7/66, 4, 53, 9/10

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May 22, 2007 11:13 pm

I've spoken to my current firm, a securities exam training vendor, and the NASD regarding this, and have gotten different answers from all three parties.


It is agreed that the Series 4 is the "Registered Options Principal" registration, which allows you to act as a CROP or SROP; basically overseeing options regulations for an entire firm.  The Series 9, a component of the 9/10 (formerly the 8) allows you to act as a General Securities Sales Supervisor, responsible for supervising options transactions within a branch office.


If you obtain the Series 10, does holding the 4 exempt you from sitting for the Series 9 exam?  One NASD rep says yes, another says no.  My firm says no.  Vendor says yes.


If you hold the 7/66, 4, 53, and 24 - does that automatically qualify you as a 9/10 Principal and exempt you from those examinations?  This seems to be a unanimous yes.


And finally...Is there really a prerequisite that one must hold the 7 for three years before sitting for 9/10?  This is a statement made only by my firm.  The NASD claims that it is untrue, though makes mention that the NYSE may attempt to enforce this mandate.  With the recent merger of regulators, does anyone know the true answer?


Just rambling.  I have 7/66/4.  Going for 24 next, and trying to evaluate future obligations.  Any feedback would be greatly appreciated.  Thank you.

May 26, 2007 2:33 am

..Anyone....?

May 26, 2007 2:51 am

I don't know but think if someone who had no idea about investing saw that.  It would be pretty funny.

Oct 16, 2011 8:56 pm

I've spoken to my current firm, a securities exam training vendor, and the NASD regarding this, and have gotten different answers from all three parties.
It is agreed that the Series 4 is the "Registered Options Principal" registration, which allows you to act as a CROP or SROP; basically overseeing options regulations for an entire firm.  The Series 9, a component of the 9/10 (formerly the 8) allows you to act as a General Securities Sales Supervisor, responsible for supervising options transactions within a branch office.
If you obtain the Series 10, does holding the 4 exempt you from sitting for the Series 9 exam?  One NASD rep says yes, another says no.  My firm says no.  Vendor says yes.  YOU HAVE TO TAKE BOTH THE 9 AND 10 TOGETHER.  THERE IS NO SPLIT, SO NO. 
If you hold the 7/66, 4, 53, and 24 - does that automatically qualify you as a 9/10 Principal and exempt you from those examinations?  This seems to be a unanimous yes.  YES.  THE 9/10 MAKES YOU A SALES PRINCIPAL IN ALL THREE CATEGORIES.  THE 24/53/4 MAKES YOU A FULL-FLEDGED PRINCIPAL IN ALL THREE CATEGORIES.  YOU CAN DO EVERYTHING WITH THE 24/53/4 COMBO.  YOU CAN ONLY OVERSEE SALES WITH A 9/10 (OR IF YOU ARE OLD SCHOOL THE 8 WHICH WAS THE 9/10 COMBINED)
And finally...Is there really a prerequisite that one must hold the 7 for three years before sitting for 9/10?  NO. This is a statement made only by my firm.  The NASD claims that it is untrue, though makes mention that the NYSE may attempt to enforce this mandate.  With the recent merger of regulators, does anyone know the true answer?
Just rambling.  I have 7/66/4.  Going for 24 next, and trying to evaluate future obligations.  Any feedback would be greatly appreciated.  Thank you.

Dec 21, 2011 11:54 am

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