Series 79 registration and series 7 expiration

For those with experience in this area, I have some complicated situations and would appreciate advice or insight. Thanks.

I understand that the 79 is a newer registration. Do all bankers need to take this now? What is the procedure if one already has the 7 and 63?

Are there exemptions where FINRA extends the Series 7 expiration beyond the 2 year period? I heard that you need to work in some related field.

My friend was laid off about 2 years ago, and has been working with a private equity firm unpaid, but was more just to learn the business from a family friend while he was searching for something more solid. . Basically there is no proof of him working there from a compensation standpoint and the private equity firm did not sponsor his previous 7 and 63 licesnses which are set to expire in days. He does however have people to vouch for him. In the case that he is exempted in this situation, i assume he would have to provide proof of employment. Does he look like he has to take the 79?

If all of this is moot point, how difficult was the 79? vs. the 7? How long did it take you to prepare.

 
Best Response
ChimpChange:
If you obtained your Series 7 before May 2010 you're grandfathered in. If not then you'll have to take the 79&63. As per extensions to the two year period, it all depends on when your prior firm filed his U5. The only extension I believe has to do with active duty military

That is incorrect. When the 79 came out, there was a 6 month period where those who had the 7 but were acting in an investment banking capacity could "opt in" (be grandfathered in). After May 2010, everyone entering investment banking had to take the 79.

The 63 is and was required regardless, if you have never taken it. Waiver might be possible in your situation (which is similar to mine) but it is up to the state in which you will be licensed.

 

I would say it's a case by case thing. Just judging from job postings I've seen, some require you to get them and some don't, even at the same level of bank, lower, higher, doesn't matter.

make it hard to spot the general by working like a soldier
 

All bulge bracket banks require their associates and higher to be Series 79 registered and almost all also require their analysts to get registered. Since the Series 79 IB exam was released in 2010 there are few banks that do not register analysts. PM me if you want additional information.

 

All bulge bracket banks require their associates and higher to be Series 79 registered and almost all also require their analysts to get registered. Since the Series 79 IB exam was released in 2010 there are few banks that do not register analysts. PM me if you want additional information.

 

I believe the 79 was added to be specific to investment banking, since historically I-bankers haven't needed any individual certification/regulation to do their job. The 7 on the other hand is a much broader license.

The good news is that neither exam is particularly challenging or time consuming. Just spend ~2 weeks of leisurely study or 1 week of solid study and you should pass.

 

Been in talks with FINRA about this issue for almost a year now, and they finally issued some clarifying statements last month.

In most cases, you will have to take both. The 79 lets you advise on/facilitate the marketing of an offering, but NOT actually sell any securities to investors. If you actively market the offering through direct communication with investors, you also need the 7 (or 82).

 

Been in talks with FINRA about this issue for almost a year now, and they finally issued some clarifying statements last month.

In most cases, you will have to take both. The 79 lets you advise on/facilitate the marketing of an offering, but NOT actually sell any securities to investors. If you actively market the offering through direct communication with investors, you also need the 7 (or 82) and 63.

 

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