Current through Register Vol. 48, No. 12, March 22, 2024
a) If a person
applying for registration as a dealer, salesperson, investment adviser,
investment adviser representative, or principal seeks a waiver of the
examination requirements as provided in Section 8 of the Act, the request for
the waiver shall be in writing on a form and in the manner prescribed by the
Secretary.
b) The request for the
waiver of the examination requirement shall contain the following information:
1) The business name and address of the
dealer (or investment adviser for investment adviser and investment adviser
representative applicants or federal covered investment adviser for investment
adviser representative applicants) with which the applicant is or will be
associated;
2) The official title
and connection of the applicant with the dealer (or federal covered investment
adviser or investment adviser);
3)
The applicant's legal name;
4) The
applicant's business address and telephone number;
5) The applicant's residential address and
telephone number;
6) The
applicant's date of birth;
7) A
list of any other names the applicant has used including the dates used, the
reason for the name change, and the date the applicant's present name was
adopted;
8) The amount of ownership
of capital stock or partnership interest of the dealer (or investment adviser)
with which the applicant is associated;
9) The nature and tenure of each job the
applicant currently holds or has held for 10 years prior to the date of the
waiver request. In addition, investment adviser applicants must provide the
total aggregate dollar value of investment advisory accounts serviced, whether
the applicant had discretionary authority over the accounts, and the total
percentage of institutional accounts the applicant serviced of those entities
enumerated in Section 4.C of the Act;
10) The applicant's educational history
including degrees received;
11) Any
professional certifications or designations;
12) Any FINRA or related examinations taken
by the applicant;
13) The name,
address and business affiliation of three persons to whom the Secretary may
address inquiries regarding experience, qualification and standing of the
applicant; and
14) A list of where
the applicant has been licensed or registered as a dealer, salesperson or
investment adviser, including the state or licensing agency, the type of
license or registration and the period during which the registration was
effective.
c) The
request shall be signed and notarized. By signing the waiver request, the
applicant is attesting to the following (unless a detailed explanation is
attached):
1) The applicant has never had any
license or registration as a dealer, investment adviser, investment adviser
representative or salesperson, suspended, cancelled or revoked after notice and
opportunity for hearing;
2) The
applicant has never been temporarily or permanently enjoined from acting as an
investment adviser, investment adviser representative, federal covered
investment adviser, federal covered investment adviser representative, dealer,
salesperson or employee thereof or from engaging in or continuing any conduct
or practice in connection with activity as an investment adviser, investment
adviser representative, federal covered investment adviser, federal covered
investment adviser representative, dealer, salesperson, employee thereof or
employee of any investment company, financial institution or insurance company
after notice and opportunity for hearing;
3) The applicant has never been convicted of
any felony or misdemeanor involving the purchase or sale of any securities or
arising out of any conduct as an investment adviser, investment adviser
representative, federal covered investment adviser, federal covered investment
adviser representative, dealer, salesperson, employee thereof or employee of
any investment company, financial institution or insurance company;
4) The applicant has never been permanently
or temporarily enjoined from the issuance, offering for sale, sale, promotion,
negotiation, advertising or distribution of securities;
5) The applicant has never been named as a
defendant in any proceeding arising from a complaint alleging a fraudulent act
in any transaction of any kind or character;
6) The applicant has never been found by any
state or federal board, body, department or commission to have willfully made
any untrue statement of a material fact in any application for registration or
license as a dealer, investment adviser or salesperson or in any report
required to be filed with the subject body, board, department or commission or
under the Federal 1934 Act or to have willfully omitted to state in the
application or report any material fact that is required to be stated in an
application or report; and
7) The
applicant has never been disbarred or suspended from the practice of any
profession.
d) After the
Securities Department receives the request, the request shall be granted or
denied based upon criteria that includes, but is not limited to, education,
years of experience in the securities business, past disciplinary history, and
prior registration with the SEC, any state securities regulator, or FINRA. The
applicant shall be informed in writing of the Securities Department's
decision.