3 AAC 08.013 - Qualification requirements for registration of investment adviser representatives

(a) Except as provided in (b) of this section, a person applying for registration as an investment adviser representative shall provide the administrator with proof that the applicant has successfully passed

(1) for an application filed on or before December 31, 1999,

(A) the NASDR Series 63 and Series 65 examinations; or

(B) the NASDR Series 66 examination;

(2) for an application filed after December 31, 1999, the new modified versions, developed by the North American Securities Administrators Association of the following:

(A) the NASDR Series 65 examination (Uniform Investment Adviser Law Examination); or

(B) the NASDR Series 7 examination (General Securities Representative Examination) and the NASDR Series 66 examination (Uniform Combined State Law Examination).

(b) The administrator will waive the examination requirements of (a) of this section if, at the time that the application is filed with the administrator, the applicant

(1) has earned and currently holds in good standing the professional designation of

(A) chartered financial analyst (CFA) of the Institute of Chartered Financial Analysts of the Association for Investment Management and Research;

(B) chartered financial consultant (ChFC) of the American College of Bryn Mawr;

(C) certified financial planner (CFP) of the Certified Financial Planner Board of Standards;

(D) chartered investment counselor (CIC) of the Investment Counsel Association of America;

(E) certified investment management analyst (CIMA) of the Investment Management Consultants Association;

(F) personal financial specialist (PFS) of the American Institute of Certified Public Accountants;

(G) another professional organization accepted by the administrator upon the written request of the state investment adviser or federal covered adviser employing the applicant; or

(H) another professional organization accepted by the administrator that was adopted by a membership vote of NASAA;

(2) is filing for renewal of a current registration of an investment adviser representative issued by this state, unless the current registration was issued based on the waiver under this subsection and the applicant desires to register without being limited to the solicitation of business;

(3) is employed by the state investment adviser or federal covered adviser only to solicit business, if the applicant does not provide any other services as an investment adviser representative other than to solicit business.

(c) A person who is registered as a state investment adviser or an investment adviser representative or is noticed as a federal covered adviser in any jurisdiction in the United States on December 31, 1999 is not required to satisfy the examination requirements of (a) of this section for continued registration, except that the administrator may require additional examinations for any person found to have violated any state or federal securities law. If the person's current registration was issued based on the waiver granted by (b)(3) of this section or a similar waiver in this or any other jurisdiction and the person intends to offer services of an investment adviser representative in addition to soliciting business, the person must meet the examination requirements of (a) of this section before offering those services.

(d) Notwithstanding (c) of this section, on or after January 1, 2000, a person applying for registration as an investment adviser representative, who has not been registered as a state investment adviser or investment adviser representative or has not been noticed as a federal covered adviser in any jurisdiction in the United States for a period of 24 consecutive months immediately before applying for a license in this state, is required to satisfy the examination requirements of (a)(2) of this section notwithstanding having previously passed the examination requirements of (a)(1) or (2) of this section unless the applicant

(1) files a written request for waiver of the examination requirement and the administrator grants the request in writing; or

(2) is exempt from the examination requirement through a waiver granted under (b) of this section.

(e) In this section, "solicit business" means to offer or negotiate for the sale of investment advisory services of the state investment adviser or federal covered adviser.

Notes

3 AAC 08.013

Eff. 10/1/99, Register 151; am 4/19/2000, Register 154

Authority:AS 45.55.040

AS 45.55.050

AS 45.55.060

AS 45.55.950

AS 45.55.990