Mich. Admin. Code R. 451.4.30 - Investment adviser representative examination validity extension program

Rule 4.30.

(1) As used in this rule:

(a) "IAR EVEP" means the investment adviser representative examination validity extension program operated by NASAA.

(b) "MQP" means the maintaining qualifications program operated by FINRA.

(2) Notwithstanding R 451.4.12(2), an individual who terminates their registration as an investment adviser representative under section 404(1) of the act, MCL 451.2404, may maintain the validity of the examination required by R 451.4.12(1)(a) or (b) without being employed by or associated with an investment adviser or federal covered investment adviser for no more than 5 years following the termination of the effectiveness of the investment adviser representative registration if the individual complies with all of the following:

(a) The individual previously took and passed the examination that they seek to maintain validity under this rule.

(b) The individual was registered under section 404(1) of the act, MCL 451.2404, for at least 1 year immediately before the termination of that registration.

(c) The individual has never been subject to statutory disqualification under section 3(a)(39) of the securities and exchange act of 1934, 15 USC 78c.

(d) The individual elects to participate in the IAR EVEP within 2 years after the effective date of the termination of a registration under section 404(1) of the act, MCL 451.2404.

(e) The individual complies with R 451.4.29 when the individual's registration under section 404(1) of the act, MCL 451.2404, becomes ineffective.

(f) The individual annually completes the continuing education credits required by R 451.4.29(2)(a) and (b) on or before December 31 of each calendar year in which the individual participates in the IAR EVEP, regardless of when the individual elects to participate in the IAR EVEP.

(3) An individual who complies with MQP is considered to comply with the R 451.4.29(2)(b) component of continuing education required by subrule (2)(f) of this rule.

Notes

Mich. Admin. Code R. 451.4.30

2019 AACS; 2024 MR 23, Eff. 12/13/2024