NEW INVESTMENT ADVISER REPRESENTATIVE QUALIFICATIONS
Senate Bill 266 by Senator Danny Martiny was signed
into law by Governor Bobby Jindal on May 28, 2014, becoming Act 298 of the 2014
Legislative Session.
This Act amends the qualifications for
investment adviser representatives (IA reps) required to be registered in
Louisiana.
Previously, IA reps employed by state-registered investment advisers were
required to meet one of the following criteria in order to qualify for
registration in Louisiana:
-
Pass the Series 65 examination (the exam must have been taken on January 1,
2000 or after)
-
Pass both the Series 7 and 66 examinations
-
Obtain one of the following certifications:
-
Certified Financial Planner (CFP)
-
Chartered Financial Consultant (ChFC)
-
Personal Financial Specialist (PFS)
-
Chartered Financial Analyst (CFA)
-
Certified Investment Counselor (CIC)
Prior to Act 298, these qualifications did not apply
to IA reps employed by SEC-registered investment advisers.
The Act imposes these requirements on
individuals employed by SEC-registered firms who are required to be registered
as IA reps in Louisiana.
It should be noted that this Office may only
require registration of IA reps of SEC-registered firms if the individual is
domiciled in Louisiana.
The Act requires that these individuals meet
the above criteria no later than August 31, 2016.
Updated
September 15, 2017