Regulatory Alerts2016-07-26
Investment Adviser Registration Procedure
The Louisiana Office of the Governor and Office of Financial Institutions amended LAC 10:XIII.1301-1311 to mandate that all investment adviser representatives of registered firms either pass designated securities examinations or hold approved professional certifications. The rule clarifies examination pathways, including Series 65 and combined Series 7/66 options, while exempting third-party solicitors who solely refer clients and charge referral fees. Effective September 1, 2016, these requirements ensure that investment adviser representatives maintain the necessary qualifications and continuing education to properly advise Louisiana citizens.
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