Okla. Admin. Code § 660:11-7-13

Current through Vol. 41, No. 19, June 17, 2024

Section 660:11-7-13 - Examination requirements for investment adviser representatives

(a)Examination requirement. Proof of compliance with the written examination requirements of this Section is prerequisite to a complete filing for registration under the Securities Act.

(b)Examinations. Every natural person seeking registration as an investment adviser or investment adviser representative shall, unless covered by subsection (c) or (e) or otherwise waived by the Administrator, have passed:

(1) the Series 65/Uniform Investment Adviser Law Examination (Series 65) within two years of the date of application; or

(2) the Series 66/Uniform Combined State Law Examination (Series 66) and the FINRA Series 7/General Securities Representative Examination within two years of the date of application, and

(3) the Securities Industry Essential Examination within four years of the date of application.

(c)Designations acceptable in lieu of examinations. Compliance with the examination requirements is waived if the applicant has been awarded any of the following designations and at the time of filing an application is current and in good standing:

(1) Certified Financial Planner ("CFP") awarded by the Certified Financial Planners Board of Standards;

(2) Chartered Financial Consultant ("ChFC") or Masters of Science and Financial Services ("MSFS") awarded by the American College, Bryn Mawr, Pennsylvania;

(3) Chartered Financial Analyst ("CFA") awarded by the Institute of Chartered Financial Analysts;

(4) Personal Financial Specialist ("PFS") awarded by the American Institute of Certified Public Accountants;

(5) Chartered Investment Counselor ("CIC") awarded by the Investment Adviser Association; or

(6) Any further certificates or credentials that are placed on the NASAA 65 Equivalency List, as maintained and updated by NASAA and the NASAA Exams Advisory Committee.

(d)Change in series number. Should FINRA examination series numbers change, the most current examination series applicable to the category of registration shall apply.

(e)Validity of prior examination scores.

(1) Any individual who has been registered as an investment adviser representative in any state within two years from the date of filing an application for registration shall not be required to retake the examinations to be eligible for registration.

(2) 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 subsection (b)(1); provided, however, that successful participation in the FINRA Maintaining Qualifications Program shall not extend the Series 65 or the Series 66 for purposes of investment adviser representative registration.

(f)Waiver of examination requirement. The Administrator may waive the examination requirement on a case-by-case basis when such action is determined to be consistent with the purposes fairly intended by the policy and provisions of the Securities Act. Requests for waivers shall be in writing setting forth the justifications therefor.

Okla. Admin. Code § 660:11-7-13

Added at 21 Ok Reg 2532, eff 7-1-04; Amended at 30 Ok Reg 2076, eff 8-1-13

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 11/1/2018

Amended by Oklahoma Register, Volume 39, Issue 24, September 1, 2022, eff. 9/15/2022

Amended by Oklahoma Register, Volume 40, Issue 22, August 1, 2023, eff. 9/15/2023