NYSE Regulation, Inc. announced that the Series 12 examination is being rescinded. The Series 12 examination qualifies a candidate as a Securities Manager and has generally been utilized by individuals employed by a broker/dealer whose business is limited solely to equity and non-municipal fixed income securities. The Series 12 examination is used as an alternative to the Series 9/10 - General Securities Sales Supervisor examination for qualification as a Branch Office Manager of a NYSE member firm pursuant to NYSE Rule 432. Persons may also qualify as a Branch Office Manager by passing NASD Series 24, General Securities Principal examination.
The Series 12 examination is being rescinded because its content is now covered by the Series 10 examination, which is the general securities portion of the Series 9/10 examination. Notably, there is an overlap in the topics covered by the two examinations: Sales Supervision; Account Supervision; Compliance, Recordkeeping and Financial Responsibility; and Regulations Affecting the Operation of Securities Markets. The primary difference between the Series 12 and the Series 10 is that the Series 12 does not cover municipal securities.
Candidates who request to take the Series 12 prior to April 23 will be registered to take the Series 12. If a candidate requests a Securities Manager registration on or after that date, they will automatically be registered to take the Series 10 examination. Individuals wishing to take the Series 12 examination must make the appropriate request through the Central Registration Depository on or before Friday, April 20. Individuals who have made an appropriate request by April 20 will have 120 days to take the Series 12 examination.