What Was once as soon as the Collection 11?
The Collection 11 used to be as soon as a securities license that allowed holders to supply securities quotations and accept unsolicited purchaser orders for execution. Often referred to as the Assistant Marketing consultant – Order Processing Examination (AR), the Collection 11 used to be as soon as administered throughout the Financial Industry Regulatory Authority (FINRA). In 2018, FINRA retired the Collection 11 license.
The license carried out to brokerage product sales assistants that took and entered unsolicited shopper orders from broker-dealer customers for execution. It did not permit them to easily settle for orders for municipal securities or direct participation tactics, on the other hand. There used to be as soon as no prerequisite for taking the exam, even if a candidate had to first be registered with FINRA.
Key Takeaways
- The Collection 11 used to be as soon as a securities license issued throughout the Financial Industry Regulatory Authority (FINRA) that allowed brokers to supply securities quotations and accept unsolicited purchaser orders for execution.
- The license carried out in particular to brokerage product sales assistants that took and entered unsolicited orders from customers.
- The dependable name of the license and exam used to be as soon as the “Assistant Marketing consultant – Order Processing Examination.”
- The exam for the Collection 11 license consisted of a 60-minute exam of 50 various desire questions that required a 70% passing grade.
- Accepting orders for municipal securities and direct participation tactics were prohibited.
- In 2018, FINRA retired the Collection 11 examination and the corresponding license, and product sales representatives these days are required to complete the Collection 7 exam and the SIE exam.
- The Collection 7 used to be as soon as at all times and nevertheless is wanted via higher and further established financial institutions in relation to the Collection 11.
Figuring out the Collection 11
The Collection 11 coated folks associated with a FINRA member corporate who approved telephone or other communications from most of the people for the wishes of providing provide securities quotations and accepting unsolicited purchaser securities orders (with the notable exception of the aforementioned municipal securities and direct participation tactics) for submission to the normal order execution operations of the member. An unsolicited order is one all the way through which the trader did not make a recommendation to the customer on the other hand that the customer requested themself.
Consistent with FINRA, an Assistant Marketing consultant – Order Processing registrant “would perhaps behavior the above-mentioned tasks easiest on the premises of the member, should be under the direct supervision of an correctly registered crucial, and won’t download further direct or indirect compensation for the volume or dimension of transactions effected.”
The Collection 11 license used to be as soon as in have an effect on a shortened type of the Collection 7, which used to be as soon as and continues to be required via massive financial institutions for their product sales representatives to acquire. This is frequently completed together with the Collection 66. Consequently, the Collection 11 used to be as soon as retired and now product sales representatives are required to complete the Collection 7 and SIE exam.
Collection 11 Prohibited Movements
Assistant representative-order processing registrants were prohibited from undertaking the following movements:
- Dually registering as a specialist or crucial
- Rendering investment advice or opinion
- Making ideas
- Making transactions in securities markets on behalf of the corporate
- Accepting or opening new accounts
- Prequalifying imaginable customers
- Effecting transactions in municipal securities
- Effecting transactions in direct participation tactics
Collection 11 Development and Content material subject material
The Collection 11 Exam consisted of 50 scored multiple-choice questions. Candidates were allocated 60 minutes to complete the exam, which price $80. A passing score used to be as soon as 70%. There used to be as soon as no penalty for guessing so exam takers were impressed to endeavor to answer each question. The test used to be as soon as organized into the following sections:
- Section 1: Varieties of Securities (10 questions)
- Section 2: Purchaser Accounts and Orders (24 questions)
- Section 3: Securities Markets (5 questions)
- Section 4: Securities Industry Rules (11 questions)
After the exam used to be as soon as completed, candidates would download a section-by-section informational breakdown of their potency, along with their basic score. Candidates were not allowed to use any reference matter subject material all over the exam, as it used to be as soon as a closed-book test. The exam’s questions changed in keeping with new rules or amendments to present rules, so candidates were impressed to stick abreast of imaginable inclinations.
