The Financial Industry Regulatory Authority proposes to overhaul its basic entry-level examination for registrants. Under its proposal, all potential registrants would be required to pass a general knowledge examination regarding the securities industry, termed the Securities Industry Essentials Examination, which they could take while associated or not with a member. A passing result would be valid for four years. A registrant would then be required to take a specialized knowledge examination that would relate to his or her registration position and current representative examination (e.g., Series 7 for a general securities representative). Comments are due by July 27, 2015.