December 13, 1990
TO: INVESTMENT ADVISERS COMMITTEE NO. 41-90
MAINE INVESTMENT ADVISER ASSOCIATE MEMBERS
RE: EXAMINATION REQUIREMENTS FOR ADVISERS IN MAINE
__________________________________________________________
As we previously informed you, the Maine Securities
Division has proposed requiring passage of the Series 65 and
Series 7 examinations to qualify for investment adviser licensing
in Maine. (See Institute Memorandum to Investment Advisers
Committee No. 39-90, dated November 13, 1990.)
Attached is a copy of the Institute's letter regarding this
matter which recommends against requiring the Series 65
examination until the problems associated with the examination
are resolved. The Institute also recommends against requiring
passage of the Series 7 examination at all. The Institute noted
that no jurisdiction requires investment advisers to pass the
Series 65 and Series 7 examinations, although the Series 63 and
the Series 2 or Series 7 examinations may be considered
alternatives to the Series 65. Finally, the Institute
recommended that advisers who are already practicing be exempted
from any examination requirements.
We will keep you informed of further developments.
W. Richard Mason
Assistant General Counsel
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