Section 032-515-10 - Examination and training requirements1.Investment Adviser Examination Requirements. Except as otherwise provided in Sub-section 3, every investment adviser applicant who is an individual and every investment adviser representative applicant shall take and must receive a passing grade on: A. The Uniform Investment Adviser Law Examination (Series 65 examination); orB. The Securities Industry Essentials ("SIE") examination, the General Securities Representative Examination (Series 7 examination), and the Uniform Combined State Law Examination (Series 66 examination). Applicants for licensure whose license has been invalid for a period of two years or more must retake and receive a passing grade on either the Series 65 examination or the Series 7 and Series 66 examinations. Applicants for licensure whose license has been invalid for a period of four years or more, and who are relying on passage of the Series 7 and Series 66 examinations, must also retake and receive a passing grade on the SIE examination.
2.Training Required Prior to Licensing. Each individual Maine resident applying for an initial license as an investment adviser representative shall attend a seminar conducted by the Administrator for agent and investment adviser representative applicants.3.WaiversA. The examination requirement shall not apply to any individual who, at the time of application, holds one of the following professional certifications or designations: (1) Certified Financial Planner (CFP certification) awarded by Certified Financial Planner Board of Standards, Inc.;(2) Chartered Financial Consultant (ChFC) awarded by the American College, Bryn Mawr, Pennsylvania;(3) Personal Financial Specialist (PFS) awarded by the American Institute of Certified Public Accountants;(4) Chartered Financial Analyst (CFA) awarded by the Institute of Chartered Financial Analysts; or(5) Chartered Investment Counselor (CIC) awarded by the Investment Adviser Association, formerly the Investment Counsel Association of America, Inc.B. The Administrator may by rule or order waive the examination or training requirements for any individual or group of individuals.02-032 C.M.R. ch. 515, § 10