Series 7 Important Question

[gino]

Hi all,

I have a question for that I hope someone will help me with. I currently work for a money management practice, and am set to apply for the CFA Charter next Spring, I already passed the exams. Out of nowhere, they said that I need to sit for the Series 7 exam since the person that the trades were transferred to seems to be unreliable and there are damages to the firm if trades are messed up. Anyway, seems that I have to take over that also at some point. Now, I intend to try the market after I hopefully get the Charter, and after I see what compensation I will have for next year. What potential liability may I incur if I become registered and leave the Company? Is there any backlash that may happen regarding the employer?

Thank you.

 

[namruts]

A series 7 rep has fairly limited exposure, assuming you're not committing fraud. The supervising rep (a different license) has a little more exposure, but generally not much. It is the firm (broker/dealer) that carries the vast majority of liability.

Jeff

 

[gino]

Thank you.