The Securities and Exchange Commission approved FINRA’s adoption of new rules relating to qualification and registration requirements for representatives and principals. The new rules, among other things, restructure the current representative-level qualification examinations, create a general knowledge examination and specialized knowledge examinations, allow permissive registration, establish an exam waiver process for persons working for a financial services industry affiliate of a member, and amend certain Continuing Education requirements. These new rules are part of FINRA’s ongoing process of developing the Consolidated FINRA Rulebook with the objective that persons associated with FINRA members attain and maintain definite levels of competence and knowledge relevant to their function.