Mich. Admin. Code R. 451.4.12 - Investment adviser and investment adviser representative examination requirements
Rule 4.2.
(1)
Unless otherwise waived by the administrator, a natural person investment
adviser or investment adviser representative shall take and pass within 2 years
immediately preceding the date of the application, as reflected on the records
of IARD, either of the following:
(a) The
uniform investment adviser state law examination, S65.
(b) The uniform combined state law
examination, S66, and the general securities representative examination,
S7.
(2) Any person who has
been registered as an investment adviser or an investment adviser
representative in a state that requires the licensing, registration, or
qualification of investment advisers or investment adviser representatives
within the 2 years immediately preceding the date of filing an application is
not required to comply with the examination requirement in subrule (1) of this
rule.
(3) Compliance with subrules
(1) and (2) of this rule is waived if the applicant has been awarded any of the
following designations and at the time of filing an application the designation
is current and in good standing:
(a) Certified
financial planner awarded by the Certified Financial Planners Board of
Standards.
(b) Chartered financial
consultant or Master of Science in Financial Planning awarded by the American
College in Bryn Mawr, Pennsylvania.
(c) Chartered financial analyst awarded by
the Institute of Chartered Financial Analysts.
(d) Personal financial specialists awarded by
the American Institute of Certified Public Accountants.
(e) Chartered investment counselor awarded by
the Investment Adviser Association.
(4) An applicant who has taken and passed the
uniform investment adviser law examination, S65, within 2 years immediately
preceding the date the application is filed with the administrator, or at any
time if the applicant has been registered or licensed as an investment adviser
or investment adviser representative within the 2 years immediately preceding
the date the application is filed with the administrator, is not required to
take and pass the uniform investment adviser law examination again.
(5) An applicant who is an agent for a
broker-dealer and an investment adviser and who is not required by the agent's
home jurisdiction to make a separate filing on CRD as an investment adviser
representative, but who has previously met the examination requirement in
subrule (1) of this rule necessary to provide advisory services on behalf of
the broker-dealer or the investment adviser, is not required to again take and
pass the exams in subrule (1) of this rule.
(6) An applicant for registration who has not
been registered in a state with the same examination requirements as those
identified in subrule (1) of this rule for more than 2 years but fewer than 5
years is not required to take and pass the examination required by subrule (1)
of this rule if the individual complies with R 451.4.30.
Notes
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