Serier 7 licensing renewal?

H

hustler

Hi, do you need to renew your series-7 license every once in a while?

If so, then how often do you need to to this and what is the process of doing so? Do you need to take the exam again?

Thanks!
 
is this correct as posted in another thread?


"Since the Series 7 is carried by your prop firm, they would handle the renewals for you. If you sign up with a different firm, they handle the license transfer. As long as you're a member of a firm, your license will be active. I believe there's a 2 year grace period during which your license can be idle (not with any firm) and be renewed by another firm without retaking the exam."
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While you are actively trading at a prop firm, no. If you decided to quit the prop firm and than went working in a completely different industry; after 2 years the license is gone. However in some cases with some prop firms, if you were to go back to the same firm you left, even after the 2 year window, if and only if they are a PHLX registered firm, you could possibly get it back through them without having to retake the exam again.
 
Broker/Dealers used to allow people to "park" their licenses but no longer do so because it is a huge RED FLAG to the regulators ( you must do some business ) AND because it costs the broker/dealer a substantial amount of money ( in the thousands ) for liability insurance, etc.
 
Series 7 passed. 2 years later, if you're with a Firm, you will be advised to take your "Continuing Education" to keep your license active. After that, I think it is 3 years until Con't Ed.

Don
 
Quote from Don Bright:

Series 7 passed. 2 years later, if you're with a Firm, you will be advised to take your "Continuing Education" to keep your license active. After that, I think it is 3 years until Con't Ed.

Don
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Don, could you please tell me what "Continuing Education" is?

Thanks!
 
Quote from elit:

Don, could you please tell me what "Continuing Education" is?

Thanks!
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Continuing education is primarily testing updates on new rules, and you "can't" fail it, they keep re-asking the questions in a slightly different form, until you get it right. You "could" take too long and run out of time, be very few do.

Don
 
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