48 Neb. Admin. Code, ch. 9, § 003 - EXAMINATION REQUIREMENTS
003.01 The investment adviser representative shall have taken and passed the following qualifying examinations administered by the Financial Industry Regulatory Authority:
003.01A The Uniform Investment Adviser Licensing Examination (Series 65 examination) after January 1, 2000, within two years of the date of application; or
003.01B The Uniform Combined State Law Examination (Series 66 examination) after January 1, 2000 and the General Securities Representative Examination (Series 7), within two years of the date of application, and
003.01C The Securities Industry Essential Examination within four years of the date of application.
003.02 The examination requirement does not apply to an individual who currently holds, and who maintains, one of the following professional designations:
003.02A Certified Financial Planner (CFP) awarded by the Certified Financial Planner Board of Standards, Inc.;
003.02B Chartered Financial Consultant (ChFC) awarded by The American College of Financial Services;
003.02C Personal Financial Specialist (PFS) awarded by the American Institute of Certified Public Accountants;
003.02D Chartered Financial Analyst (CFA) awarded by the Institute of Chartered Financial Analysts; or
003.02E Chartered Investment Counselor (CIC) awarded by the Investment Adviser Association.
003.03 Any individual who was registered as an investment adviser or investment adviser representative in any jurisdiction in the United States on January 1, 2000, and who has no subsequent gap in registration longer than two years, is not required to satisfy the examination requirements for continued registration.
003.04 An individual who has a gap in registration of two years or less between the date of the termination of the individual's most recent registration in Nebraska and the date of application for registration is not required to comply with the examination requirements of this Rule.
003.05 Any individual who is not registered as an investment adviser representative in any state for more than two years but less than five years, who has elected to participate in the FINRA Maintaining Qualifications Program pursuant to FINRA Rule 1240(c), and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the FINRA Maintaining Qualifications Program shall not have to retake the appropriate FINRA qualifying examinations to comply with the examination requirements of Section 003.01; provided, however, that successful participation in the FINRA Maintaining Qualifications Program shall not extend the Uniform Investment Adviser Licensing Examination ("Series 65 Examination") or the Unform Combined State Law Examination ("Series 66 Examination") for purposes of investment adviser representative registration.
003.06 Notwithstanding subsection 003.05 of this rule, an individual who terminates heir registration as an investment adviser representative may maintain the validity of their Series 65 Examination or the investment adviser representative portion of the Series 66 Examination, as applicable, without being employed by or associated with an investment adviser or federal covered investment adviser for a maximum of five years following the termination of the effectiveness of the investment adviser representative registration if the individual meets all of the following:
003.06A The individual previously took and passed the examination for which they seek to maintain validity under this rule;
003.06B The individual was registered as an investment adviser representative for at least one year immediately preceding the termination of the investment adviser representative registration;
003.06C The individual was not subject to a statutory disqualification as defined in Section 3(a)(39) of the Exchange Act while registered as an investment adviser representative or at any period after termination of the registration;
003.06D The person elects to participate in the Exam Validity Extension Program ("EVEP") under this paragraph within two years from the effective date of the termination of the investment adviser representative registration;
003.06E The individual does not have a deficiency under the investment adviser representative continuing education program at the time the investment adviser representative registration becomes ineffective;
003.06F The person completes annually on or before December 31 of each calendar year in which the person participates in the IAR EVEP:
003.06F1 Six credits of IAR CE Ethics and Professional Responsibility Content offered by an Authorized Provider, including at least three hours covering the topic of ethics, and
003.06F2 Six credits of IAR CE Products and Practice Content offered by an Authorized Provider;
003.07 An individual who elects to participate in EVEP is required to complete credits required by subsection 003.06F of this rule for each calendar year that elapses after the individual's investment adviser representative registration became ineffective regardless of when the individual elects to participate in EVEP; and
003.08 An individual who complies with the FINRA Maintaining Qualification Program under FINRA Rule 1240(c) shall be considered in compliance with subsection 003.06F2 of this rule.
003.09 The Director may require additional examinations for any individual found to have violated any state or federal securities, commodities, banking, insurance, or real estate laws.
003.10 The Director may waive the requirements of this section if the Director finds the waiver is consistent with investor protection and is in the public interest.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
003.01 The investment adviser representative shall have taken and passed the following qualifying examinations administered by the Financial Industry Regulatory Authority:
003.01A The Uniform Investment Adviser Licensing Examination (Series 65 examination) after January 1, 2000, within two years of the date of application; or
003.01B The Uniform Combined State Law Examination (Series 66 examination) after January 1, 2000 and the General Securities Representative Examination (Series 7), within two years of the date of application, and
003.01C The Securities Industry Essential Examination within four years of the date of application.
003.02 The examination requirement does not apply to an individual who currently holds, and who maintains, one of the following professional designations:
003.02A Certified Financial Planner (CFP) awarded by the Certified Financial Planner Board of Standards, Inc.;
003.02B Chartered Financial Consultant (ChFC) awarded by The American College of Financial Services;
003.02C Personal Financial Specialist (PFS) awarded by the American Institute of Certified Public Accountants;
003.02D Chartered Financial Analyst (CFA) awarded by the Institute of Chartered Financial Analysts; or
003.02E Chartered Investment Counselor (CIC) awarded by the Investment Adviser Association.
003.03 Any individual who was registered as an investment adviser or investment adviser representative in any jurisdiction in the United States on January 1, 2000, and who has no subsequent gap in registration longer than two years, is not required to satisfy the examination requirements for continued registration.
003.04 An individual who has a gap in registration of two years or less between the date of the termination of the individual's most recent registration in Nebraska and the date of application for registration is not required to comply with the examination requirements of this Rule.
003.05 Any individual who is not registered as an investment adviser representative in any state for more than two years but less than five years, who has elected to participate in the FINRA Maintaining Qualifications Program pursuant to FINRA Rule 1240(c), and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the FINRA Maintaining Qualifications Program shall not have to retake the appropriate FINRA qualifying examinations to comply with the examination requirements of Section 003.01; provided, however, that successful participation in the FINRA Maintaining Qualifications Program shall not extend the Uniform Investment Adviser Licensing Examination ("Series 65 Examination") or the Unform Combined State Law Examination ("Series 66 Examination") for purposes of investment adviser representative registration.
003.06 Notwithstanding subsection 003.05 of this rule, an individual who terminates heir registration as an investment adviser representative may maintain the validity of their Series 65 Examination or the investment adviser representative portion of the Series 66 Examination, as applicable, without being employed by or associated with an investment adviser or federal covered investment adviser for a maximum of five years following the termination of the effectiveness of the investment adviser representative registration if the individual meets all of the following:
003.06A The individual previously took and passed the examination for which they seek to maintain validity under this rule;
003.06B The individual was registered as an investment adviser representative for at least one year immediately preceding the termination of the investment adviser representative registration;
003.06C The individual was not subject to a statutory disqualification as defined in Section 3(a)(39) of the Exchange Act while registered as an investment adviser representative or at any period after termination of the registration;
003.06D The person elects to participate in the Exam Validity Extension Program ("EVEP") under this paragraph within two years from the effective date of the termination of the investment adviser representative registration;
003.06E The individual does not have a deficiency under the investment adviser representative continuing education program at the time the investment adviser representative registration becomes ineffective;
003.06F The person completes annually on or before December 31 of each calendar year in which the person participates in the IAR EVEP:
003.06F1 Six credits of IAR CE Ethics and Professional Responsibility Content offered by an Authorized Provider, including at least three hours covering the topic of ethics, and
003.06F2 Six credits of IAR CE Products and Practice Content offered by an Authorized Provider;
003.07 An individual who elects to participate in EVEP is required to complete credits required by subsection 003.06F of this rule for each calendar year that elapses after the individual's investment adviser representative registration became ineffective regardless of when the individual elects to participate in EVEP; and
003.08 An individual who complies with the FINRA Maintaining Qualification Program under FINRA Rule 1240(c) shall be considered in compliance with subsection 003.06F2 of this rule.
003.09 The Director may require additional examinations for any individual found to have violated any state or federal securities, commodities, banking, insurance, or real estate laws.
003.10 The Director may waive the requirements of this section if the Director finds the waiver is consistent with investor protection and is in the public interest.