Section 26-B103. EXAMINATIONS

 

103.1Each person applying for a license as a sole proprietor broker-dealer or as an agent shall be required to take the appropriate examination for that category. Examinations designated as appropriate for a category by FINRA shall be deemed appropriate for the purposes of this section.

 

103.2The examination referred to in § 103.1 is not required to be taken by any of the following applicants unless specifically required by the Department:

 

(a)An applicant who at the time of his or her application is filed is a registered representative, registered with the FINRA, the New York Stock Exchange or the American Stock Exchange;

 

(b)An applicant who has made the required score on an appropriate written qualification examination given by the FINRA; and

 

(c)An applicant who has lawfully and actively engaged in the securities business on a full-time basis for the five(5) years immediately preceding the date on which he or she filed his or her application;

 

103.3The Department may, for good cause shown, waive the requirements of § 103.1.

 

103.4Without otherwise restricting the discretionary authority granted to the Commissioner of the Department of Insurance, Securities and Banking ("Commissioner") by Section 208 (6) of the Act (D.C. Register at 47 DCR 7852), the Commissioner will consider the factors listed in this subsection in determining whether a waiver from the examination requirements. The following factors are set forth for illustrative purposes only and do not constitute the entire range of considerations that may form the basis for granting or denying a waiver request.

 

(a)Whether the applicant has disciplinary history;

 

(b)Whether the applicant has certified to Department staff persons that the applicant has reviewed the act and this title.

 

(c)Whether the applicant has substantial long-term and continuous experience as a principal, agent or employee, other than in a clerical capacity, of a broker-dealer or investment adviser. Staff persons also will consider whether the applicant has similar experience in a responsible position, other than in a clerical capacity, in the securities, banking, finance or other related business.

 

(d)Whether the applicant has some continuous experience in a responsible position, other than in a clerical capacity, in the securities, banking, finance or other related business and also possesses educational credentials or professional designations such as one of the following:

 

(1)An advanced degree obtained through graduation from a formal degree program of an accredited educational institution with a concentration in economics, finance, mathematics, business, business administration or similar subjects.

 

(2)A license in good standing with the relevant licensing authority as a certified public accountant.

 

(e)Whether the applicant is a member of the bar in good standing of any state.

 

(f)Whether the applicant previously has passed the examination and has remained continuously employed in the securities industry or possesses some employment experience in the securities industry and has not had a significant lapse of this employment as of the date of filing of the application for registration with the Department.

 

source

Final Rulemaking published at 40 DCR 6732 (September 24, 1993); as amended by Emergency Rulemaking published at 48 DCR 1987 (March 2, 2001) [EXPIRED]; as amended by Final Rulemaking published at 48 DCR 4106 (May 11, 2001).