License Description:
Major Requirements for License:
Investment Advisor -- 1)
Passed Uniform Investment Adviser Law Examination (Series 65 examination);
or
Uniform Combined State Law Examination (Series 66 examination) and
either the General Securities Registered Representative Examination
(Series 7 examination) or the General Securities Representative (nonmember)
Examination (Series 2 examination); applicant who has taken the Uniform
Investment Adviser State Law Examination (Series 65 examination) or
the Combined State Law Examination (Series 66 examination) prior to
December 31, 1999, required to have received a score of at least 70%
on:
a) NASAA Uniform Investment Adviser Law Examination (Series 65 examination)
or Combined State Law Examination (Series 66 examination); and b)
NASD General Securities Registered Representative Examination (Series
7 examination) or the General Securities Representative (nonmember)
Examination (Series 2 examination).
2) Applicant not required
to comply with No. 1 if the applicant currently holds any one of the
following professional designations and is currently in good standing
with the associated organization:
a) Certified Financial Planner (CFP) designation awarded by the Certified
Financial Planner Board of Standards, Inc.; b) Chartered Financial
Analyst (CFA) designation awarded by the Institute of Chartered Financial
Analysts; c) Chartered Financial Consultant (ChFC) designation awarded
by the American College, Bryn Mawr, Pennsylvania; d) Chartered Investment
Counselor (CIC) designation awarded by the Investment Counsel Association
of America, Inc.; or e) Personal Financial Specialist (PFS) designation
awarded by the American Institute of Certified Public Accountants.
3) Applicant must have
satisfied the examination requirements listed above within 12 months
prior to application if the applicant has not been registered or licensed
as an investment adviser or investment adviser representative in at
least one state during the two-year period preceding application.
4) Form ADV (Uniform Application
for Investment Adviser Registration) with all information and exhibits
required by the form;
5) An audited balance sheet
if the investment adviser will have custody of client funds or if
the investment adviser requires the payment of advisory fees six months
or more in advance and in excess of $500 for each client. The audited
balance sheet shall be based on the investment adviser's fiscal year
end, shall be prepared in accordance with generally accepted accounting
principles, and shall be audited by an independent certified public
accountant. The notes to the balance sheet shall state the principles
used to prepare the balance sheet, the basis of included securities,
and any other explanation required for clarity;
6) Notarized affidavit
of any officer, director, partner, member, trustee, or manager of
the applicant stating;
a) That a review of the records of the investment adviser has been
conducted; b) Whether any investment adviser activity has been conducted
with residents of Arizona prior to licensure as an investment adviser;
7) If applicant intends
to have a branch office in Arizona, the address and name of a contact
individual located at such branch.
8) If part II
of the Form ADV is not used as a disclosure brochure, the applicant
shall submit a copy of the disclosure brochure the applicant gives
or will give to clients.
License Fee: Initial -
$250; Renewal (On or before Dec. 31) - $250
Continuing Education: None
Investment Advisor Representative
-- Parts 1-3 above;
License Fee: Initial - $40; Renewal (On or before Dec. 31) - $40
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