July 22, 1991
TO: INVESTMENT ADVISER MEMBERS NO. 31-91
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 30-91
RE: SOUTH DAKOTA INVESTMENT ADVISER LICENSING
STATEMENT OF POLICY
__________________________________________________________
The South Dakota Division of Securities recently released
the attached Statement of Policy regarding Licensing Requirements
for Investment Advisers. The Statement of Policy outlines filing
fees, bonding requirements and examination requirements.
According to the Statement of Policy, all investment adviser
representatives registered in South Dakota are required to take
the Series 65 examination (Uniform Investment Adviser Law
Examination). No exemptions or waivers are granted.
We will keep you informed of related developments.
W. Richard Mason
Assistant Counsel - Pension
Attachment