The following provisions govern the application of item (ix) of subsection (1) of Section 35-1-520:

1. (1) The securities commissioner may not enter an order against a broker-dealer on the basis of the lack of qualification of any person other than (a) the broker-dealer himself if he is an individual or (b) an agent of the broker-dealer.
2. (2) The securities commissioner may not enter an order against an investment adviser on the basis of the lack of qualification of any person other than (a) the investment adviser himself if he is an individual or (b) any other person who represents the investment adviser in doing any of the acts which make him an investment adviser.
3. (3) The securities commissioner may not enter an order solely on the basis of lack of experience if the applicant or registrant is qualified by training or knowledge or both.
4. (4) The securities commissioner shall consider that an agent who will work under the supervision of a registered broker-dealer need not have the same qualifications as a broker-dealer.
5. (5) The securities commissioner may by rule provide for an examination, which may be written or oral or both, to be taken by any class of or all applicants, as well as persons who represent or will represent an investment adviser in doing any of the acts which make him an investment adviser.