S.D. Admin. R. 20:08:05:27

Current through Register Vol. 50, page 162, June 24, 2024

Section 20:08:05:27 - Examination requirements

(1) Unless otherwise waived by the director, an investment adviser or an investment adviser representative shall take and pass within the two year period immediately preceding the date of the application:

(a) The Uniform Investment Adviser State Law Examination (S65); or

(b) The Uniform Combined State Law Examination (S66) and the General Securities Representative Examination (S7).

(2) If the investment adviser is an entity, then a supervisory or control individual shall take and pass the examination(s) as required in § 20:08:05:27(1).

(3) Any person who has been registered as an investment adviser or an investment adviser representative in any state requiring the licensing, registration, or qualification of investment advisers or investment adviser representatives within the two year period immediately preceding the date of filing an application is not required to comply with the examination requirement set forth in § 20:08:05:27(1)(a) and (1)(b).

(4) Compliance with § 20:08:05:27(1) and (2) 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:

(a) Certified Financial Planner (CFP) awarded by the Certified Financial Planners Board of Standards.

(b) Chartered Financial Consultant (ChFC) or Masters of Science and Financial Services (MSFS) 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 Adviser Association.

(5) An applicant who has taken and passed the Uniform Investment Adviser State Law Examination (S65) within two years prior to the date the application is filed with the director or at any time if the applicant has been registered or licensed as an investment adviser, investment adviser representative within the two years prior to the date the application is filed with the director, is not required to take and pass the Uniform Investment Adviser State Law Examination again.

(6) An applicant who is an agent for a broker-dealer/investment adviser and who is not required by the agent's home jurisdiction to make a separate filing on CRD as an investment adviser representative but who has previously met the examination requirement in § 20:08:05:27(1)(a) and (1)(b) necessary to provide advisory services on behalf of the broker-dealer/investment adviser, is not required to take and pass the Uniform Investment Adviser State Law Examination (S65) again.

(7) Persons deemed to be investment adviser representatives only because they solicit, offer, or negotiate for the sale of or sell investment advisory services in this state are not required to take and pass the examinations in § 20:08:05:27(1)(a) and (1)(b).

S.D. Admin. R. 20:08:05:27

37 SDR 112, effective 12/9/2010.

General Authority: SDCL 47-31B-404(f), 47-31B-412(e), 47-31B-605(a)(1) to (3), inclusive, 47-31B-605(b).

Law Implemented: SDCL 47-31B-103, 47-31B-404(f), 47-31B-412(e).