In response to the growing complexity of the financial services industry on March 14,
2011 the Financial Industry Regulatory Authority, Inc. ("FINRA") filed with the
Securities and Exchange Commission ("SEC") a proposed rule change to adopt FINRA
Rule 1230(b)(6) to create a new registration category for operational personnel. The new
registration category, which would require a qualifying examination and continuing
education requirements, is aimed to address potential regulatory gaps for individuals
responsible for performing or overseeing a broker-dealer's operational functions.
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