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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 ENROLLED
SENATE BILL NO. 266
BY SENATOR MARTINY
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
an individual who is employed by an investment adviser registered with the18
Securities and Exchange Commission.19
(b) The commissioner may by rule provide that the investment adviser20
representatives of any investment adviser registered under this Part on the effective21
date of the rule shall not be required to satisfy the examination or certification22
requirements for a period of up to two years.23
ACT No. 298 SB NO. 266 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
(c) Beginning August 31, 2016, and thereafter, investment adviser1
representatives registered or required to be registered under this Part and who2
are employed by a federal covered adviser shall be required to satisfy the3
examination requirement or certification requirement as provided for in4
Subparagraph (a) of this Paragraph. The commissioner may adopt rules to5
implement the provisions of this Subparagraph.6
* * *7
Section 2. This Act shall become effective upon signature by the governor or, if not8
signed by the governor, upon expiration of the time for bills to become law without signature9
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If10
vetoed by the governor and subsequently approved by the legislature, this Act shall become11
effective on the day following such approval.12
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: