Sec.36b-31-15e. Examination requirements for securities personnel

(a) For purposes of this section, "manager" means (1) any person who directly or indirectly supervises securities sales personnel or (2) any person responsible for the day-to-day operation and supervision of an office of a broker-dealer in this state.

(b) Each applicant for broker-dealer registration shall supply evidence to the commissioner that all officers, partners or sole proprietors who act as managers and all managers shall have taken and successfully passed an examination as principal given by the United States Securities and Exchange Commission or by a securities self-regulatory organization registered under the Securities Exchange Act of 1934.

(c) Each registered broker-dealer shall supply evidence to the commissioner that all new officers, partners or sole proprietors who act as managers shall have taken and successfully passed an examination as principal given by the United States Securities and Exchange Commission or by a securities self-regulatory organization registered under the Securities Exchange Act of 1934.

(d) Each applicant for registration as an agent shall supply evidence to the commissioner that such applicant has taken and successfully passed (1) an examination given by the United States Securities and Exchange Commission or by a securities self-regulatory organization registered under the Securities Exchange Act of 1934 and (2) effective October 1, 1994, the UnifoState Agents Securities Law Examination.

(e) Effective October 1, 1994, each applicant for registration as an investment adviser agent shall supply evidence to the commissioner that such applicant has taken and successfully passed the Uniform Investment Adviser Law Examination or such other examination determined by the commissioner to be acceptable in lieu thereof. Without limiting the commissioner's authority under section 36b-31-31c of the regulations, the commissioner may waive this requirement for any applicant who has (1) been designated as a Chartered Financial Analyst by the Association for Investment Management and Research or (2) has earned a designation determined by the commissioner to be equal or superior to the Chartered Financial Analyst designation.

(f) Each applicant for registration as an agent of an issuer shall supply evidence to the commissioner that such applicant has taken and successfully passed the Uniform State Agents Securities Law Examination.

(g) Subsections (b) and (c) of this section shall not apply to any individual who became associated with a registered broker-dealer prior to October 1, 1965. Subsection (d) (1) of this section shall not apply to any person who became associated with a registered broker-dealer prior to July 1, 1963, and who, since that date, has been associated continuously with a registered broker-dealer and has not been the subject of any disciplinary action, including suspension or expulsion from membership, suspension or revocation of registration, fine or censure, has not been found to have violated any of the laws pertaining to the supervision of the securities industry or any rule or regulation of an independent securities self-regulatory organization registered under the Securities Exchange Act of 1934, and has not been found to be a cause of any disciplinary action by the United States Securities and Exchange Commission or any governmental agency with jurisdiction over securities activities or any self-regulatory organization.

(h) Subsection (d) (2) of this section shall not apply to any individual who, as of October 1, 1994, was associated with a registered broker-dealer and has not been the subject of any disciplinary action, including suspension or expulsion from membership, suspension or revocation of registration, fine or censure, and has not been found to have violated any of the laws pertaining to the supervision of the securities industry or any rule or regulation of an independent securities self-regulatory organization registered under the Securities Exchange Act of 1934, and has not been found to be a cause of any disciplinary action by the United States Securities and Exchange Commission or any governmental agency with jurisdiction over securities activities or any self-regulatory organization.

(i) Subsection (e) of this section shall not apply to any individual who, as of October 1, 1994, was associated with a registered investment adviser and has not been the subject of any disciplinary action, including suspension or expulsion from membership, suspension or revocation of registration, fine or censure, and has not been found to have violated any of the laws pertaining to the supervision of the securities industry or any rule or regulation of an independent securities self-regulatory organization registered under the Securities Exchange Act of 1934, and has not been found to be a cause of any disciplinary action by the United States Securities and Exchange Commission or any governmental agency with jurisdiction over securities activities or any self-regulatory organization.

(Effective August 22, 1994; TransferredJuly 3, 1995)