15 CSR 30-59.080 - Examination

PURPOSE: This rule prescribes the policies and procedures for administering examinations of applicants for registration as broker-dealers and as sales representatives.

(1) Unless specifically exempted as provided in this rule, a written examination in the form and content prescribed or approved by the commissioner shall be taken and passed by every applicant for registration as a broker-dealer or sales representative, before the applicant shall be considered qualified for registration (section 409.853, RSMo. An applicant, other than an individual, shall qualify by examination taken and passed by an executive officer of the applicant or other person approved by the commissioner. The following examinations are required for the following applicants:

(A) Sales representatives of broker-dealers are required to take and pass the USASLE (Series 63) examinations and the NCFE (Series 3); and

(B) Qualifying officers of broker-dealers are required to take and score eighty percent (80%) or better on the NCFE (Series 3) and to take and pass the USASLE (Series 63) examinations.

(2) If an applicant has previously taken an examination which does not fall within the requirements set out in section (1), the applicant may submit a written request for substitution; if the commissioner deems it appropriate, a passing grade on another examination will be accepted in lieu of a passing grade on a required examination.

(3) Applicants fully qualified, with respect to the general securities or commodities business and with respect to the Code and this chapter, by virtue of special education or fulltime active experience for five (5) years or more, will be granted a waiver from the examination requirements upon submission of a written request for the waiver. No waiver will be granted for the examination requirements of the qualifying officer unless the commissioner determines that extraordinary circumstances warrant the waiver.

Notes

15 CSR 30-59.080

AUTHORITY: section 409.853, RSMo 1986.* This rule was previously filed as 15 CSR 30-60.030. Emergency rule filed Oct. 2, 1985, effective Oct. 12, 1985, expired Feb. 9, 1986. Original rule filed Aug. 22, 1986, effective Jan. 30, 1987.

*Original authority 409.853, RSMo 1985.