Rule 345. Employees—Registration, Approval, Records
This rule is no longer applicable. Incorporated NYSE Rule 345 has been superseded by FINRA Rule 1200 Series. Please consult the appropriate FINRA Rule.
(a) No member or member organization shall permit any natural person to perform regularly the duties customarily performed by a securities lending representative or a direct supervisor of such, unless such person is registered with, qualified by and is acceptable to the Exchange.
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Amended: September 17, 1959; January 24, 1963; December 3, 1964, effective January 1, 1965; December 19, 1968; January 30, 1969; March 26, 1970; September 17, 1970; July 19, 1972; October 16, 1975; July 14, 1976; May 2, 1978; August 4, 1983; February 4, 1988. Amended by SR-FINRA-2008-036 eff. Nov. 11, 2008. Selected Notices: 08-64, 08-67. |
• • • Supplementary Material: --------------
Registration of Employees
.10 Employees required to be registered or approved
See definitions of "branch office manager", "registered representative" and "registered options representative" contained in Rules 9 (¶2009) and 10 (¶2010) and Rule 700(b)(49) (¶2700) and Rule 342 (¶2342) for qualification requirements for supervisors.
A "securities lending representative" is defined as any person who has discretion to commit his member or member organization employer to any contract or agreement (written or oral) involving securities lending or borrowing activities with any other person.
See definitions of "branch office manager", "registered representative" and "registered options representative" contained in Rules 9 (¶2009) and 10 (¶2010) and Rule 700(b)(49) (¶2700) and Rule 342 (¶2342) for qualification requirements for supervisors.
A "securities lending representative" is defined as any person who has discretion to commit his member or member organization employer to any contract or agreement (written or oral) involving securities lending or borrowing activities with any other person.
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Amended: March 26, 1970; May 11, 1979; February 4, 1988. Amended by SR-FINRA-2008-036 eff. Nov. 11, 2008. Selected Notices: 08-64, 08-67. |
.11 Reserved.
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Amended: July 15, 1965; April 3, 1975; May 11, 1979; February 4, 1988; August 23, 1990; July 1, 2015. Renumbered: August 9, 1976; February 4, 1988; Amended by SR-FINRA-2008-036 eff. Nov. 11, 2008. Selected Notices: 08-64, 08-67. |
.12 Applications
Applications for all natural persons required to be registered with the Exchange shall be submitted to the Exchange on Form U-4, copies of which will be supplied on request. The application for the approval of such registered person shall be completed and filed upon the candidate's employment in order that processing may be completed by the time the training period is finished. (See .18—Filing With Agent.)
The information contained on Form U-4 must be kept current and shall be updated by the filing with the Exchange of an amendment to that form.
Applications for all natural persons required to be registered with the Exchange shall be submitted to the Exchange on Form U-4, copies of which will be supplied on request. The application for the approval of such registered person shall be completed and filed upon the candidate's employment in order that processing may be completed by the time the training period is finished. (See .18—Filing With Agent.)
The information contained on Form U-4 must be kept current and shall be updated by the filing with the Exchange of an amendment to that form.
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Amended: March 26, 1970; May 2, 1974; May 11, 1979; February 4, 1988. Renumbered: February 4, 1988. Selected Notice: 08-67. |
.13 Agreements
Prior to the Exchange's consideration of the application, each candidate for registration, other than a member of the Exchange shall sign an agreement(s), on a form(s) prescribed by the Exchange, which includes a pledge that the registered person will abide by the Rules adopted pursuant thereto as these now exist and as from time to time amended.
Prior to the Exchange's consideration of the application, each candidate for registration, other than a member of the Exchange shall sign an agreement(s), on a form(s) prescribed by the Exchange, which includes a pledge that the registered person will abide by the Rules adopted pursuant thereto as these now exist and as from time to time amended.
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Amended: February 3, 1966; March 26, 1970. December 1, 1970; April 1, 1971; December 1, 1971; March 16, 1972; April 3, 1975; effective May 1, 1975; December 1, 1977; December 13, 1978; May 11, 1979; February 4, 1988; February 27, 2006, effective March 8, 2006 (NYSE-2005-77). Renumbered: August 9, 1979; February 4, 1988; Amended by SR-FINRA-2008-036 eff. Nov. 11, 2008. Selected Notices: 08-64, 08-67. |
.15 Qualifications
(1)
(a) Candidates for registration
Candidates for registration, shall qualify by passing a qualification examinations, as applicable, which is acceptable to the Exchange.
Candidates for registration, shall qualify by passing a qualification examinations, as applicable, which is acceptable to the Exchange.
(b) Examination waivers
Where good cause is shown, the examination requirement for a candidate for registration may be waived at the discretion of the Exchange. Consideration may be given to previous related employment and to training and/or examination requirements of other self-regulatory organizations. In such cases, the Exchange must be satisfied that the candidate is qualified for registration.
Where good cause is shown, the examination requirement for a candidate for registration may be waived at the discretion of the Exchange. Consideration may be given to previous related employment and to training and/or examination requirements of other self-regulatory organizations. In such cases, the Exchange must be satisfied that the candidate is qualified for registration.
(2) Registered representatives
Such candidates shall pass a qualifying examination acceptable to the Exchange.
Such candidates shall pass a qualifying examination acceptable to the Exchange.
(3) Limited registration
Applications as limited purpose registered representative candidates will be considered by the Exchange for those duly qualified persons whose activities are limited solely to the solicitation or handling of the sale or purchase of: investment company securities and variable contracts, insurance premium funding program, direct participation programs, and municipal securities, among other limited registration categories. Limited purpose registered representative candidates shall qualify by passing a qualification examination acceptable to the Exchange.
Applications as limited purpose registered representative candidates will be considered by the Exchange for those duly qualified persons whose activities are limited solely to the solicitation or handling of the sale or purchase of: investment company securities and variable contracts, insurance premium funding program, direct participation programs, and municipal securities, among other limited registration categories. Limited purpose registered representative candidates shall qualify by passing a qualification examination acceptable to the Exchange.
(4) Registered options representative
Each registered representative who transacts any business with the public in option contracts shall qualify as a "Registered Options Representative" by passing a qualification examination acceptable to the Exchange. (See Rule 700(b)(49).)
Each registered representative who transacts any business with the public in option contracts shall qualify as a "Registered Options Representative" by passing a qualification examination acceptable to the Exchange. (See Rule 700(b)(49).)
(5) Commodities solicitors
Individuals who are engaged in the solicitation or handling of business in, or the sale of, commodities futures contracts shall demonstrate their competency by satisfying a solicitor's examination requirement of a national commodities exchange, which examination is acceptable to the Exchange.
Individuals who are engaged in the solicitation or handling of business in, or the sale of, commodities futures contracts shall demonstrate their competency by satisfying a solicitor's examination requirement of a national commodities exchange, which examination is acceptable to the Exchange.
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Amendments. July 17, 1969; March 26, 1970. May 7, 1973; May 2, 1974; July 14, 1976; August 27, 1976; October 25, 1978; October 7, 1982; February 4, 1988; Amended by SR-FINRA-2008-036 eff. Nov. 11, 2008. Selected Notices: 08-64, 08-67. |
.16 Power of Exchange over all employees
The Exchange may require at any time that the name, terms of employment, and actual duties of any person employed by a member or member organization shall be stated to the Exchange, together with such other information with respect to such employee as it may deem appropriate to permit it to enforce compliance with the Rules.
The Exchange may require at any time that the name, terms of employment, and actual duties of any person employed by a member or member organization shall be stated to the Exchange, together with such other information with respect to such employee as it may deem appropriate to permit it to enforce compliance with the Rules.
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Renumbered. August 9, 1976; February 4, 1988. Amendment. May 11, 1979. Selected Notice: 08-67. |
General Information Regarding Employees
.17 Termination of employment
(a) The discharge or termination of employment of any registered person together with the reasons thereof, shall be reported promptly, but in any event not later than thirty days following termination, to the Exchange on a U-5 Form. (See .18—Filing With Agent.) A copy of said termination notice shall be provided concurrently to the person whose association has been terminated.
(b) The member or member organization shall provide written notification to the Exchange by means of an amendment to Form U-5, filed pursuant to paragraph (a) above, in the event that the member or member organization learns of facts or circumstances causing any information set forth in said notice to become inaccurate or incomplete. Such amendment shall be filed with the Exchange and provided to the person whose association has been terminated not later than thirty days after the member or member organization learns of the facts or circumstances giving rise to the amendment.
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Amendment. March 26, 1970; May 2, 1974; February 4, 1988; August 23, 1990. Renumbered. August 9, 1976; February 4, 1988. Selected Notice: 08-67. |
.18 Filing With Agent
Any filing or submission required to be made with the Exchange under this rule, where appropriate, may be made with a properly authorized agent acting on behalf of the Exchange and shall be deemed to be a filing with the Exchange.
Any filing or submission required to be made with the Exchange under this rule, where appropriate, may be made with a properly authorized agent acting on behalf of the Exchange and shall be deemed to be a filing with the Exchange.
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Amendments. May 2, 1974; August 4, 1983; April 23, 1985; February 4, 1988. Renumbered. February 4, 1988. Selected Notice: 08-67. |