Martiny (SB 266) Act No. 298
Prior law provided for the registration of investment adviser representatives.
Prior law provided 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.
Prior law exempted 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).
New law removes the present law exemption for individuals who are employed by an
investment adviser registered with the SEC.
New law provides that beginning on August 31, 2016, and thereafter, investment adviser
representatives registered or required to be registered under prior law and who are employed
by a federal covered adviser shall be required to satisfy the examination requirement or
certification requirement.
New law authorizes the commissioner to adopt rules necessary to implement the provisions
of new law.
Effective May 28, 2014.
(Amends R.S. 51:703(D)(4))