October 16, 1991
TO: INVESTMENT ADVISER MEMBERS NO. 46-91
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 48-91
RE: IDAHO FINALIZES INVESTMENT ADVISER REPRESENTATIVE RULES
__________________________________________________________
Attached is a copy of final rules adopted by the Idaho
Department of Finance concerning investment adviser
representative registration pursuant to legislation effective
July 1, 1991. (See Institute Memorandum to Investment Adviser
Members No. 15-91 and Investment Adviser Associate Members No.
16-91, dated April 22, 1991.) The revised rules take effect on
October 28, 1991.
The final rules include a requirement that an investment
adviser qualifying officer pass the Series 65 examination with a
score of 85 percent or better. The Bureau will consider waiving
this requirement if the applicant has passed the Series 65
examination and can satisfactorily demonstrate qualification
based on other factors, such as significant experience,
education, and/or professional certifications. Investment
adviser representatives must pass the Series 65 examination.
Rule 11,9.d. requires investment advisers to establish,
maintain and enforce written supervisory procedures with respect
to specified duties. In response to Institute comments, however,
such procedures will be required only with respect to those of
the listed duties which are applicable to the business of the
investment adviser.
We will keep you informed of developments.
Kathy D. Ireland
Associate Counsel
Attachment