Okla. Admin. Code § 660:11-5-16
Current through Vol. 42, No. 8, January 2, 2025
Section 660:11-5-16 - Examination requirements for agents and for principals of non-FINRA member broker-dealers(a)Examination requirements. Proof of compliance with the examination requirements of this Section is prerequisite to a complete filing for registration under the Securities Act.(b)Examinations for agents of a broker-dealer. Each applicant for registration as an agent of a broker-dealer shall, unless covered by (f) of this Section or otherwise waived by the Administrator, have passed, within two years of the date of application: (1) the Series 63/Uniform Securities Agent State Law Examination (Series 63) or the Series 66/Uniform Combined State Law Examination (Series 66); and(2) all relevant examinations required by FINRA and accepted by the Administrator.(c)Limitations on licenses. The activities of each person registered as an agent of a broker-dealer are limited to the categories for which they are qualified by examination, unless waived, as set forth on the Form U4.(d)Examinations for agents of issuers. Each applicant for registration as an agent of an issuer, shall, unless waived by the Administrator, have passed, within two years of the date of application:(1) the Series 63 or the Series 66; and(2) the Series 7/General Securities Representative Examination (Series 7).(e)Examinations for principals of non-FINRA member broker-dealers. Each applicant for registration as a principal of a non-FINRA member broker-dealer, shall, unless waived by the Administrator, have passed, within two years of the date of the application:(1) the Series 63 or the Series 66:(2) the Series 24/General Securities Principal Examination (Series 24); and(f)Validity of prior examination scores.(1) Any individual who has been registered as an agent in any state within two years from the date of filing an application for registration shall not be required to retake the required examinations to be eligible for registration.(2) Any individual who has not been registered as an agent in any state for more than two years but less than five years, who has elected to participate in the FINRA Maintaining Qualifications Program pursuant to FINRA Rule 1240(c), and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the FINRA Maintaining Qualifications Program shall be deemed in compliance with the examination requirements of (b)(1) this Section as long as the individual elects to participate in the NASAA Examination Validity Extension Program within two years of agent registration termination.(3) Any individual who has not been registered as an agent in any state for more than two years but less than five years, who has elected to participate in the FINRA Maintaining Qualifications Program pursuant to FINRA Rule 1240(c), and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the FINRA Maintaining Qualifications program, shall be deemed in compliance with the examination requirements of (b)(2) of this Section.(4) Successful participation in the FINRA Maintaining Qualifications Program shall not extend the Series 63, Series 65, or Series 66 for purposes of investment adviser representative registration.(g)Waiver of examination requirement. The Administrator may waive the examination requirements on a case-by-case basis when such action is determined to be consistent with the purposes fairly intended by the policy and provisions of the Securities Act. Requests for waivers shall be in writing setting forth the justifications therefor.Okla. Admin. Code § 660:11-5-16
Added at 21 Ok Reg 2532, eff 7-1-04; Amended at 30 Ok Reg 2071, eff 8-1-13
Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 11/1/2018Amended by Oklahoma Register, Volume 39, Issue 24, September 1, 2022, eff. 9/15/2022Amended by Oklahoma Register, Volume 40, Issue 22, August 1, 2023, eff. 9/15/2023Amended by Oklahoma Register, Volume 41, Issue 22, August 1, 2024, eff. 8/15/2024