Principal's Study Outline
Study Outline Filed
The Board has filed a revised study outline for the Series 53 examination.
Questions about this notice may be directed to Loretta J. Rollins, Director of Professional Qualifications, or Christine A. Barnes, Professional Qualifications Assistant.
On October 16, 1997, the Board filed with the Securities and Exchange Commission a revised study outline for the Municipal Securities Principal Qualification Examination (Test Series 53). The Board has requested that the Commission delay the effectiveness of the revision until January 1, 1998, in order to provide time to modify the examination to reflect the changes and for information concerning the revised outline to be circulated to the industry. Persons wishing to comment on the revised outline should submit such comments directly to the Commission.(1) The revised study outline should be available for distribution in early December.
Except as otherwise provided, rule G-3(b) requires anyone seeking qualification as a municipal securities principal to take and pass the Series 53 examination.(2) The examination contains questions which measure a candidate's knowledge of the Board's rules, rule interpretations and other federal statutory provisions applicable to the municipal securities activities of a securities firm or bank dealer.
SUMMARY OF REVISIONS
The format of the revised study outline is identical to the current outline. The content has been revised to reflect additions to and changes in Board rules since the outline was last revised. The revised outline also provides for the inclusion of new Board rules as they are promulgated. Treatment of the following existing Board rules has changed in the revised study outline:
The specifications for the Series 53 examination will not change. The examination will remain a three-hour 100 question examination administered by NASD Regulation, Inc. using the PROCTOR system.
For the first time, an exhibits book will be used in Series 53 examinations administered after January 1, 1998. An exhibits book is a compilation of materials (e.g., syndicate agreement, trade blotter) that a principal might employ in the conduct of his job responsibilities. The exhibits will be used to answer certain questions on the examination.
October 16, 1997
1. SEC File No. SR-MSRB-97-7. Comments filed with the Commission should refer to the file number.
2. The Series 53 examination is the only examination a candidate may take to qualify as a municipal securities principal. Neither the General Securities Principal Examination (Test Series 24) nor the General Securities Sales Supervisors Examination (Test Series 8) may be substituted.
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