Yes. Most state securities regulators will require an individual to take the Series 65 examination again if it has been two years since the individual has been registered as an investment advisor representative in any jurisdiction.
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If I have the Series 7 and Series 66, do I need to take the Series 65 examination?
November 02, 2018
If an individual has successfully completed and currently maintains both the Series 66 and the Series 7 licenses with a registered securities broker-dealer, most state securities regulators will not require such an individual to take the Series 65 examination. However, if the individual does not maintain a broker-dealer affiliation as a registered representative and securities agent in the future, some state securities regulators will require the individual to successfully complete the Series 65 examination before continuing any further activities as an investment advisor representative.
When would an investment adviser representative take or rely upon the Series 66 examination instead of the Series 65 examination?
November 02, 2018
If an individual seeking to register as an investment adviser representative already maintains a Series 7 and is registered with a securities broker-dealer as a registered representative, the individual would then be able to take or rely upon the Series 66 examination as an alternative to the Series 65. If an individual is not registered currently with a securities broker-dealer, he/she would need to take the Series 65 examination for purposes of registering as an investment adviser representative of investment advisor firm.
Will my professional designation serve as an alternative to taking the Series 65 examination?
November 02, 2018
In the event that an individual seeking to register as an investment adviser representative currently holds and maintains in good standing the Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Personal Financial Specialist (PFS), Charter Financial Consultant (ChFC) or Chartered Investment Counselor (CIC), most state securities regulators will waive the requirement that the individual successfully complete the Series 65 examination in order to register as an investment advisor representative. However, if the individual relying upon such a professional designation is no longer in good standing with the certifying organization, most state securities regulators will require the individual to successfully complete the Series 65 examination before continuing any further activities as an investment advisor representative. Even if an individual has one of the approved professional designations listed above and is currently in good standing, the individual will still need to apply for registration as an investment advisor representative by filing the Form U4 and paying the associated registration fees to the applicable state securities regulators.
Do I have to be sponsored by a registered investment advisor firm in order to take the Series 65 examination?
November 02, 2018
No. Unlike an individual seeking to take the Series 7 examination, a sponsoring registered investment advisor firm is not required for an individual to open a Series 65 examination window or actually take the Series 65 examination. When completing the Form U10, a Series 65 test candidate should mark the line requesting a sponsoring firm as “not applicable”. However, if a registered representative of a broker-dealer wants to open a Series 65 exam window, it is the understanding of RIA Compliance Consultants that the registered representative must go through his or her broker-dealer’s Web CRD account by using Form U4.
Are there any prerequisites for taking the Series 65 examination?
November 02, 2018
No, there are no prerequisites for an individual to take the Series 65 examination.
Who needs to take the Series 65 examination?
November 02, 2018
In order for an individual to register and serve as an investment advisor representative (also known as an “IAR”) of a registered investment advisor firm (also known as an “RIA”), most state securities regulators require the individual to successfully complete the Uniform Investment Adviser Law Examination (also and more commonly referred to as the “Series 65 examination”). As discussed below, state securities regulators have certain exceptions or alternatives to the general requirement that a prospective investment advisor representative has successfully completed the Series 65 examination prior to submitting his or her registration application (the “Form U4”). Some state securities regulators also accept other professional designations in addition to those listed above as an alternative to the Series 65.
How do I file a report through EDGAR?
November 02, 2018
A registered investment advisor must first establish an EDGAR account. The report must be prepared in accordance with the EDGAR filing requirements. A registered investment advisor will first need to attain an EDGAR access code (which includes a CIK number, CCC number, and password) by filing a Form ID with the SEC.
How is Form 13F, Schedule 13D and Schedule 13G submitted?
November 02, 2018
Unless a hardship exemption is granted, the forms must be filed electronically using the SEC’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) system.
What is required under Section 13(h)?
November 02, 2018
Under Section 13(h), Form 13H must be filed by any organization that is considered a “large trader”. A registered investment adviser qualifies as a “large trader” when the adviser has discretionary authority over one or more accounts that purchase or sell any exchange-listed security in an aggregate amount equal to or greater than 2 million shares of $20 million in a day, or 20 million share or $200 million in a calendar month.
