April 9, 1992
TO: INVESTMENT ADVISER MEMBERS NO. 15-92
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 11-92
RE: PENNSYLVANIA ISSUES INTERPRETIVE OPINION REGARDING
WAIVERS FROM INVESTMENT ADVISER EXAMINATION REQUIREMENT
__________________________________________________________
The Pennsylvania Securities Commission has isssued an
interpretive opinion with respect to guidelines for waivers from
the state's examination requirement for investment advisers.
Rule 303.032 of the Pennsylvania Code specifies that
investment advisers and associated persons must pass a general
examination covering the securities business and the Series 65
Investment Adviser Uniform Law Examination. The rule also
provides for waivers from the requirement to be granted on the
basis of experience and/or professional designation upon written
request. The guidelines described in this interpretive opinion
illustrate factors which the Commission will take into
consideration in granting or denying such a waiver. Note that
these guidelines are not necessarily all inclusive.
A copy of the Commission's interpretive opinion is
attached.
Susan Burgess
Legal Assistant
Attachment