Mich. Admin. Code R. 451.4.9 - Broker-dealer and agents representing broker-dealers examination requirements

Rule 4.9.

(1) Unless waived by the administrator, a natural person applicant for initial registration as a broker-dealer or agent shall take and pass, within 2 years immediately preceding the filing date of the application, and as reflected on the records of CRD, both of the following:

(a) Either the uniform securities agent state law examination, S63, or the uniform combined state law examination, S66.

(b) The general securities business examination set forth in paragraph (i) of this subdivision, unless the applicant's proposed securities activities will be restricted, in which case the applicant is required to take and pass each examination in paragraphs (ii) to (viii) of this subdivision that relates to the applicant's proposed securities activities:

(i) The general securities representative examination, S7.

(ii) The investment company products/variable contracts representative examination, S6.

(iii) The direct participation programs representative examination, S22.

(iv) The municipal securities representative examination, S52.

(v) The corporate securities limited representative examination, S62.

(vi) The registered options representative examination, S42.

(vii) The government securities representative examination, S72.

(viii) The private placement representative examination, S82.

(ix) Other examinations as may be applicable to an associated person and their activities according to FINRA rules.

(2) An applicant for registration as a broker-dealer or agent is not required to take the examinations required by subrule (1) of this rule if the applicant was registered or licensed as a broker-dealer or agent in this state or another state with the same examination requirements as those identified in subrule (1) of this rule within the 2 years preceding the date the application was filed.

(3) An applicant for registration as a broker-dealer or agent who has not been registered in a state with the same examination requirements as those identified in subrule (1)(a) of this rule for more than 2 years but fewer than 5 years and who elects to participate in the maintaining qualifications program operated by FINRA is not required to take and pass the uniform securities agent state law examination, S63, required by subrule (1)(a) of this rule if the applicant elects to participate in the examination validity extension program operated by NASAA within 2 years after agent registration termination.

(4) An applicant for registration as a broker-dealer or agent who has not been registered in a state with the same examination requirements as those identified in subrule (1)(b) of this rule for more than 2 years but fewer than 5 years and who maintains validity of an examination required by subrule (1)(b) of this rule by successfully participating in the maintaining qualifications program operated by FINRA is not required to take and pass an examination required by subrule (1)(b).

(5) This rule does not extend the validity of the uniform combined state law examination, S66, for purposes of registration as an investment adviser representative under section 404(1) of the act, MCL 451.2404.

Notes

Mich. Admin. Code R. 451.4.9

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