Series 9 study guide
Series 9 · Work through your exam, one topic at a time.
The Series 9 is one half of FINRA's General Securities Sales Supervisor qualification - the limited-principal credential that lets a branch manager supervise sales activities rather than the firm's broader investment banking, trading, or financial-responsibility functions. It is taken alongside the Series 10, and both are corequisite with the SIE and the Series 7: a candidate must pass all four before the General Securities Sales Supervisor registration is approved. The Series 9 study guide has 4 sections and about 1,376 words.
01Supervising the Opening and Maintenance of Customer Options Accounts
No options order - not even an opening purchase of a single call - may be accepted before the account is approved by an options-qualified principal. The file must contain: a customer application capturing investment objective, income, net worth, liquid net worth and prior options experience; the principal's written approval; evidence that the current Options Disclosure Document ( Characteristics and Risks of Standardized Options ) was delivered at or before approval and that the customer acknowledged receipt in writing; and, for margin accounts, signed margin and options agreements.
364 words, about 2 min02Supervising Sales Practices and General Options Trading Activities
Supervision of options trading focuses on order handling (time-stamped tickets, accurate order entry, best execution), suitability and care obligations, exercise and assignment processing at expiration, position and exercise limits, and reporting of large options positions. Discretionary orders, cross trades, and principal trades with customers require specific written authorization and principal approval.
336 words, about 2 min03Supervising Options Communications
Every options communication with the public falls into one of three buckets under FINRA Rules 2210 and 2220: correspondence (written or electronic messages to fewer than 25 retail investors within any 30-day period), retail communications (25 or more retail investors, or any broadly distributed material such as a website, flyer, seminar handout or mass email), and institutional communications . Options communications must be approved by a Registered Options Principal, and retail communications must be approved before use.
350 words, about 2 min04Supervising Associated Persons and Personnel Management
Supervising options activity requires the right credential. A Registered Options Principal holds Series 4; a General Securities Sales Supervisor holds Series 9 and 10.
326 words, about 2 min