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PA Bulletin, Doc. No. 99-1563

NOTICES

SECURITIES COMMISSION

Waiver of Examination and Experience Requirements for Certain Applicants for Registration as Investment Advisers and Investment Adviser Representatives

[29 Pa.B. 4837]

Order

   Whereas, The current Uniform Investment Adviser Law Examination (Series 65) and the Uniform Combined State Law Examination (Series 66) will be withdrawn and new examinations will be substituted on January 1, 2000 (New Exams); and

   Whereas, The North American Securities Administrators Association, Inc. (NASAA), a non-profit organization that includes all state securities regulators, adopted a proposal for uniform implementation of the New Exams in the context of persons already registered as investment advisers or investment adviser representatives in any state jurisdiction that registers such persons as of December 31, 1999 and those applicants that hold certain professional designations (NASAA Proposal); and

   Whereas, NASAA developed the New Exams with the assistance of a professional test development firm with input from an industry advisory panel; and

   Whereas, Implementation of the New Exams will create a uniform state examination requirement that tests minimum competencies of persons subject to registration at the state level under the National Securities Markets Improvement Act of 1996 as investment advisers or investment adviser representatives without overlapping of subject matter covered by other examinations; and

   Whereas, A prerequisite for eligibility to take the New Series 66 Examination is passage of the Series 7 General Securities Representative Examination administered by the National Association of Securities Dealers; and

   Whereas, The Pennsylvania Securities Commission (Commission) supports implementation of the NASAA Proposal; and

   Whereas, The Commission, on January 18, 1992, published a statement of policy codified at 64 Pa. Code § 604.016 concerning waivers of the examination requirements in 64 Pa. Code § 303.032 with respect to applicants holding certain professional designations; and

   Whereas, The Commission statement of policy concerning waivers of the examination requirements in 64 Pa. Code § 303.032 are consistent with the NASAA Proposal; and

   Whereas, The Commission views continued imposition of the experience requirements in 64 Pa. Code §§ 303.032(a)(2) and (b)(2) as non-uniform within the context of state registration of investment advisers and investment adviser representatives as permitted under the National Securities Markets Improvement Act of 1996; and

   Whereas, After due deliberation, the Commission finds it necessary and appropriate and in the public interest and for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of the Pennsylvania Securities Act of 1972 (1972 Act) to issue the following order:

   Now, Therefore, on this 23rd day of August, 1999, the Commission, having found that such requirement is not necessary in the public interest or for the protection of investors, hereby, pursuant to Section 609(b) of the 1972 Act, Waives the provisions of 64 Pa. Code § 303.032 (relating to qualification of and examination requirement for investment advisers and associated persons) as set forth below:

   1.  Compliance with 64 Pa. Code § 303.032(a)(1)(i) is waived for any person who takes and passes the Series 65 examination or Series 66 examination on or after January 1, 2000.

   2.  Compliance with 64 Pa. Code §§ 303.032(a) and (b) is waived for any person who, as of December 31, 1999:

   a.  Is registered as an investment adviser or investment adviser representative in any state and files with the Commission an application on or after January 1, 2000 for registration as an investment adviser or investment adviser representative; or

   b.  Has filed an application on or after January 1, 2000 with the Commission for registration as an investment adviser or investment adviser representative and has not had a lapse in registration as an investment adviser or an investment adviser representative in another jurisdiction for a period exceeding 2 years prior to the date of filing the application with the Commission.

   3.  Compliance with 64 Pa. Code §§ 303.032(a)(2) and (b)(2) is waived for any person who files an application with the Commission after the effective date of this Order for registration as an investment adviser or investment adviser representative.

   Further, The Commission Orders that nothing in this Order shall affect the criteria contained in the statement of policy codified at 64 Pa. Code § 604.016 relating to waivers of 64 Pa. Code § 303.032. The effective date of this Order shall be the date published in the Pennsylva-nia Bulletin and it shall continue in effect until the date of publication in the Pennsylvania Bulletin of a Final Form Rule concerning 64 Pa. Code § 303.032 first occurring after the date this Order was issued and entered.

M. JOANNA CUMMINGS,   
Secretary

[Pa.B. Doc. No. 99-1563. Filed for public inspection September 10, 1999, 9:00 a.m.]


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