Arkansas Administrative Code › Agency 214 - Arkansas Securities Department › Rule 214.00.18-001 - Amendment to the Rules of the Arkansas Securities Commissioner

Current through Register Vol. 49, No. 6, June, 2024
Rule 302.01(c)
EXAMINATION OF AGENTS
		  AND SUPERVISORS.
The Commissioner requires that written examinations on
		  general securities knowledge and state securities law be taken and passing
		  scores achieved within a two (2) year period immediately preceding the filing
		  date of the application before an applicant will be considered eligible for
		  registration.
(1) Agent. An applicant to be
		  an agent must achieve passing scores for the appropriate FINRA examinations.
		  FINRA rules effective October 1, 2018 require agents to pass the Securities
		  Industry Essentials Exam (SIE) and a specialized knowledge exam appropriate to
		  their job function. Agent applicants must also pass the Series 63 or Series 66
		  exam that addresses state law. Prior to October 2018 agents were required to
		  pass a Series 7 or Series 1 exam along with an exam covering state
		  law.
(2) Limited Agent. Applicants
		  successfully completing a limited knowledge examination will only be eligible
		  for registration to effect transactions in those securities that were covered
		  by the limited examination. Applicants shall satisfy the state law examination
		  requirement by passing the Series 63 or Series 66 examination and the knowledge
		  requirement by passing at least one limited knowledge securities
		  examination.
(3) Supervisor. An
		  agent designated as a supervisor must achieve passing scores for the
		  appropriate FINRA examinations. FINRA rules effective October 1, 2018 require
		  agents to pass the SIE and a specialized knowledge exam appropriate to their
		  job function. Agent applicants must also pass the Series 63 or Series 66 exam
		  that addresses state law. Prior to October 2018 agents were required to pass
		  the Agent exams along with a Series 24 exam or the Series 9 and Series 10 exams
		  combined with the Series 23 exam.
(4) Limited Supervisor. If the firm is
		  limited in its scope of business and provides verification of the same to the
		  Commissioner then at least one (1) agent designated as a limited supervisor
		  must achieve passing scores for the appropriate FINRA examinations.
(5) Any individual who has been registered as
		  a general securities agent, general securities principal, or investment adviser
		  representative in any state, commonwealth, territory, district, or province in
		  the United States or Canada within the two (2) years immediately preceding the
		  filing of an application and who has at any time in the past met the
		  requirements of Rule
		  302.01(c) shall
		  not be required to repeat the examinations in order to become
		  registered.
(6) Solely in those
		  cases where circumstances warrant because of the limited time; amount; nature
		  of the issue or transaction involved; or the specific circumstances unique to
		  the applicant, the Commissioner may, upon petition and good cause shown by the
		  applicant, waive any or all of the examination requirements set forth above.