March 1, 1991
TO: INVESTMENT ADVISER MEMBERS NO. 8-91
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 8-91
RE: NASAA CONTRACTS FOR IMPROVED SERIES 65 EXAMINATION
__________________________________________________________
In response to an Institute request for release of the
Uniform Investment Adviser Law Examination (Series 65) question
databank to an industry review committee, the North American
Securities Administrators Association, Inc. (NASAA) stated that
it has contracted with an independent organization to review,
improve and expand the existing question bank and produce a study
text.
NASAA indicated that it had not ruled out releasing the
question bank for industry review if the problems associated with
the examination are not resolved soon. The Institute also
recommended that the Series 65 exclude questions which relate to
broker-dealers and simplify the scope of the remaining questions.
A copy of the NASAA response dated February 26, 1991 is
attached. Also attached is a copy of the Institute’s letter to
the NASAA Board of Directors and Uniform Examinations Committee
dated February 14, 1991.
We will keep you informed of developments.
W. Richard Mason
Assistant Counsel
Attachments