Permitted Activities of Registered Principals
Series 4 - Registered Options Principal Examination (OP)
Covered supervisory activities and products include regulatory compliance over trading, market making, underwriting and advertising of:
- Equity options
- Foreign currency options
- Interest rate options
- Index options
- Options on government and mortgage-backed securities
Series 9/10 - General Securities Sales Supervisor
The Series 9 and 10 exams are designed to assess the competency of General Securities Sales Supervisors in the following fields:
- Sale of Corporate Securities
- Rights
- Warrants
- Closed-end Funds
- Money Market Funds
- REITs
- Asset-backed Securities
- Mortgage-backed Securities (Corporate)
- Equity Options
- Options on (corporate) Backed-Securities
- Mutual Funds
- Variable Annuities and Variable Life Insurance
- Government Securities
- Repos and Certificates of Accrual on Government Securities
- Municipal Securities and Municipal Fund Securities
- Direct Participation Programs
Series 23 - General Securities Principal—Sales Supervisor Module
A general securities principal’s supervisory responsibilities are governed by the limitations of their representative-level registrations. Covered supervisory activities include regulatory compliance over:
- Advertising
- Market making
- Trading
- Underwriting
Series 24 - General Securities Principal
A general securities principal’s supervisory responsibilities are governed by the limitations of their representative-level registrations. Covered supervisory activities include regulatory compliance over:
- Advertising
- Market making
- Trading
- Underwriting
Series 26 - Investment Company Products/Variable Contracts Limited Principal
Covered supervisory activities and products include regulatory compliance over sales of:
- Closed-end funds (initial offering only)
- Mutual funds
- Variable annuities
- Variable life insurance
Series 27 - Financial and Operations Principal
Covered supervisory activities include the following:
- Back office operations
- Preparation and maintenance of a member firm’s books and records
- Compliance with financial responsibility rules that apply to self-clearing broker-dealers and market makers
Series 28 - Introducing Broker/Dealer Financial and Operations Principal
Covered supervisory activities include the following:
- Back office operations
- Preparation and maintenance of a member firm’s books and records
- Compliance with financial responsibility rules that apply to fully disclosed broker-dealers that do not hold customer funds and securities and do not carry customer accounts
Series 39 - Direct Participation Programs Limited Principal
Covered supervisory activities and products include regulatory compliance over sales of:
- Direct participation program limited partnerships (e.g., real estate, oil and gas, and equipment leasing)
- Limited liability companies
- S corporations
In addition to sales supervision, the Series 39 qualifies a principal for the overall supervision of a firm’s investment banking and securities business — including compliance, underwriting and advertising — for those activities specially covered by each supervisory principal’s license.
Series 51 - Municipal Fund Securities Limited Principal
Municipal fund securities (e.g., 529 College Savings Plans, Local Government Investment Pools (LGIPs))
Series 53 - Municipal Securities Principal
Municipal securities, including municipal fund securities (e.g., 529 College Savings Plans, Local Government Investment Pools (LGIPs))
Note: In addition to sales supervision, the Series 4, 23, 24, 26, 39, 51 and 53 qualify a principal for the overall supervision of the member firm’s investment banking and securities business (e.g., compliance, trading, market making, underwriting, advertising, etc.) for those areas of activity specifically covered by each supervisory principal's license.
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