What registration and qualification requirements must supervisors of registered research analysts possess?
All registered FINRA research analysts must be supervised by a research principal who will be required, in addition to passing the General Securities Principal (Series 24), to also pass either Part II of the Research Analyst Exam-Regulation (Series 87) or the NYSE Supervisory Analyst Examination (Series 16). We have many analysts in our BD/IA firm who both educationally and through industry experience qualify as investment analysts and have passed Series 6, 7, 63, and 65. Would they be “grandfathered” as research analysts? The research analyst registration requirement does not include a “grandfather” provision. All associated persons who meet the definition of a research analyst, new and incumbent, must satisfy the qualification requirements of NASD Rule 1050.
