There appears to be a major miscommunication between certain employers and their staff, judging by the volumes of questions we receive.
“My employer said I must write the RE 1.”
In 99% of these cases, the prospective candidate should, in fact, write the RE 5 – the representative’s exam.
The confusion arises because, initially, it was proposed that there would be a level 1 and a level 2 regulatory exam. The latter has since been postponed indefinitely, but the level 1 RE is still a legal requirement.
If you register for the wrong exam, it cannot be rectified when you arrive at the exam venue. You will have to reregister and pay again.
For further clarity, please read these guidelines provided by the FSB.