Earlier this year, the Securities and Exchange Commission approved a Financial Industry Regulatory Authority rule proposal to adopt a new limited registration category for investment banking professionals. The new requirement will become effective 90 days after FINRA announces the development of the new Series 79 qualification examination (the new test and associated fees will be subject to another round of SEC review and approval). After the new examination is implemented, qualified investment banking professionals exclusively focusing on investment banking transactions will no longer be required to take and pass the more comprehensive Series 7 examination.

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