Mo. Code Regs. tit. 15 § 30-51.030

Current through Register Vol. 49, No.12, June 17, 2024

Section 15 CSR 30-51.030 - Examination Requirement

PURPOSE: This amendment clarifies the exam requirements for investment adviser representatives.

(1) Every applicant for registration as a broker-dealer, agent, investment adviser, or investment adviser representative shall pass the written examinations required by the Financial Industry Regulatory Authority (FINRA) and this rule.

(2) 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-

1. The Securities Industry Essentials examination;

2. The Series 7 examination; and

3. Either Series 63 or the Series 66 examination.

(B) Specialized Agent of a Broker-Dealer or Issuer Agent Application. Specialized agents of broker-dealers or issuers are required to take and pass-

1. The Securities Industry Essentials examination;

2. The applicable FINRA examination; and

3. Either the Series 63 or the Series 66 examination.

(C) Investment Adviser Representatives Application. Investment adviser representatives are required to take and pass-

1. The Series 65 examination; or

2. The Securities Industry Essentials, the Series 66, and the Series 7 examinations.

(3) Waiver of Examination Requirement for Broker-Dealer Agents. The commissioner may by order grant an agent registration to an applicant that has not complied with the examination requirements set forth in 15 CSR 30-51.030(2) if granting the registration is in the public interest and the applicant is able to demonstrate exceptional experience in and knowledge of the securities markets and applicable regulations, or the broker-dealer agent has taken and passed the previous equivalent of the required examination and has been previously registered as a broker-dealer agent with FINRA. For agents of FINRA members, unless a proceeding under section 409.4-412, RSMo, has been instituted, a waiver of the examination requirement by FINRA shall be deemed a waiver by the commissioner.

(4) Waiver of Examination Requirement for Investment Adviser Representatives. The examination requirement for applicants may be waived if the examination is not necessary for the protection of advisory clients. Applicants for Investment Adviser Representative may qualify for a waiver of the examination requirement in 15 CSR 30-51.030(2)(C) 2., if the applicant currently holds one (1) of the following designations:

(A) Certified Financial Planner (CFP) awarded by 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 Institute of Chartered Financial Analysts;

(E) Chartered Investment Counselor (CIC) awarded by the Investment Counsel Association of America, Inc.;

(F) Certified Investment Management Consultant (CIMC) awarded by the Institute for Certified Investment Management Consultants;

(G) Certified Investment Management Analyst (CIMA) awarded by the Investment Management Consultants Association; or

(H) Such other professional designation as the commissioner may by order recognize.

15 CSR 30-51.030

AUTHORITY: sections 409.4-412(a) and 409.6-605, RSMo Supp. 2010.* Original rule filed June 25, 1968, effective Aug. 1, 1968. Amended: Filed May 21, 1969, effective Aug. 1, 1969. Amended: Filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Amended: Filed Dec. 19, 1975, effective Dec. 31, 1975. Emergency amendment filed Aug. 15, 1983, effective Aug. 29, 1983, expired Dec. 26, 1983. Amended: Filed Aug. 15, 1983, effective Nov. 11 , 1983. Emergency amendment filed Aug. 1, 1984, effective Aug. 11 , 1984, expired Nov. 11 , 1984. Amended: Filed Aug. 1, 1984, effective Nov. 11 , 1984. Amended: Filed July 3, 1989, effective Sept. 28, 1989. Emergency amendment filed Aug. 4, 1995, effective Aug. 14, 1995, expired Dec. 11 , 1995. Amended: Filed Aug. 4, 1995, effective Jan. 30, 1996. Rescinded and readopted: Filed Dec. 17, 2001, effective July 30, 2002. Emergency amendment filed Aug. 27, 2003, effective Sept. 12, 2003, expired March 9, 2004. Amended: Filed Aug. 28, 2003, effective Feb. 29, 2004. Amended: Filed May 21, 2009, effective Nov. 30, 2009. Amended: Filed Sept. 9, 2010, effective March 30, 2011 .

Amended by Missouri Register August 15, 2018/Volume 43, Number 16, effective 10/1/2018

Amended by Missouri Register December 16, 2019/Volume 44, Number 24, effective 1/30/2020

*Original authority: 409.4-412, RSMo 2003 and 409.6-605, RSMo 2003.