State mandates taking of revised Series 65 exam

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People wanting to become investment advisers in Missouri are now required to take a recently revised examination to demonstrate their competency to conduct investment advisory activities. The new requirement took effect Jan. 1.|ret||ret||tab|

Securities Commissioner Douglas F. Wilburn issued an order requiring that new investment adviser applicants be required to successfully complete the revised Uniform Investment Adviser Examination, also known as the Series 65 examination. |ret||ret||tab|

The new Series 65 examination is more comprehensive and contains 130 questions.|ret||ret||tab|

The exam tests an adviser's knowledge of economics, investment vehicles, investment strategies and ethics.|ret||ret||tab|

"The old examination focused primarily on securities laws, while the revised Series 65 examination will test new advisers on issues that are more relevant to the adviser's day-to-day business activities," Wilburn said in a press release. |ret||ret||tab|

He noted that investment advisers constitute one of the fastest growing segments of the financial services industry, with an estimated 125,000 investment adviser representatives in the United States.|ret||ret||tab|

All U.S. jurisdictions that register or qualify investment adviser representatives, including 42 states and the District of Columbia, are expected to uniformly adopt the new competency examination. |ret||ret||tab|

Missouri also adopted many of the grandfathering and examination waiver provisions that are included in a model proposal by the North American Securities Administrators Association, or NASAA a regulatory group of which Missouri is a member. |ret||ret||tab|

For example, applicants with certain professional designations, such as certified financial planners and chartered financial analysts, will not be subject to examination requirements.|ret||ret||tab|

The new Series 65 exam was developed by members of NASAA with input from more than 60 financial industry experts and in consultation with Princeton, N.J.-based Chauncey Group, a leader in test development. |ret||ret||tab|

The exam will be administered by the regulatory arm of the National Association of Securities Dealers at testing centers nationwide.|ret||ret||tab|

For more information, prospective investment adviser applicants may visit NASAA's Web site at |ret||ret||tab|

|bold_on|www.nasaa.org|ret||ret||tab|

or call the Missouri Securities Division at 573-751-2061. |ret||ret||tab|

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