The Chartered Institute for Securities and Investment (CISI) and the Financial Industry Regulatory Authority (FINRA) of the USA have signed a memorandum of understanding to help FINRA-member UK retail investment advisers prepare for the RDR.
Under the terms of the agreement, CISI and FINRA will work together to help relevant member advisers to meet new UK exam standards implemented under the RDR, allowing them to continue giving advice on securities and derivatives in the UK market, as well as to be entitled to CISI membership.
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Further, FINRA could also offer CISI exams, specifically those required to meet the benchmark set by the Financial Services Authority for qualification as retail investment advisers in securities.
Additionally, FINRA members holding the Series 7 qualification will be offered the Associate Member CISI grade of membership or full membership where they satisfy qualification and experience criteria.
FINRA is the largest non-governmental regulator overseeing securities firms active in the US, while CISI, which is based in London, is also a non-governmental organization, and operates in a number of key global markets.
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