The proposed consolidated rules bifurcate the representative-level examination program and introduce greater flexibility in obtaining and maintaining registrations.

On March 8, 2017, the Financial Industry Regulatory Authority (FINRA) filed a proposed rule change with the Securities Exchange Commission (SEC) to adopt consolidated registration rules, restructure the representative-level qualification examination and amend continuing education requirements (the Proposed Rules). In addition to consolidating most of the existing National Association of Securities Dealers (NASD) rules pertaining to registration and examination, the Proposed Rules set forth a new base representative-level examination called the Security Industry Essentials (SIE) and introduce greater flexibility in obtaining and maintaining registrations.