July 2, 1991
TO: INVESTMENT ADVISER MEMBERS NO. 26-91
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 26-91
RE: KENTUCKY REQUIRES INVESTMENT ADVISER
REPRESENTATIVE EXAMINATIONS
__________________________________________________________
Effective July 1, 1991, the Kentucky Division of Securities
will require investment adviser representatives to pass either
the Series 65, Uniform Investment Adviser Law Examination or the
Series 63, Uniform Securities Agent State Law Examination.
Exemptions are available to (1) individuals employed by
registered investment advisers prior to July 1, 1991, (2)
individuals who do not "advise the public regarding the value of
securities or the advisability of investing in, purchasing, or
selling securities" or (3) advisers and their employees which are
exempt from registration in Kentucky.
In order to claim the exemption from the examination
requirement, each exempt representative must submit a completed
Form P-7 to the Securities Division by July 19, 1991.
A copy of Kentucky's recent Notice to Investment Advisers
regarding this matter is attached. We will keep you informed of
developments.
W. Richard Mason
Assistant Counsel - Pension
Attachment