S.D. Admin. R. 20:08:05:27.01

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:08:05:27.01 - Investment adviser representative examination validity extension program

Notwithstanding § 20:08:05:27, an individual who terminates the individual's registration as an investment adviser representative may maintain the validity of the individual's Uniform Investment Adviser State Law Examination (S65) or the Uniform Combined State Law Examination (S66), as applicable, without being employed by or associated with an investment adviser or federally covered investment adviser, for a maximum of five years following the termination of the effectiveness of the investment adviser representative registration if the individual meets the following requirements:

(1) The individual previously took and passed the examination for which the individual seeks to maintain validity under this rule;

(2) The individual was registered as an investment adviser representative for at least one year immediately preceding the termination of the investment adviser representative registration;

(3) The individual was not subject to a statutory disqualification as defined in 15 U.S.C. § 78c(a)(39) (July 30, 2002) while registered as an investment adviser representative or at any period after termination of the registration;

(4) The individual elects to participate in the Investment Adviser Representative (IAR) Exam Validity Extension Program (EVEP) under this subdivision within two years from the effective date of the termination of the investment adviser representative registration;

(5) The individual does not have a deficiency under the investment adviser representative continuing education program at the time the investment adviser representative registration becomes ineffective;

(6) The person completes annually on or before December thirty-first of each calendar year in which the person participates in the IAR EVEP:

(a) Six credits of IAR Continuing Education Ethics and Professional Responsibility Content offered by an authorized provider, including at least three hours covering the topic of ethics; and

(b) Six credits of IAR Continuing Education Products and Practice Content offered by an authorized provider;

(7) An individual who elects to participate in IAR EVEP is required to complete credits required by subdivision (6) in this section for each calendar year that elapses after the individual's investment adviser representative registration became ineffective, regardless of when the individual elects to participate in IAR EVEP; and

(8) An individual who complies with the FINRA Maintaining Qualification Program under FINRA Rule 1240(c) (April 30, 2024) is deemed compliant with subsection (6)(b).)

S.D. Admin. R. 20:08:05:27.01

51 SDR 025, effective 9/10/2024

General Authority: SDCL 47-31B-605(a).

Law Implemented: SDCL SDCL 47-31B-412(e), 47-31B-605(a)(1)(2), inclusive, 47-31B-605(b).