Direct Participation Programs Principal
The Series 39 Exam (Direct Participation Programs Limited Registered
Principal) is a FINRA(NASD) exam. It's 2 hours long and has 95 test questions. 70% of
the total is passing. The test fee is $75.00 and application form U-4 is used.
The FINRA(NASD) Series 39 exam qualifies an individual who will act as a principal for
the solicitation, purchase and/or sale of programs which provide for
flow-through tax consequences, such as oil and gas programs, real estate
programs, and S corporation offerings. Topics on the Series 39 exam are
(approximately):
Test Topics
|
Approximate
Test
Questions
|
|
Structure and Regulation of DPP Offerings |
47 |
|
Sales and Employee Supervision / FINRA(NASD) Regulations |
31 |
|
Compliance with Financial Responsibility Rules |
17 |
|
|
Total 95
questions |
The prerequisite for sitting for the Series 39 exam is having passed either the
Series 7 Exam (General Securities Registered
Representative) or the Series 22 Exam (Direct Participation Programs Limited
Representative). We do not have study materials for this exam. Accordingly, we advise clients, who will be acting as
registered principals, to sit for the Series 7
(General Securities Registered Representative) and the
Series 24 (General Securities Registered
Principal) exams.
|
