Returning to day-trading

neisykay · Jun 30, 2003

What are the guidelines about 'grandfathering' Series 7 licenses? I am in the process of preparing to return to trading after 5 years (!) and am being told that some firms will enable me NOT to have to take the test again.

Is this true?

RAMOUTAR · Jun 30, 2003

Quote from neisykay:

What are the guidelines about 'grandfathering' Series 7 licenses? I am in the process of preparing to return to trading after 5 years (!) and am being told that some firms will enable me NOT to have to take the test again.

Is this true?

There is no grandfathering of securities licenses. If you have not been registered with a member firm for 2 years, you must retake the exam. If a firm can get you grandfathered, they know some mighty powerful people at the CRD. Good luck.

jem · Jun 30, 2003

the previous poster was probably referencing NASD firms. They seem to be strict there. But I have seen a bunch of grandfathering at other exchanges in the past.

Ebo · Jun 30, 2003

Your license is NON existant if not with a NASD firm for 2 years.

http://pdpi.nasdr.com/pdpi/disclaimer_frame.htm

inandlong · Jun 30, 2003

I agree with jem. Talk to Echotrade for more details. Good luck!

rttrader · Jun 30, 2003

Quote from Ebo:

Your license is NON existant if not with a NASD firm for 2 years.

http://pdpi.nasdr.com/pdpi/disclaimer_frame.htm

I just checked w/ our compliance officer and Ebo is correct. I don't think "any" firm can help you on this issue, our compliance officer said this person would have to re-test.

rttrader -

rttrader · Jun 30, 2003

added thoughts -

It's possible, but unlikely, to get abn exception by claiming a rep has still been "In the business" while unregistered.....for example, mayber he was a floor trader, or worked abroad....but always check with your compliance officer to make sure!

rttrader -

Ebo · Jun 30, 2003

After 2 years ALL licenses are expired.
I am very good friends with a Compliance Officer.
You do NOT need a license to trade your own dough.
Some, NOT all LLC situations require a 7/63/55 depending on your relationship with the partnership.

jem · Jul 1, 2003

I see the logic sort of hit here. I am with an nasd firm now so I have not kept current in the requirements demanded by other exchanges. But, to trade your own dough your license does not have to necessarily be current. Hence the reason why people in my old office were "grandfathered in". They were "professionals" because they had passed the series 7 exam. They did not have a current license, yet the exchange allowed them to trade. In fact at these other exhcanges since the series 7 goes stale ; every trader, after 2 years, is sort of grandfathered, dont you think.

metooxx · Jul 1, 2003

Not exactly; some exchanges will accept ...