Investment Adviser Representative Requirements
Applications shall include:
- Uniform Form U-4 filed electronically through FINRA's Central Registration Depository (CRD) system.
- $50 filing fee paid through CRD.
- FBI Identity History Summary Check.
- Applicant Acknowledgement and Authorization for Credit Report form.
- Proof of passing Series 65 exam or Series 7 and 66 exams. To enroll or to obtain study materials, call FINRA at 301-590-6500. Qualifying professional designations that may be used in place of the exams are: CFP, ChFC, PFS, CFA, and CIMA. Please contact DFI for additional waivers or review 808 KAR 10:260.
- Dual approval is required if the representative is to be an investment adviser representative for two firms. Refer to 808 KAR 10:030, Section 6.
Federally Registered Investment Adviser Representative (with a place of business in Kentucky and more than five Kentucky clients)
Applications shall include:
- Uniform Form U-4 filed electronically through IARD.
- Passage of Series 65 exam or Series 7 and 66 exams or qualifying professional designation. To enroll or obtain study materials, call FINRA at 301-590-6500.
- $50 filing fee.
Continuing Education Requirements
Investment adviser representatives (IARs) are required to complete twelve continuing education (CE) credits each year to maintain their registration. Six of those credits must be completed in ethics and professional responsibility, and the remaining six credits must be completed in products and practice.
For more information about the CE requirements, review KRS 292.338. You can find approved CE courses, apply to offer CE courses, and learn more about CEs on NASAA's IAR Continuing Education page.
IARs should set up a FinPro account to track their CE credits.
How to Terminate Registration
To terminate an investment adviser representative registration, submit a Form U-5 to DFI through IARD.
For More Information
Email Anthony Murphy or call 502-782-9062 with questions about investment adviser representative requirements.
Email Lindsey Stout or call 502-382-7428 with questions about investment adviser compliance issues.
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