FINRA recently filed a proposed rule change with the SEC that would:

The purpose of the proposal is to harmonize FINRA rules with the requirements of the national securities exchanges.

The proposal would amend NASD Rule 1032(f) (Limited Representative – Equity Trader) to replace the Equity Trader registration category and qualification examination (Series 55) with a Securities Trader registration category and qualification examination (Series 57). Amended NASD Rule 1032(f) would also clarify that a person registered as a Securities Trader would not be qualified to function in any other registered capacity unless that person also qualified and registered in that other registration category.

A person could be grandfathered as a Securities Trader, without having to take any additional examinations or any other actions, if he or she is registered as an Equity Trader in FINRA's Central Registration Depository (CRD) system on the date the proposal takes effect. In addition, individuals who were registered as Equity Traders in the CRD system before the proposal takes effect will be eligible to register as Securities Traders without having to take any additional examinations, provided that no more than two years have passed between the date they were last registered as a representative and the date they register as a Securities Trader.

The proposal would amend NASD Rule 1022(a) (General Securities Principal) to establish a Securities Trader Principal registration category. Each associated person of a broker-dealer that is a FINRA member who meets the definition of "principal" in NASD Rule 1021 (Registration Requirements) with supervisory responsibility over the securities trading activities described in NASD Rule 1032(f) would be required to qualify and register as a Securities Trader Principal. A person would need to register as a Securities Trader and pass the General Securities Principal qualification examination in order to qualify for registration as a Securities Trader Principal.

Amended NASD Rule 1022(a) would also clarify that a person qualified and registered as a Securities Principal Trader would only have supervisory responsibility over the activities specified in NASD Rule 1032(f), unless that person separately qualified and registered in another appropriate principal registration category, such as the General Securities Principal registration category. The proposal also clarifies that a person registered as a General Securities Principal would not be qualified to supervise the trading activities described in NASD Rule 1032(f) unless he or she also qualifies and registers as a Securities Trader and affirmatively registers as a Securities Trader Principal.

A person registered as a General Securities Principal and an Equity Trader in the CRD system when the proposal takes effect would be permitted to register as a Securities Trader Principal without having to take any additional examinations. In addition, individuals who were registered as a General Securities Principal and an Equity Trader in the CRD system before the proposal takes effect would be eligible to register as a Securities Trader Principal without having to take any additional examinations, provided that no more than two years have passed between the date they were last registered as a principal and the date they registered as a Securities Trader Principal. FINRA members would be required to affirmatively register persons transitioning to the proposed registration category as Securities Trader Principals on or after the date the proposal takes effect.

The proposal would also make conforming changes to FINRA's Form U4 (Uniform Application for Securities Industry Registration or Transfer) to replace:

The proposal requires SEC approval. If approved, FINRA will announce the effective date of the proposal in a regulatory notice no later than 90 days following the SEC's approval. FINRA intends for the effective date to be January 4, 2016 but indicated in the proposal that the effective date will be no later than 270 days after publication of its regulatory notice.

Update: On August 28, 2015, the SEC approved FINRA's proposed rule change.

To learn more about FINRA's consolidated rules governing the supervision of broker-dealers, see Practice Note, FINRA Supervision Rules.