FINRA filed a proposed rule change with the SEC on March 8, 2017 to restructure the entry-level qualification examination for registered representatives and eliminate certain examination categories. The new rules would introduce the Securities Industry Essentials (SIE) exam. The rules also propose extending the period before a license lapses if unemployed from a FINRA member firm from two to seven years, allowing individuals to maintain licensing while working for a non-FINRA member financial affiliate. Finally, the rules aim to consolidate the examination structure from 16 exams with overlapping content to simplify the process and reduce costs.