1. (a) This section applies to an applicant seeking to register as an investment adviser representative.

2. (b) Except as provided in subsections (c) through (e), an applicant under this section must pass the:

   1. (1) Series 65 examination within the two (2) years preceding the date of application or the Series 7 and Series 66 examination within the two (2) years preceding the date of application; and
   2. (2) Securities Industry Essentials Examination within the four (4) years preceding the date of application, if the applicant did not take the Series 65 examination within the two (2) years preceding the date of application.

3. (c) If:

   1. (1) an applicant under this section has been designated as:

      1. (A) a Certified Financial Planner;
      2. (B) a Chartered Financial Consultant;
      3. (C) a Chartered Financial Analyst;
      4. (D) a Personal Financial Specialist;
      5. (E) a Certified Investment Management Analyst; and
      6. (F) any other designation that the commissioner considers to be equivalent to the examinations required under subsection (b); and

   2. (2) the applicant's designation in subdivision (1) is current and in good standing with the organization that awarded the designation;

      the examination requirement in subsection (b) does not apply.

4. (d) An applicant is in compliance with the examination requirement in subsection (b)(1) if the:

   1. (1) applicant has not been registered as an investment adviser representative in any state for more than two (2) years but less than five (5) years;
   2. (2) applicant is a participant in the Maintaining Qualifications Program administered by FINRA;
   3. (3) applicant's FINRA qualifying examinations are valid through the individual's participation in the Maintaining Qualifications Program administered by FINRA; and
   4. (4) applicant is a participant in the Examination Validity Extension Program for investment adviser representatives administered by NASAA within two (2) years of agent registration termination.

5. (e) An applicant is in compliance with the examination requirement in subsection (b)(2) if the:

   1. (1) applicant has not been registered as an investment adviser representative in any state for more than two (2) years but less than five (5) years;
   2. (2) applicant is a participant in the Maintaining Qualifications Program administered by FINRA; and
   3. (3) applicant's FINRA qualifying examinations are valid through the individual's participation in the Maintaining Qualifications Program administered by FINRA.
6. (f) The commissioner may waive any of the examination requirements under subsection (b).

As added by P.L.41-2026, SEC.7.