WAC 460-24A-050   Investment adviser and investment adviser representative registration and examinations.  

     (1) Examination requirements. A person applying to be registered as an investment adviser or investment adviser representative under RCW 21.20.040 shall provide the director with proof that he or she has obtained a passing score on one of the following examinations:

     (a) The Uniform Investment Adviser Law Examination (Series 65 examination); or

     (b) The General Securities Representative Examination (Series 7 examination) and the Uniform Combined State Law Examination (Series 66 examination).

     (2) Grandfathering.

     (a) Any individual who is registered as an investment adviser or investment adviser representative in any jurisdiction in the United States on the effective date of this amended rule shall not be required to satisfy the examination requirements for initial or continued registration, provided that the director may require additional examinations for any individual found to have violated the Securities Act of Washington, Chapter 21.20 RCW, or the Uniform Securities Act.

     (b) An individual who has not been registered in any jurisdiction for a period of two years shall be required to comply with the examination requirements of subsection (1).

     (3) Waivers. The examination requirements shall not apply to an individual who currently holds one of the following professional designations:

     (a) Certified Financial Planner (CFP) issued by the Certified Financial Planner Board of Standards, Inc.;

     (b) Chartered Financial Consultant (ChFC) awarded by The American College, Bryn Mawr, Pennsylvania;

     (c) Personal Financial Specialist (PFS) administered by the American Institute of Certified Public Accountants;

     (d) Chartered Financial Analyst (CFA) granted by the Association for Investment Management and Research;

     (e) Chartered Investment Counselor (CIC) granted by the Investment Counsel Association of America; or

     (f) Such other professional designation as the director may by order recognize.

     (4) If the person applying for registration as an investment adviser is any entity other than a sole proprietor, an officer, general partner, managing member, or other equivalent person of authority in the entity may take the examination on behalf of the entity. If the person taking the examination ceases to be a person of authority in the entity, then the investment adviser must notify the director of a substitute person of authority who has passed the examinations required in subsection (1) of this section within two months in order to maintain the investment adviser license.

     (5) Registration requirements.

     (a) A person applying for initial registration as an investment adviser shall file a completed Form ADV with IARD along with the following:

     (i) Proof of complying with the examination or waiver requirements specified in subsections (1) through (4) above;

     (ii) A financial statement demonstrating compliance with the requirements of WAC 460-24A-170, if necessary;

     (iii) The application fee specified in RCW 21.20.340; and

     (iv) Such other documents as the director may require.

     (b) A person applying for initial registration as an investment adviser representative shall file a completed Form U-4 with IARD along with the following:

     (i) Proof of complying with the examination or waiver requirements specified in subsections (1) through (4) above;

     (ii) The application fee specified in RCW 21.20.340; and

     (iii) Such other documents as the director may require.



[Statutory Authority: RCW 21.20.450, 21.20.050, 21.20.100. 01-16-125, § 460-24A-050, filed 7/31/01, effective 10/24/01. Statutory Authority: RCW 21.20.450. 00-01-001, § 460-24A-050, filed 12/1/99, effective 1/1/00; 97-16-050, § 460-24A-050, filed 7/31/97, effective 8/31/97. Statutory Authority: RCW 21.20.450 and 21.20.070. 95-16-026 and 95-17-002, § 460-24A-050, filed 7/21/95 and 8/2/95, effective 8/21/95 and 9/2/95. Statutory Authority: RCW 21.20.070 and 21.20.450. 90-05-003, § 460-24A-050, filed 2/9/90, effective 3/12/90; 89-17-077 (Order SDO-123-89), § 460-24A-050, filed 8/17/89, effective 9/17/89. Statutory Authority: RCW 21.20.450. 85-23-063 (Order SDO-220-85), § 460-24A-050, filed 11/19/85; 85-16-068 (Order SDO-128-85), § 460-24A-050, filed 8/1/85. Statutory Authority: RCW 21.20.450 and 21.20.040. 83-03-024 (Order SDO-6-83), § 460-24A-050, filed 1/13/83. Statutory Authority: RCW 21.20.450. 82-02-033 (Order SDO-149-81), § 460-24A-050, filed 12/31/81; Order SD-131-77, § 460-24A-050, filed 11/23/77; Order 304, § 460-24A-050, filed 2/28/75, effective 4/1/75. Formerly chapter 460-24 WAC.]