FINRA/SEC Deny RR Series 7 Waiver

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Feb 3, 2009 5:27 pm

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If this snippet intrigues you, read the full story at

 
http://www.brokeandbroker.com/index.php?a=blog&id=119
 
On May 12, 2008, the Waiver Subcommittee affirmed the Department’s denial of the 2007 Waiver Request, determining the request did not meet the standards set forth in FINRA’s Waiver Guidelines for a waiver of a qualification examination. The #ffff00">Waiver Subcommittee found that

Stegawski’s #ffff00">law degree lacked a "substantial emphasis on finance and investments."
he #ffff00">failed to submit a final transcript reflecting his graduation;
his #ffff00">SEC externship was not his "most recent employment" and lacked the "breadth of experience necessary" for an examination waiver;
that his "prior experience as a general securities representative was not substantial, [lasting] approximately four months."
his #ffff00">completion of the Series 24 Examination and Level I of the CFA Program did not "ensure the same breadth of knowledge of the securities laws and regulations as does completing the Series 7 Examination;" and
Stegawski should "#ffff00">re-familiarize [himself] with FINRA rules through the examination process and become familiar with the changes to the securities laws that have occurred since [he] last registered.
Feb 7, 2009 4:40 pm

I about fell out of my chair reading all of this the other day on your site. I still can't believe how much they put the guy through. Are there any trade groups out there actively challenging the regulatory bodies in much the same way the Federalist Society challenges a lot of the ABA's power and clout?