Regulatory Alerts2018-03-02
MC No. 04 s.2018 – Certification Requirements for Salesman (Brokers/Issuers of Proprietary/Non-Proprietary Shares)
The Securities and Exchange Commission issued this memorandum circular to implement certification requirements for salesmen of brokers and issuers of proprietary and non-proprietary shares. It establishes a one-year transitory period ending February 28, 2019, during which existing licensed salesmen must pass the new modularized examination or face license revocation. New salesmen may register under a provisional license that is automatically cancelled if they fail to pass the exam within the same one-year deadline.
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