Deadline for Broker-Dealers to Register Operations Professionals Is Fast Approaching

December 12, 2011

All registered broker-dealers should, by now, be well on their way to registering their Operations Professionals, so that they can complete the process no later than Friday, Dec. 16, 2011. In Regulatory Notice 11-33, the Financial Industry Regulatory Authority (FINRA) set Oct. 17, 2011, as the effective date for new FINRA Rule 1230(b)(6). The new rule requires member firms to register certain individuals as Operations Professionals. It also includes a 60-day implementation period during which member firms must register those individuals who are one of the three types of covered persons and who are responsible for one or more of the 16 covered functions listed in the rule.

The last day for firms to register persons currently acting as Operations Professionals is Friday, Dec. 16, 2011. Firms must have all operations professionals registered by that date. Under the rule, once they have filed a Form U-4, individuals who need to take the qualifying exam are permitted to continue acting as Operations Professionals, and will have a period of time — in most cases until Oct. 17, 2012 — to pass the Series 99 qualifying exam. For more information on Rule 1230(b)(6) and the requirement to register Operations Professionals, see our alerts from July 29, 2011,1 June 30, 2011,2 March 21, 2011,3 and June 3, 2010.4


If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following Morgan Lewis lawyers:


1 Bingham alert, July 29, 2011 — /Media.aspx?MediaID=12699

2 Bingham alert, June 30, 2011 — /Media.aspx?MediaID=12569

3 Bingham alert, March 21, 2011 — /Media.aspx?MediaID=12190

4 Bingham alert, June 3, 2010 — /Media.aspx?MediaID=10842

This article was originally published by Bingham McCutchen LLP.