PURPOSE: This rule prescribes the examination requirements of applicants for registration as broker-dealer, agent and investment adviser, and investment adviser representatives.

1. (1) Every applicant for registration as a broker-dealer, agent, investment adviser, or investment adviser representative shall pass the written examinations required by the Financial Industry Regulatory Authority (FINRA) and this rule.

2. (2) The following examinations are required for the following applicants:

   1. (A) Broker-Dealer Agent Application. General agents of securities broker-dealers are required to take and pass:

      1. 1. The Series 7 examination; and
      2. 2. Either Series 63 or the Series 66

examination.

1. (B) Specialized Agent of a Broker-Dealer or Issuer Agent Application. Specialized agents of broker-dealers or issuers are required to take and pass:

   1. 1. The applicable FINRA examination;

and

1. 2. Either the Series 63 or the Series 66

examination.

1. (C) Investment Adviser Representatives Application. Investment adviser representatives are required to take and pass:

   1. 1. The Series 65 examination; or
   2. 2. Both the Series 66 and the Series 7

examinations.

1. (D) Investment Adviser Qualifying Officers Application. Qualifying officers of investment advisers are required to take and pass:

   1. 1. The Series 7 examination; and
   2. 2. Either the Series 65 or Series 66

examination with a score of at least eighty percent (80%).

1. (3) Waiver of Examination Requirement for Broker-Dealer Agents. The commissioner may by order grant an agent registration to an applicant that has not complied with the examination requirements set forth in 15 CSR 30-51.030(2) if granting the registration is in the public interest and the applicant is able to demonstrate exceptional experience in and knowledge of the securities markets and applicable regulations, or the broker-dealer agent has taken and passed the previous equivalent of the required examination and has been previously registered as a brokerdealer agent with FINRA. For agents of FINRA members, unless a proceeding under section 409.4-412, RSMo, has been instituted, a waiver of the examination requirement by FINRA shall be deemed a waiver by the commissioner.

2. (4) Waiver of Examination Requirement for Investment Adviser Representatives. The examination requirement for applicants may be waived if the examination is not necessary for the protection of advisory clients. Persons with the following qualifications may qualify for a waiver of the examination requirement: and Investment Adviser Representatives

   1. (A) Investment Adviser Representatives. Applicants for Investment Adviser Representative may qualify for a waiver of the examination requirement in 15 CSR 30- 51.030(2)(C)2., if the applicant currently holds one (1) of the following designations:

      1. 1. Certified Financial Planner (CFP)

awarded by Certified Financial Planner Board of Standards, Inc.;

1. 2. Chartered Financial Consultant

(ChFC) awarded by the American College, Bryn Mawr, Pennsylvania;

1. 3. Personal Financial Specialist (PFS)

awarded by the American Institute of Certified Public Accountants;

1. 4. Chartered Financial Analyst (CFA)

awarded by the Institute of Chartered Financial Analysts;

1. 5. Chartered Investment Counselor

1. (CIC) awarded by the Investment Counsel Association of America, Inc;

   1. 6. Certified Investment Management

Consultant (CIMC) awarded by the Institute for Certified Investment Management Consultants;

1. 7. Certified Investment Management

Analyst (CIMA) awarded by the Investment Management Consultants Association; or

1. 8. Such other professional designation

as the commissioner may by order recognize.

1. (B) Investment Adviser Qualifying Officers. Applicants for investment adviser qualifying officer may qualify for a waiver of the examination requirement in 15 CSR 30- 51.030(2)(D)2. if the applicant:

   1. 1. Had a passing score of at least seven-

ty percent (70%) on either the Series 65 or Series 66 examination, and provided written assurance to the commissioner that the investment adviser firm will be operating as a sole proprietorship and the applicant will not be supervising any other representatives for at least three (3) years;

1. 2. Had a passing score of at least seven-

ty percent (70%) on the previous versions of either the Series 65 or Series 66 examination, and has maintained an investment adviser representative or broker-dealer agent registration in Missouri or any other jurisdiction for at least ten (10) years;

1. 3. Had a passing score of at least eighty

percent (80%) on the Series 24, Series 9/10 or its previous equivalent, Series 27, or Series 63 examination, and has maintained an investment adviser representative or brokerdealer agent registration in Missouri or any other jurisdiction for at least fifteen (15) years; or

1. 4. Has:

   1. A. Held and maintained one of the

following designations for at least the last ten (10) years:

1. (I) Certified Financial Planner

1. (CFP) awarded by the International Board of Standards and Practices for Certified Financial Planners, Inc.;

   1. (II) Chartered Financial Consultant

(ChFC) awarded by the American College, Bryn Mawr, Pennsylvania;

1. (III) Personal Financial Specialist

1. (PFS) awarded by the American Institute of Certified Public Accountants;

   1. (IV) Chartered Financial Analyst

2. (CFA) awarded by the Institute of Chartered Financial Analysts;

   1. (V) Chartered Investment Coun-

selor (CIC) awarded by the Investment Counsel Association of America, Inc;

1. (VI) Certified Investment Manage-

ment Consultant (CIMC) awarded by the Institute for Certified Investment Management Consultants; or

1. (VII) Certified Investment Manage-

ment Analyst (CIMA) awarded by the Investment Management Consultants Association; and

1. B. Either:

   1. (I) Had a passing score of at least

eighty percent (80%) on the Series 24, Series 9/10 or its previous equivalent, Series 27, Series 53, or Series 63 examination; or

1. (II) Has provided written assurance

to the commissioner that the investment adviser firm will be operating as a sole proprietorship and the applicant will not be supervising any other representatives for at least three (3) years.

AUTHORITY: sections 409.4-412(a) and 409.6-605, RSMo Supp. 2008.* Original rule filed June 25, 1968, effective Aug. 1, 1968. Amended: Filed May 21, 1969, effective Aug. 1, 1969. Amended: Filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Amended: Filed Dec. 19, 1975, effective Dec. 31, 1975. Emergency amendment filed Aug. 15, 1983, effective Aug. 29, 1983, expired Dec. 26, 1983. Amended: Filed Aug. 15, 1983, effective Nov. 11, 1983. Emergency amendment filed Aug. 1, 1984, effective Aug. 11, 1984, expired Nov. 11, 1984. Amended: Filed Aug. 1, 1984, effective Nov. 11, 1984. Amended: Filed July 3, 1989, effective Sept. 28, 1989. Emergency amendment filed Aug. 4, 1995, effective Aug. 14, 1995, expired Dec. 11, 1995. Amended: Filed Aug. 4, 1995, effective Jan. 30, 1996. Rescinded and readopted: Filed Dec. 17, 2001, effective July 30, 2002. Emergency amendment filed Aug. 27, 2003, 15 CSR 30-51 effective Sept. 12, 2003, expired March 9, 2004. Amended: Filed Aug. 28, 2003, effective Feb. 29, 2004. Amended: Filed May 21, 2009, effective Nov. 30, 2009.

*Original authority: 409.4-412, RSMo 2003 and 409.6- 605, RSMo 2003.