I just wrote this on my Facebook icp page... thought I'd share it here, too.

On the subject of the new Series 99, Operations Professional Registration... if you are a Day One Professional and you don't have a qualifying exam yet, you have to register as OS by Dec. 16, 2011. That will give you a year to pass the test and you can keep doing your job in the interim.

BUT, I want to be clear about something: if you want to take a qualifying exam instead of the Series 99,... that's fine, and you won't have to take the 99 if you do that, but you will be charged the $125.00 exam fee for the 99 UNLESS you register for the qualifying exam FIRST or AT THE SAME TIME. FAQ #4 in the "Exceptions to the 99..." category says that if you're going to take a qualifying exam, take it first, then amend U4 to add the OS reg. (then it's 'free')...but if you're not ready to pass the exam before Dec. 16, 2011, that won't really work (remember, you have to register as OS by then if you are a D1P).

It also says you can do both registrations simultaneously as follows: Add the qualifying reg. and the OS reg. in Section 4 of U4 (SRO Registrations); select the qualifying exam ONLY in Section 7 of U4. Then you only get charged for the qualifying exam, not the Series 99. But you have to pass the qualfiying exam within 120 days. What if you are a D1P, register now for the OS (by Dec 16), then in 6 months decide to take a qualifying exam instead? You will have paid $125.00 for the Series 99 and you'll pay the $fee for the qualifying exam, too...and CRD is telling me they won't refund the $125 fee for the 99 (which is supposed to be 'free' for those with qualifying exams). You'll then have to apply for a refund and that's not fun.

I hope, in the end, they'll figure this out and automatically refund the Series 99 fee for D1P's who end up taking a qualifying exam before the Oct. 16, 2012 due date.