New Hampshire Waives the Series 65 Exam Requirement for Solicitors
Under House Bill 889, the State of New Hampshire recently amended its Uniform Securities Act (RSA 421-B:2) to exempt an individual, who is an investment adviser or investment adviser representative and conducting investment advisory business solely as a solicitor, from the Series 65 examination requirement.
Although there is now a statutory provision permitting the wavier of the examination requirement for an individual who conducts investment advisory business only by referring client to a licensed investment adviser, such an individual acting as a solicitor must still apply for and maintain a registration with New Hampshire as an investment adviser or investment adviser representative.
Based on the amended statute, a solicitor’s request for an examination wavier by New Hampshire should include the following: (a) the solicitation agreement between the solicitor and other investment adviser; (b) a sample client disclosure acknowledging the terms of the solicitor arrangement; and (c) an undertaking by the solicitor that the solicitor will obtain from the client a signed and dated acknowledgement of receiving the solicitor arrangement disclosure.
If you need assistance in applying for a Series 65 examination wavier or ensuring your solicitor arrangement meets the requirements of the New Hampshire Bureau of Securities, please contact RIA Compliance Consultants at 877-345-4034.
Although there is now a statutory provision permitting the wavier of the examination requirement for an individual who conducts investment advisory business only by referring client to a licensed investment adviser, such an individual acting as a solicitor must still apply for and maintain a registration with New Hampshire as an investment adviser or investment adviser representative.
Based on the amended statute, a solicitor’s request for an examination wavier by New Hampshire should include the following: (a) the solicitation agreement between the solicitor and other investment adviser; (b) a sample client disclosure acknowledging the terms of the solicitor arrangement; and (c) an undertaking by the solicitor that the solicitor will obtain from the client a signed and dated acknowledgement of receiving the solicitor arrangement disclosure.
If you need assistance in applying for a Series 65 examination wavier or ensuring your solicitor arrangement meets the requirements of the New Hampshire Bureau of Securities, please contact RIA Compliance Consultants at 877-345-4034.
Labels: Solicitors
posted by bhill at 9:38 PM
