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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-B. SECURITIES |
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Chapter 26-B1. BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, AND INVESTMENT ADVISER REPRESENTATIVES |
Section 26-B160. EXAMINATION/QUALIFICATION REQUIREMENTS
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160.1Any person applying to be licensed as an investment adviser or investment adviser representative in the District, including a designated principal pursuant to § 168.2, shall provide the Commissioner with proof of 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).
160.2Any person who is licensed as an investment adviser or investment adviser representative in any jurisdiction in the United States on the effective date of this regulation shall not be required to satisfy the examination requirements for continued registration, except that the Commissioner may require additional examination requirements for any individual found to have violated any District of Columbia, state or federal securities or insurance law. An individual who is licensed in any jurisdiction not requiring an examination as a prerequisite to licensure shall be required to comply with the examination requirements of § 159.1.
160.3An individual who has not been licensed as an agent or investment adviser representative in any jurisdiction within a period of two (2) years shall be required to comply with the examination requirements of § 159.1.
160.4Subject to the discretion of the Commissioner, the examination requirements of § 159.1 shall not apply to any person who holds in good standing one of the following professional designations:
(a)Certified Financial Planner (CFP) awarded 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) awarded by the American Institute of Certified Public Accountants;
(d)Chartered Financial Analyst (CFA) awarded by the Institute of Chartered Financial Analyst;
(e)Chartered Investment Counselor (CIC) awarded by the Investment Counsel Association of America, Inc., or
(f)Such other professional designation as the Commissioner may in his or her discretion recognize.
160.5Without otherwise restricting the discretionary authority granted to the Commissioner by Section 208 (6) of the Act (D.C. Official Code § 31-5602.08(6); 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.