STA Comment Letter on Lapsed Licenses

Newsletter No.30

STA recently filed a comment letter that included a recommendation on an issue that acutely impacts women in finance: lapsed licenses. According to FINRA regulations, a Series 7 license expires after an employment lapse of two years. While STA did not comment on whether two years is too long or too short a period of time, we did recommend that FINRA institute a new reinstatement policy that has characteristics similar to lawyers. This includes the ability for individuals in a lapse state to take continuing education classes, and guidelines that would allow employers to reasonably expect that a potential hire will have his or her license(s) reinstated upon employment. Further…

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