Examination Requirement for Broker-Dealers and Agents.

A. Examination Requirement. An applicant for registration as a broker-dealer or as a broker-dealer agent in Maryland shall: (1) Pass, with a score of 70 percent or better, the appropriate examination designated in §B of this regulation within 2 years before the date of application; or (2) Qualify for an exemption from the examination requirement under §C of this regulation . B. SRO Examinations. An applicant for initial registration as a broker-dealer or broker-dealer agent shall take the appropriate examination or examinations designated and administered by a self-regulatory organization. C. Exemption. An applicant for registration as a broker-dealer or broker-dealer agent is exempt from the examination requirement of this regulation if the applicant: (1) Is a member firm or is a registered representative with the NASD; or (2) Has been continuously engaged in the securities business for a period of at least 2 years immediately preceding the date of application.