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Learn how to take the Series 7 exam to sell securities in the U.S. Find out the eligibility, registration and qualification process from FINRA, the exam administrator.
Licensed General Securities Representative (Series 7); Licensed Investment Adviser Representative (Series 65); and; Licensed Private Securities Offerings Representative (Series 82). Individuals holding any of these three designations in good standing can qualify as accredited investors.
The SEC adopted amendments to expand the definition of accredited investor and qualified institutional buyer, which are tests for eligibility to participate in private capital markets. The amendments add new categories of natural persons and entities, such as professional certifications, knowledgeable employees, and family offices, and update the investments test.
What is the role of accredited investors? For companies raising capital, the accredited investor definition largely determines who is in their pool of potential investors, and for investors whether they are eligible to invest in many early-stage companies.
Restricted securities are previously-issued securities that are not freely tradable and require registration or exemption for resale. Learn about the conditions and requirements for reselling restricted securities under Rule 144 and other exemptions.
The SEC adopted final rules to expand the definition of accredited investor to include persons with certain professional certifications and designations. The Chairman explains the rationale and benefits of this change for private capital markets and investors.
In the concept release, the Commission requested comments on possible approaches to amending the accredited investor definition, which is a central component of several exemptions from registration such as Rules 506(b) and 506(c) of Regulation D, and plays an important role in other federal and state securities law contexts.The concept release ...
Many individuals take the comprehensive "Series 7" exam. If individuals engage only in activities involving sales of particular types of securities, such as municipal securities, direct participation programs (limited partnerships) or mutual funds, they may wish to take a specialized examination focused on that type of security, instead of the ...
Today’s cautious expansion of the accredited investor definition to include additional categories of natural persons and entities is a step in the right direction. Series 7, 65, and 82 license holders and knowledgeable employees of private funds clearly have the knowledge and expertise to evaluate the merits and risks of an investment.
The definition of “accredited investor” applicable to Rule 506 is set forth in Rule 501(a) of Regulation D [17 CFR 230.501(a)] and includes any person who comes within one of the definition’s enumerated categories of persons, or whom the issuer “reasonably believes” comes within any of the enumerated categories, at the time of the ...