Examination Validity Extension Program for Investment Adviser Representatives and Salespersons

Section 130.882  Examination Validity Extension Program for Investment Adviser Representatives and Salespersons a)         For Investment Adviser Representatives. Notwithstanding the examination requirements of Section 130.843, an individual who terminates registration as an IAR may maintain the validity of the representative's Series 65/Uniform Investment Adviser Law Examination ("Series 65 Examination") or the IAR portion of the Series 66/Uniform Combined State Law Examination ("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 termination of the individual's IAR registration if the individual meets all of the following: 1)         The individual previously took and passed the examination for which continuing validity is sought under this Part; 2)         The individual was registered as an IAR for at least one year immediately preceding termination of the IAR registration; 3)         The individual was not subject to a statutory disqualification as defined in Section 3(a)(39) of the Federal 1934 Act while registered as an IAR or at any period after termination of the representative's IAR registration; 4)         The individual elects to participate in the Exam Validity Extension Program ("EVEP") under this subsection (a) within two years from the effective date of the termination of the individual's IAR registration; 5)         The individual does not have a deficiency under the IAR continuing education program set forth in Section 130.881 at the time the individual's IAR registration becomes ineffective; 6)         The individual completes annually, on or before December 31 of each calendar year in which the person participates in the IAR-EVEP: A)        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 B)        six credits of IAR CE products and practice content offered by an authorized provider; and 7)         An individual who elects to participate in EVEP is required to complete credits required by subsection (a)(6) for each calendar year that elapses after the individual's IAR registration became ineffective regardless of when the individual elects to participate in EVEP. b)         For IARs Duly Registered as Salespersons. An individual who was duly registered for at least one year as both an IAR and a salesperson at the time the person's registrations terminated, and who complies with FINRA's Maintaining Qualification Program under FINRA Rule 1240(c), will be deemed in compliance with subsection (a)(6)(B) for purposes of continuing IAR examination validity. c)         For Salespersons.  An individual who was registered as a salesperson with a FINRA-member securities dealer for at least one year at the time the salesperson's registrations terminated, and who complies with FINRA's Maintaining Qualification Program under FINRA Rule 1240(c), will be deemed to have met the requirements for maintaining the validity of all examinations taken and passed that relate to registrations held at the time the registrations terminated, for a maximum period of five years following termination of those registrations.