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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2014
SENATE BILL NO. 266
BY SENATOR MARTINY
SECURITIES. Provides relative to the registration of certain investment adviser
representatives. (gov sig)
AN ACT1
To amend and reenact R.S. 51:703(D)(4), relative to investment adviser representatives; to2
eliminate an exemption from the examination requirement for certain investment3
adviser representatives; to provide for certain terms, procedures, and conditions; and4
to provide for related matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 51:703(D)(4) is hereby amended and reenacted to read as follows:7
ยง703. Registration of dealers, salesmen, and investment advisers and investment8
adviser representatives; surety bonds; records9
* * *10
D. * * *11
(4)(a) No applicant shall be registered as an investment adviser representative12
under this Part, nor shall any such registration be renewed, unless such investment13
adviser representative has passed a written examination, the form, content, and14
conduct of which the commissioner may prescribe by rule. The examination15
requirement provided for in this Subparagraph shall not apply to an individual16
holding one or more certifications that the commissioner may designate by rule or17 SB NO. 266
SLS 14RS-391 ENGROSSED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
an individual who is employed by an investment adviser registered with the1
Securities and Exchange Commission.2
(b) The commissioner may by rule provide that the investment adviser3
representatives of any investment adviser registered under this Part on the effective4
date of the rule shall not be required to satisfy the examination or certification5
requirements for a period of up to two years.6
(c) Beginning August 31, 2016, and thereafter, investment adviser7
representatives registered or required to be registered under this Part and who8
are employed by a federal covered adviser shall be required to satisfy the9
examination requirement or certification requirement as provided for in10
Subparagraph (a) of this Paragraph. The commissioner may adopt rules to11
implement the provisions of this Subparagraph.12
* * *13
Section 2. This Act shall become effective upon signature by the governor or, if not14
signed by the governor, upon expiration of the time for bills to become law without signature15
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If16
vetoed by the governor and subsequently approved by the legislature, this Act shall become17
effective on the day following such approval.18
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Michelle Ducharme.
DIGEST
Martiny (SB 266)
Present law provides for the registration of investment adviser representatives.
Present law provides that no applicant shall be registered as an investment adviser
representative, nor shall any such registration be renewed unless such investment adviser
representative has passed a written examination.
Present law exempts certain individuals from the examination requirement as follows:
(1)An individual holding one or more certifications that the commissioner may
designate by rule.
(2)An individual who is employed by an investment adviser registered with the
Securities and Exchange Commission (SEC).
Proposed law removes the present law exemption for individuals who are employed by an SB NO. 266
SLS 14RS-391 ENGROSSED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
investment adviser registered with the SEC.
Proposed law provides that beginning on August 31, 2016, and thereafter, investment adviser
representatives registered or required to be registered under present law and who are
employed by a federal covered adviser shall be required to satisfy the examination
requirement or certification requirement.
Proposed law authorizes the commissioner to adopt rules necessary to implement the
provisions of proposed law.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 51:703(D)(4))
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Commerce, Consumer
Protection, and International Affairs to the original bill
1. Changes the date for compliance of the examination requirement or
certification requirement from January 1, 2016, to August 31, 2016.
2. Specifies that the requirements apply to investment adviser representatives
registered or required to be registered under law and who are employed by
a federal covered adviser.