Investment Adviser Representative: Registration, Renewal, and Withdrawal

Investment Adviser Representative: Registration, Renewal, and Withdrawal Requirements. A. Examination Requirements. 1. An investment adviser representative shall take and pass within the two (2) year period immediately preceding the date of the application: a. The Uniform Investment Adviser Law Examination (S65); or b. The Uniform Combined State Law Examination (S66) and the General Securities Representative Examination (S7). c. The Securities Industry Essential Examination within four (4) years of the date of application. 2. Any individual who is registered as an investment adviser representative in any jurisdiction in the United States on or before January 1, 2000, and has not had a continuous two (2) year break of registration as an investment adviser representative thereafter shall not be required to satisfy the examination requirements set forth in Subsection(A)(1) of this Rule. 3. Any individual who has been registered as an investment adviser representative in any jurisdiction in the United States requiring the licensing, registration, and qualification of an investment adviser representatives within the two (2) year period immediately preceding the date of filing an application shall not be required to comply with the examination requirement set forth in Subsection (A)(1) of this Rule. 4. The examination requirements shall not apply to any individual who provides proof of holding and maintaining a current professional designation in good standing from one (1) of the following: a. CERTIFIED FINANCIAL PLANNER ™/CFP ® certification awarded by the Certified Financial Planner Board of Standards, Inc. b. Chartered Financial Consultant (ChFC) awarded by the American College, Bryn Mawr, Pennsylvania. c. Personal Financial Specialist (PFS) awarded by the American Institute of Certified Public Accountants. d. Chartered Financial Analyst (CFA) awarded by the CFA Institute. e. Chartered Investment Counselor (CIC) awarded by the Investment Counsel Association of America, Inc. f. Such other professional designation as the Division may by order recognize. 5. The Division may require additional examinations for any individual found to have violated the Act. 6. Loss of Professional Designations. An investment adviser representative exempt from examination requirements under Subsection (A)(4) above who subsequently loses or allows the lapse of such professional designation shall provide written notice to the Division immediately upon loss or lapse of such designation. Upon loss or lapse, the representative is no longer exempt, and his registration may be summarily suspended. 7. Any individual who is not registered as an investment adviser representative in any state for more than two (2) years but less than five (5) years, who has elected to participate in the FINRA Maintaining Qualifications Program (MQP) pursuant to FINRA Rule 1240(c), and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the FINRA MQP shall not have to retake the appropriate FINRA qualifying examinations to comply with the examination requirements of Section (A)(1); provided, however, that successful participation in the FINRA MQP shall not extend the Uniform Investment Adviser Law Examination (S65) or the Uniform Combined State Law Examination (S66) for purposes of investment adviser representative registration. B. Initial Application. The application for initial registration as an investment adviser representative pursuant to Section 75-71-404(a) of the Act shall be made by: 1. Filing Form U4 (Uniform Application for Securities Industry Registration or Transfer) electronically with IARD and paying the applicable registration fee required by Rule 4.15; and 2. Providing proof of compliance with the examination requirements of Subsection (A) of this Rule. C. Registration Renewal Requirements. 1. All registrations expire on December 31 of each year. 2. The application for annual renewal registration as an investment adviser representative shall be made by filing electronically with IARD and paying the renewal fee required by Rule 4.15. D. Termination of Investment Adviser Representative Registration. The application for termination of registration as an investment adviser representative shall be completed by filing Form U5 (Uniform Termination Notice for Securities Industry Registration) electronically with IARD within thirty (30) days of the date of termination. E. Updates and Amendments. The Division shall be notified within thirty (30) days whenever the information contained in any application or amendment for registration as an investment adviser or representative changes in a material way or is or becomes inaccurate or incomplete in any respect. 1. The investment adviser representative is under a continuing obligation to update information required by Form U4 as changes occur. 2. Events requiring notification shall include, but are not limited to, those described in Rule 6.17. 3. An investment adviser representative and the investment adviser must electronically file promptly with IARD any amendments to the representative’s Form U4. 4. An amendment will be considered to be filed promptly if the amendment is filed within thirty (30) days of the event that requires the filing of the amendment. F. Completion of Filing. 1. An application for initial or renewal registration is not considered filed for purposes of Section 75-71-404(a) of the Act until the required fee and all required submissions have been received by the Division. 2. The Division is not required to issue a certificate, license, or permit. G. Dual Registration. An investment adviser representative, only under the conditions set forth below, may associate with two (2), but not more than two (2), investment adviser firms at the same time, provided: 1. The two (2) investment adviser firms are affiliated, and both investment adviser firms agree in writing on the form prescribed by the Division (“Joint Supervisory Agreement”) to assume full supervisory responsibility for the investment adviser representative; or 2. The two (2) investment adviser firms are not affiliated, but one (1) of the investment adviser firms is affiliated with a broker-dealer firm with which the investment adviser representative is also registered as a broker-dealer agent, and both investment adviser firms agree in writing on forms prescribed by the Secretary of State to assume full supervisory responsibility for the investment adviser representative. 3. For purposes of Subsection (G) of this Rule, affiliated means one investment adviser or broker-dealer firm controls another investment adviser or broker- dealer firm, is controlled by another investment adviser or broker-dealer firm or is under common control with another investment adviser or broker-dealer firm.