Keeping your licenses

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Aug 12, 2007 8:09 pm

I got my Series 7 in June 2006 and my 66 in September 2006 and was wondering how long I have before my licenses lapse. The reason I'm asking is because I was thinking of moving to China for a year to teach English while brushing up on my native tongue. There is a lot of money in the Chinese market and I want to be lethal. Can anyone tell me what the rules are with CE credits and keeping your license active? Can anyone point me to the right direction where I can find this out? Thanks for your help!

Aug 12, 2007 8:18 pm

Licenses lapse two years--to the day--after your most recent employer processes the U-5 indicating that you are no longer associated with them.

Aug 12, 2007 8:46 pm
slkgirl:

I got my Series 7 in June 2006 and my 66 in September 2006 and was wondering how long I have before my licenses lapse. The reason I'm asking is because I was thinking of moving to China for a year to teach English while brushing up on my native tongue. There is a lot of money in the Chinese market and I want to be lethal. Can anyone tell me what the rules are with CE credits and keeping your license active? Can anyone point me to the right direction where I can find this out? Thanks for your help!


If you want to brush up on a tongue, I'm sure we can find a volunteer. ChrisB, what do you think? Try a girl, just this one time.

Aug 12, 2007 11:00 pm
DAtoo:

Licenses lapse two years--to the day--after your most recent employer processes the U-5 indicating that you are no longer associated with them.




Thanks DAtoo, I appreciate your help. One more thing, when do I need to complete my CE credits by? I am curious to know what will happen if I don't get them done in time...do I have to retake my exams??

Aug 13, 2007 8:05 am
slkgirl:
DAtoo:

Licenses lapse two years--to the day--after your most recent employer processes the U-5 indicating that you are no longer associated with them.



Thanks DAtoo, I appreciate your help. One more thing, when do I need to complete my CE credits by? I am curious to know what will happen if I don't get them done in time...do I have to retake my exams??



The first dose of CE is due--I think--within 60 days of your second anniversary.


It's my gut reaction that you won't have to even think about it until you get back in the biz.


CE is pretty much of a joke anyway, don't fixate on it at all.  You will not be denied reentry because you did not complete a CE requirement that would not apply anyway.

Aug 13, 2007 1:58 pm
DAtoo:
slkgirl:
DAtoo:

Licenses lapse two years--to the day--after your most recent employer processes the U-5 indicating that you are no longer associated with them.



Thanks DAtoo, I appreciate your help. One more thing, when do I need to complete my CE credits by? I am curious to know what will happen if I don't get them done in time...do I have to retake my exams??



The first dose of CE is due--I think--within 60 days of your second anniversary.


It's my gut reaction that you won't have to even think about it until you get back in the biz.


CE is pretty much of a joke anyway, don't fixate on it at all.  You will not be denied reentry because you did not complete a CE requirement that would not apply anyway.



Wrong.  You MUST complete Continuing Education Regulatory Element Requirement 2 years from the date you first passed your Series 7, and every 2 years after that to retain your Series 7 license

Aug 13, 2007 2:05 pm
maybeeeeeeee:
DAtoo:
slkgirl:
DAtoo:

Licenses lapse two years--to the day--after your most recent employer processes the U-5 indicating that you are no longer associated with them.



Thanks DAtoo, I appreciate your help. One more thing, when do I need to complete my CE credits by? I am curious to know what will happen if I don't get them done in time...do I have to retake my exams??



The first dose of CE is due--I think--within 60 days of your second anniversary.


It's my gut reaction that you won't have to even think about it until you get back in the biz.


CE is pretty much of a joke anyway, don't fixate on it at all.  You will not be denied reentry because you did not complete a CE requirement that would not apply anyway.



Wrong.  You MUST complete Continuing Education Regulatory Element Requirement 2 years from the date you first passed your Series 7, and every 2 years after that to retain your Series 7 license



What was said is that not having completed CE is NOT going to prevent somebody from reentering the business.


Have you even been around long enough to encounter CE for the first time?  If not what qualifications to you bring to the discussion?

Aug 13, 2007 2:11 pm

What was said is that not having completed CE is NOT going to prevent somebody from reentering the business.


Have you even been around long enough to encounter CE for the first time?  If not what qualifications to you bring to the discussion?


Wow... An error from such an intellectual. You should be ashamed... Maybe you had a minor stroke over the weekend and its affecting you... It is possible- you are very elderly...

Aug 13, 2007 2:15 pm
blarmston:

What was said is that not having completed CE is NOT going to prevent somebody from reentering the business.


Have you even been around long enough to encounter CE for the first time?  If not what qualifications to you bring to the discussion?


Wow... An error from such an intellectual. You should be ashamed... Maybe you had a minor stroke over the weekend and its affecting you... It is possible- you are very elderly...



Are you saying that if a broker leaves the industry they have to complete Continuing Education requirements anyway?

Aug 13, 2007 2:18 pm

He's saying, you Boob, that you mis-spelled a word.

Aug 13, 2007 2:48 pm

Guess it proves that Gollum isn't terribly bright...

Aug 13, 2007 3:29 pm
maybeeeeeeee:
DAtoo:
slkgirl:
DAtoo:

Licenses lapse two years--to the day--after your most recent employer processes the U-5 indicating that you are no longer associated with them.



Thanks DAtoo, I appreciate your help. One more thing, when do I need to complete my CE credits by? I am curious to know what will happen if I don't get them done in time...do I have to retake my exams??



The first dose of CE is due--I think--within 60 days of your second anniversary.


It's my gut reaction that you won't have to even think about it until you get back in the biz.


CE is pretty much of a joke anyway, don't fixate on it at all.  You will not be denied reentry because you did not complete a CE requirement that would not apply anyway.



Wrong.  You MUST complete Continuing Education Regulatory Element Requirement 2 years from the date you first passed your Series 7, and every 2 years after that to retain your Series 7 license



ummmm, no...after two years, then every THREE years thereafter, and there's no requirement to do continuing ed while your license is in hiatus.

Aug 13, 2007 3:53 pm
maybeeeeeeee:
DAtoo:
slkgirl:
DAtoo:

Licenses lapse two years--to the day--after your most recent employer processes the U-5 indicating that you are no longer associated with them.



Thanks DAtoo, I appreciate your help. One more thing, when do I need to complete my CE credits by? I am curious to know what will happen if I don't get them done in time...do I have to retake my exams??



The first dose of CE is due--I think--within 60 days of your second anniversary.


It's my gut reaction that you won't have to even think about it until you get back in the biz.


CE is pretty much of a joke anyway, don't fixate on it at all.  You will not be denied reentry because you did not complete a CE requirement that would not apply anyway.



Wrong.  You MUST complete Continuing Education Regulatory Element Requirement 2 years from the date you first passed your Series 7, and every 2 years after that to retain your Series 7 license



Sorry, but you're wrong too.  You have to take that stupid Regulatory Element exam two years from your "base date" shich is not the same as the date you took your S7.  It's the date you were first registered with an SRO.  The window for the Reg Element stays open for 90 days after that anniversary. 


After that it moves to every three years.  So you play the computer game in year 2, 5, 8, 11, etc.  I believe also that you also have to do Firm Element CE every year also.  At Jones we have to do an anti-money laundering course, an ethics course, and one general product knowledge course.  Who says there aren't any qualifications for doing this job?

Aug 13, 2007 3:57 pm
Spaceman Spiff:

After that it moves to every three years.  So you play the computer game in year 2, 5, 8, 11, etc.  I believe also that you also have to do Firm Element CE every year also.  At Jones we have to do an anti-money laundering course, an ethics course, and one general product knowledge course.  Who says there aren't any qualifications for doing this job?



That would be me, and I stand behind my point of view.


CE is a joke--it is impossible to fail the test, and as such it hardly demonstrates qualifications for the job.


Aug 13, 2007 5:45 pm

And I reject your rejection of my qualifications as I feel you are unqualified to make such a decision. 

Aug 13, 2007 5:51 pm
Spaceman Spiff:

And I reject your rejection of my qualifications as I feel you are unqualified to make such a decision. 


That's fine, but you know as well as I do that you're pretending to be something you are not capable of being.

Aug 13, 2007 5:54 pm
Spaceman Spiff:

And I reject your rejection of my qualifications as I feel you are unqualified to make such a decision. 


I reject your rejection of her rejection regarding your qualifications and submit a non-binding resolution in affirmation of the aforementioned qualifications.

Aug 13, 2007 6:12 pm
DAtoo:
Spaceman Spiff:

After that it moves to every three years.  So you play the computer game in year 2, 5, 8, 11, etc.  I believe also that you also have to do Firm Element CE every year also.  At Jones we have to do an anti-money laundering course, an ethics course, and one general product knowledge course.  Who says there aren't any qualifications for doing this job?



That would be me, and I stand behind my point of view.


CE is a joke--it is impossible to fail the test, and as such it hardly demonstrates qualifications for the job.




Asshole, according to the regulators, if he has passed the Series 7 exam AND is registered with a b/d, he's qualified. If he sucks at what he does, the marketplace will wash him out of the business. See? No need for you to worry anymore.

Aug 13, 2007 6:48 pm
Bobby Hull:

Asshole, according to the regulators, if he has passed the Series 7 exam AND is registered with a b/d, he's qualified. If he sucks at what he does, the marketplace will wash him out of the business. See? No need for you to worry anymore.



Not hardly.  What passing Series 7 does is REGISTER a person.  The regulatory bodies have NEVER passed on anybody's qualifications--just like they don't pass on the investment merit of new issues.


They simply open a file and register them.


If the regulators passed on the qualifications of the individuals they register they would become liable in arbitration and litigation matters.

Aug 27, 2007 8:08 pm
troll:
blarmston:

What was said is that not having completed CE is NOT going to prevent somebody from reentering the business.


Have you even been around long enough to encounter CE for the first time?  If not what qualifications to you bring to the discussion?


Wow... An error from such an intellectual. You should be ashamed... Maybe you had a minor stroke over the weekend and its affecting you... It is possible- you are very elderly...


Are you saying that if a broker leaves the industry they have to complete Continuing Education requirements anyway?



You basically have two years after you leave your job where your regisered to become registered.  If you get a job right at the dealine of the two years you will have to do regulatory CE right away