Current through September 2, 2024
Section 12.01.08.103 - EXAMINATION REQUIREMENTS01.Examination Required. The following examinations are required for the following applicants:a. Broker-dealer agent application. General agents of securities broker-dealers are required to take and pass:i. The applicable FINRA examinations; andii. Either the Series 63 or the Series 66 examination.b. Investment adviser representative and investment adviser qualifying officer application. Applicants for registration as investment adviser representatives or as an investment adviser qualifying officer shall take and pass:ii. The Series 66, the Series 7, and the Securities Industry Essentials examinations.c. Specialized agent of a broker-dealer, issuer agent and qualifying officer for non-FINRA broker-dealer application. Specialized agents of broker-dealers, issuer agents and qualifying officers for non-FINRA broker-dealers application are required to take and pass: i. The applicable FINRA examinations; andii. Either the Series 63 or the Series 66 examination.d. Sales of Viaticals. Persons selling viatical investments are required to take and pass the Securities Industry Essentials and Series 7 examinations.02.Specialized Examination Authority. Any registration granted pursuant to a specialized examination will be restricted, and the registrant will be authorized to effect securities transactions only in securities of the type specified by the conditions of the license.03.Investment Adviser Representatives - Waiver. An applicant for investment adviser representative or investment adviser qualifying officer registration may qualify for a waiver of the examination requirement if the applicant currently holds one (1) of the following designations: a. Certified Financial Planner (CFP) awarded by the Certified Financial Planner Board of Standards, Inc.;b. Chartered Financial Consultant (ChFC) awarded by the American College, Bryn Mawr, Pennsylvania;c. Chartered Financial Analyst (CFA) awarded by the Institute of Chartered Financial Analysts;d. Personal Financial Specialist (PFS) awarded by the American Institute of Certified Public Accountants;e. Chartered Investment Counselor (CIC) awarded by the Investment Counsel Association of America, Inc.; orf. Such other professional designation as the Administrator may by rule or order recognize.04.Waiver. The Administrator, in his sole discretion, may waive any examination required by this rule upon a sufficient showing of good cause and upon any conditions he may impose.Idaho Admin. Code r. 12.01.08.103