QUALIFYING EXAMINATIONS

008 QUALIFYING EXAMINATIONS. Every applicant for registration of an agent shall have passed, unless covered by subsections 008.03 through 008.05 below, within two years of the date of application: 008.01 The Uniform Securities Agent State Law Examination (Series 63 examination)or the Uniform Combined State Law Examination (Series 66); and 008.02 The examinations required by FINRA pursuant to FINRA Rule 1220. 008.03 Any individual who has been registered as an agent in any state within two years from the date of filing an application for registration shall not be required to retake the examinations in subsections 008.01 and 008.02 to be eligible for registration. 008.04 Any individual who is not registered as an agent in any state for more than two years but less than five years, who has elected to participate in the FINRA Maintaining Qualifications Program pursuant to FINRA Rule 1240(c), and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the MQP program shall be deemed in compliance with the examination requirements of subsections 008.01 and 008.02 as long as the individual elects to participate in the North American Securities Administrators Association’s Examination Validity Extension Program within two years of agent registration termination. 008.05 Any individual who has not been registered as an agent in any state for more than two years but less than five years, who has elected to participate in the FINRA Maintaining Qualifications Program pursuant to FINRA Rule 1240(c), and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the FINRA Maintaining Qualifications Program shall be deemed in compliance with the examination requirements of subsections 008.01 and 008.02. 008.06 Successful participation in the FINRA Maintaining Qualifications Program shall not extend the Uniform Combined State Law Examination (Series 66) for purposes of investment adviser representative registration. 008.07 The Director may waive the requirement of this section if the Director finds the waiver is consistent with investor protection and is in the public interest.