FINRA License Waiver Request

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Feb 15, 2010 11:56 am

Anyone have any experience with FINRA granting a License Waiver Request for someone whose licenses expired as they were beyond their two year period of affiliation with a BD but who now wants to rejoin the industry? Seems like most reps have to retake the license tests but that occasionally FINRA does waive the requirements based on certain situations. For those familiar with the process, does it matter how long the person is beyond their two year window? Ex: Are one's chances of a waiver better if it is only one or two months beyond the two year window? Any insight would be appreciated.

Feb 16, 2010 12:13 pm

I have no personal experience with it, but I'm not 100% FINRA still does that.  If they do, I have heard that many firms would rather just have the FA requalify for the licences rather than go through the "headache" of obtaining a waiver.

Feb 20, 2010 11:50 am

It is very rare that FINRA would reinstate your license without retesting. A license may be tolled if you are on active duty with the military. Check out the study materials on SecuritiesCE.com if you need to retest