1. A. Examination Requirement. An applicant for registration as a broker-dealer or as a broker-dealer agent in Maryland shall:

   1. (1) Pass, with a score of 70 percent or better, the appropriate examination designated in §B of this regulation within 2 years before the date of application; or
   2. (2) Qualify for an exemption from the examination requirement under §C of this regulation.
2. B. SRO Examinations. An applicant for initial registration as a broker-dealer or broker-dealer agent shall take the appropriate examination or examinations designated and administered by a self-regulatory organization.

3. C. Exemption. An applicant for registration as a broker-dealer or broker-dealer agent is exempt from the examination requirement of this regulation if the applicant:

   1. (1) Is a member firm or is a registered representative with the NASD; or
   2. (2) Has been continuously engaged in the securities business for a period of at least 2 years immediately preceding the date of application.

Authority: Corporations and Associations Article, §11-203, Annotated Code of Maryland

Effective date: June 1, 19652

Regulations .01—.06 and new Regulations .01—.10 adopted effective January 17, 1994 (21:1 Md. R. 26)

Regulation .01B, D amended effective June 15, 1998 (25:12 Md. R. 944)

Regulation .04B, D amended effective June 15, 1998 (25:12 Md. R. 944)

Regulation .08B, C amended effective June 15, 1998 (25:12 Md. R. 944)