Mississippi Administrative Code
Title 1 - Secretary of State
Part 14 - Securities Regulation
Chapter 6 - INVESTMENT ADVISERS
Rule 1-14-6.12 - Investment Adviser Representative: Examination Validity Extension Program
Universal Citation: MS Code of Rules 1-14-6.12
Current through March 14, 2024
A. Notwithstanding Rule 6.13, an individual who terminates their registration as an investment adviser representative may maintain the validity of their Uniform Investment Adviser Law Examination (S65) or the investment adviser representative portion of the Uniform Combined State Law Examination (S66), as applicable, without being employed by or associated with an investment adviser or federal covered investment adviser for a maximum of five (5) years following the termination of the effectiveness of the investment adviser representative registration if the individual meets all of the following:
1. The individual previously
took and passed the examination for which they seek to maintain validity under
this rule;
2. The individual was
registered as an investment adviser representative for at least one (1) year
immediately preceding the termination of the investment adviser representative
registration;
3. The individual was
not subject to a statutory disqualification as defined in Section 3(a)(39) of
the Exchange Act while registered as an investment adviser representative or at
any period after termination of the registration;
4. The person elects to participate in the
Exam Validity Extension Program ("EVEP") under this paragraph within two (2)
years from the effective date of the termination of the investment adviser
representative registration;
5. The
individual does not have a deficiency under the investment adviser
representative continuing education program at the time the investment adviser
representative registration becomes ineffective;
6. The person completes annually on or before
December 31 of each calendar year in which the person participates in the IAR
EVEP:
a. six (6) Credits of IAR CE Ethics and
Professional Responsibility Content offered by an Authorized Provider,
including at least three (3) hours covering the topic of ethics, and
b. six (6) Credits of IAR CE Products and
Practice Content offered by an Authorized Provider;
7. An individual who elects to participate in
EVEP is required to complete credits required by subsection (6) of this rule
for each calendar year that elapses after the individual's investment adviser
representative registration became ineffective regardless of when the
individual elects to participate in EVEP; and
8. An individual who complies with the FINRA
Maintaining Qualification Program under FINRA Rule 1240(c) shall be considered
in compliance with Section (6)(b) of this rule.
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