effective/available on November 2, 2009. Individuals who are engaged in the following activities shall be required to hold the Series 79 license:
- Advise on or facilitate debt or equity offerings through a private placement or public offering
- Advise or facilitate mergers or acquisitions, tender offers, financial restructuring, asset sales, divestitures or other corporate reorganizations or business combination transactions
Any individual who currently holds either the Series 7 or Series 62 licenses and who also are currently engaged in their broker/dealer's investment banking business may "opt in" for this new license by May 3, 2010. Full details and FAQ are covered in FINRA's Regulatry Notcie 09-41: Download 09-41
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