1 Miss. Code. R. 14-5.29 - Written Examinations

A. Written examinations shall be required to determine an applicant's qualification and competency to transact business in this state as a broker-dealer agent.

B. Each broker-dealer principal and each broker-dealer agent applicant must satisfy two (2) examination requirements to obtain a license:

1. An examination on state securities law, which will be satisfied by passing either the Uniform Securities Agent State Law Examination (USASLE) (S-63) or the Uniform Combined State Law Examination (UCSLE) (S-66) administered by FINRA; and

2. An examination of general or limited knowledge of securities principles, which will be satisfied by passing the appropriate examination required by FINRA for the activity in which applicant will be engaged.

C. Applicants successfully completing a limited knowledge examination as provided under Subsection (B)(2) of this Rule will be eligible only for registration to effect transactions in those securities to which the limited examination relates.

D. The examinations required by Subsections (B)(1) and (2) of this Rule are administered by FINRA at various regional testing sites. Any fees required by FINRA for the taking of such examinations are the responsibility of the applicant.

E. The examinations required under this Rule shall not be applicable to an applicant:

1. Who is registered with FINRA and registered with this state prior to March 15, 1988, with no break in registration longer than a two (2) year period; or

2. Who is not registered with FINRA and was registered in this state prior to January 1, 2010, and has remained continuously registered in this state without interruption with no break in registration longer than a two (2) year period.

F. Any individual who is not registered as an agent in any state for more than two years but less than five years, who has elected to participate in the FINRA Maintaining Qualifications Program pursuant to FINRA Rule 1240(c), and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the MQP program shall be deemed in compliance with the examination requirements of Section B(1) as long as the individual elects to participate in the NASAA Examination Validity Extension Program within two years of agent registration termination.

G. Any individual who has not been registered as an agent in any state for more than two years but less than five years, who has elected to participate in the FINRA Maintaining Qualifications Program pursuant to FINRA Rule 1240(c), and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the FINRA Maintaining Qualifications Program shall be deemed in compliance with the examination requirements of Section B(2).

H. Successful participation in the FINRA Maintaining Qualifications Program shall not extend the Uniform Combined State Law Examination (UCSLE) (S-66) for purposes of investment adviser representative registration.

Notes

1 Miss. Code. R. 14-5.29

Miss. Code Ann. § 75-71-412(e) (2020).

Amended 6/3/2018 Amended 4/18/2022 Amended 1/29/2024 Amended 3/14/2024