Current through all regulations passed and filed through September 16, 2024
(A) License
application contents and procedure. Pursuant to division (A) of section
1707.163
of the Revised Code, state retirement system investment officer license
application and procedure shall be as follows:
(1) The license application shall consist of:
(a) A properly completed form
"SRSIO";
(b) The license fee
required by division (B)(6) of section
1707.17 of
the Revised Code;
(c) A properly
completed standard impression sheet prescribed by the superintendent of the
bureau of criminal identification and investigation on which fingerprint
impressions by the natural person applying to be licensed as a state retirement
system investment officer shall be made in accordance with the fingerprint
system of identification.
(i)
Absent an exception prescribed by the superintendent of
the bureau of criminal identification and investigation, Ohio residents
applying for licensure will have fingerprint impressions completed by an
authorized Ohio WebCheck location and request the results be directed to the
division;
(ii)
Non-Ohio resident applicants for licensure will have
fingerprint impressions completed at an authorized Ohio WebCheck location and
request the results be directed to the division, or submit a properly completed
division-specific fingerprint card to the division for processing in accordance
with the superintendent of the bureau of criminal identification and
investigation procedures.
(2) An application for licensure of a state
retirement system investment officer shall be submitted to the division by the
state retirement system with whom the applicant proposes to be
employed.
(3) A form "SRSIO" is
considered filed with the division upon receipt.
(B) Education and experience or designation
requirement for applicants employed by a state retirement system on September
15, 2004. As a condition of licensing, every state retirement system investment
officer applicant employed by a state retirement system on September 15, 2004,
shall furnish evidence to the division that he or she has satisfied one of the
criteria listed in paragraphs (B)(1) to (B)(2) of this rule. The division shall
consider a state retirement system investment officer applicant for licensing
to have met this requirement if the state retirement system investment officer
applicant was employed on or before September 14, 2004 and:
(1) Satisfied one of the following education
and experience background requirements:
(a) A
bachelor's degree from an accredited college or university and five years of
relevant investment experience;
(b)
A master's degree from an accredited college or university;
(c) A doctorate degree from an accredited
college or university; or
(2) Earned, and is in good standing with the
organization that issued, any one of the following credentials:
(a) "Certified Financial Planner" awarded by
the "Certified Financial Planner Board of Standards, Inc.";
(b) Chartered financial analyst
designation;
(c) Chartered
financial consultant;
(d) Chartered
investment counselor; or
(e)
Certified public accountant with a personal financial specialist
designation.
(C) Examination or designation requirement
for applicants employed by a state retirement system after September 15, 2004
for licensing as a state retirement system investment officer. As a condition
of licensing, every applicant for licensing as a state retirement system
investment officer shall furnish evidence to the division that he or she has
satisfied one of the criteria listed in paragraphs (C)(1) to (C)(2) of this
rule. The division shall consider an applicant for licensing as a state
retirement system investment officer to have met this requirement if the
applicant has:
(1) Achieved a passing score on
one of the following examinations:
(a) Uniform
securities agent state law examination, series 63 administered by the
"Financial Industry Regulatory Authority";
(b) Uniform investment adviser law
examination, series 65 administered by the "Financial Industry Regulatory
Authority";
(c) Uniform combined
state law examination, series 66 administered by the "Financial Industry
Regulatory Authority"; or
(d) Level
one examination offered by the "CFA Institute."
(2) Earned, and is in good standing with the
organization that issued, any one of the following credentials:
(a) "Certified Financial Planner" awarded by
the "Certified Financial Planner Board of Standards, Inc.";
(b) Chartered financial analyst;
(c) Chartered financial consultant;
(d) Chartered investment counselor;
or
(e) Certified public accountant
with a personal financial specialist designation.
(D) Updating. Updates to the form
"SRSIO" shall be promptly filed with the division.
(E) Termination:
(1) Upon the discontinuation of the
employment of a state retirement system investment officer, the state
retirement system with which the state retirement system investment officer was
employed shall, within thirty calendar days of the discontinuation, submit to
the division a written request to cancel the license of the state retirement
system investment officer. The request to cancel the license shall state if the
termination of the state retirement system officer was for cause and the basis
of the for cause termination.
(2) A
request to cancel the license or withdraw the license application of a state
retirement system investment officer of a state retirement system shall become
effective on the sixtieth day after the filing thereof with the division, or
within such shorter period of time as the division may determine. If, prior to
the effectiveness of a request to cancel the license or withdraw the license
application of a state retirement system investment officer, the division has
instituted a proceeding to suspend or revoke the license, or deny or refuse the
license application of the state retirement system investment officer, the
request to cancel the license or withdraw the license application of a state
retirement system investment officer shall not become effective except at such
time and upon such terms and conditions as the division deems necessary or
appropriate in the public interest or for the protection of state retirement
systems and the beneficiaries.
(F) Renewals. An annual renewal application
shall include:
(1) The license fee required by
division (B)(6) of section
1707.17 of
the Revised Code;
(2) Renewal
notice;
(a) A renewal form verifying that the
information on the applicant's previously submitted form "SRSIO" is current;
or
(b) An updated form "SRSIO" with
current information.
