Current through Register 2022 Notice Reg. No. 16, April 25, 2022
individual who is a broker-dealer, or a compliance supervisor or reported agent
of a broker-dealer:
(1) shall have passed,
within two years prior to the date of filing the application for, or the
issuance of, a broker-dealer license, or becoming a compliance supervisor or
reported agent of a licensed broker-dealer, the Series 63/Uniform Securities
Agent State Law Examination ("Series 63 Examination") or the Series 66/Uniform
Combined State Law Examination ("Series 66 Examination"), both of which are
administered by the Financial Industry Regulatory Authority; and
(2) shall meet all applicable examination
requirements of the Securities and Exchange Commission and the self-regulatory
organizations of which the broker-dealer is a member.
The provisions of subsection (a)(1) shall
not apply to an individual:
(1) who was a
broker-dealer licensed under the Code (or a compliance supervisor or reported
agent of a broker-dealer licensed under the Code) on May 22, 1989, or
(2) who has been an active broker-dealer (or
a compliance supervisor or reported agent of a broker-dealer) without an
interruption of two or more years since passing the Series 63 Examination or
the Series 66 Examination or not being required to take the Series 63
Examination or the Series 66 Examination pursuant to subsection
provisions of this section do not apply to a broker-dealer or a compliance
supervisor or reported agent of a broker-dealer when acting within the scope of
his or her affiliation with a broker-dealer:
(1) who is licensed by the State Cemetery
Bureau as a Cemetery Authority or as a Cemetery Broker under Sections
of the Business and Professions Code and who sells only the securities of one
issuer in connection with arrangements for funerals or cemetery space;
(2) who sells only evidences of
indebtedness of issuers organized exclusively for religious purposes and not
for pecuniary profit.
Definitions. For purposes of this
(1) "Compliance supervisor" of a
broker-dealer means every individual who has responsibility of ensuring that
reported agents comply with the Corporate Securities Law of 1968 and the rules
(2) "Reported agent"
means every agent employed by a broker-dealer and whose employment has been
reported in accordance with Section260.210 of these rules.
Cal. Code Regs. Tit.
Note: Authority cited: Sections
Corporations Code. Reference: Section
1. Amendment of
subsection (c)(2) filed 12-23-69 as an emergency; designated effective 1-2-70
(Register 69, No. 52).
2. Certificate of Compliance-section
11422.1, Gov. Code, filed 3-26-70 (Register 70, No. 13).
Amendment of subsection (c)(2) filed 7-20-72; effective thirtieth day
thereafter (Register 72, No. 30).
4. Amendment of subsection (a)
filed 6-28-73; effective thirtieth day thereafter (Register 73, No.
5. Editorial correction (Register 73, No. 36).
Amendment filed 11-28-79 as an emergency; designated effective 1-1-80.
Certificate of Compliance included (Register 79, No. 48).
Editorial correction of subsections (a) and (c) filed 11-9-82 (Register 82, No.
8. Amendment filed 4-23-90; operative 5-23-90 (Register 90,
9. Editorial correction of printing error in subsections
(a)(1)(A) and (a)(1)(B) (Register 91, No. 44).
10. Amendment filed
12-31-97; operative 1-1-98 pursuant to Government Code section
(Register 98, No. 1).
11. Change without regulatory effect
repealing subsection (c) filed 9-25-2002 pursuant to section 100, title 1,
California Code of Regulations (Register 2002, No. 39).
Amendment of subsections (a)(1) and (d)(1) filed 11-10-2009; operative
12-10-2009 (Register 2009, No. 46).