In today’s expanding private capital markets, the Series 82 exam provides a regulatory pathway for professionals focused exclusively on private placements and direct participation programs. For firms and individuals seeking to distribute private securities under Regulation D and other exempt offerings, this FINRA exam is essential to operating within a compliant framework.
What Is the Series 82 Exam?
The Series 82, formally known as the Private Securities Offerings Representative Exam, is designed for individuals engaged in the sale of private placement securities as part of a primary offering. Unlike the broader Series 7, Series 82 is limited in scope, focusing on:
- Private placements of equity or debt
- Direct participation programs (DPPs)
- Reg D offerings to accredited investors
Candidates must first pass the Securities Industry Essentials (SIE) exam and secure sponsorship from a FINRA-member broker-dealer before registering for the Series 82.
Series 82 Exam Format and Scope
The Series 82 exam is structured to assess core knowledge related to exempt securities offerings:
- 50 multiple-choice questions
- 90 minutes to complete the exam
- Focus areas include solicitation rules, disclosure obligations, suitability requirements, and anti-fraud provisions
FINRA’s exam content outline provides the framework for preparation and emphasizes real-world application in exempt offering transactions.
Why the Series 82 Matters in the Private Markets
With the rapid growth of private capital markets, regulatory oversight has intensified. The Series 82 ensures that representatives:
- Understand the legal requirements of Reg D and other exemptions
- Can evaluate investor suitability for illiquid, high-risk assets
- Maintain ethical standards when marketing and placing private securities
For boutique investment banks, fund distributors, and placement agents, this license is often the only requirement for conducting business in exempt offerings.
FNEX: Series 82 Exam Sponsorship and Compliance for Private Placement Teams
As a FINRA-member broker-dealer, FNEX offers a comprehensive compliance infrastructure to support private markets professionals:
- Series 82 exam sponsorship and CRD onboarding
- Regulatory filings and supervision of private securities activity
- Turn-key platform for fund distribution and institutional placement
FNEX supports growth-stage firms and experienced professionals alike with a system built for scale, oversight, and operational integrity.
LEARN MORE ABOUT FNEX COMPLIANCE SERVICES
Advance with Confidence in the Private Market
Whether you’re launching a fund, joining a placement group, or building a capital markets team, the Series 82 exam is your gateway. FNEX delivers the licensing support, supervision, and market access to operate with full compliance.
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