02-032 C.M.R. ch. 504, § 6 - Examination and training requirements

1. Examinations required. Every individual applicant for a license shall take and pass:

A. The NASAA Series 63 Uniform Securities Agent State Law Examination or the NASAA Series 66 Uniform Combined State Law Examination;

B. The Securities Industry Essentials ("SIE") examination; and C.A securities representative-level qualification examination or examinations administered by FINRA for the types of activity in which the applicant will be engaged, except that:

(1) an applicant who is not required to be registered with FINRA or who is applying to be an agent of a non-FINRA member broker-dealer or of an issuer may substitute a Series 7 General Securities Representative Examination for the examination or examinations that would otherwise be required under this paragraph; and

(2) a licensed agent who has passed only one or more of the limited representative-level qualification examinations administered by FINRA shall be deemed to be licensed in Maine only for those business activities for which those examinations would qualify the agent under FINRA rules, and it shall be unlawful for that person to effect any other securities transactions in Maine as an agent.

An applicant whose license has been invalid for a period of two years or more must retake and receive a passing grade on the State Law Examination and representative-level qualifying examinations. Applicants for licensure whose license has been invalid for a period of four years or more must also retake and receive a passing grade on the SIE examination.

2. Non-fractionalized certificates of deposit. Agents who effect securities transactions only in non-fractionalized certificates of deposit and who are not agents of the issuer of those certificates of deposit are required only to pass the NASAA Series 63 Uniform Securities Agent State Law Examination or the NASAA Series 66 Uniform Combined State Law Examination.

3. Agents of issuer. An agent who effects securities transactions only with respect to the offer and sale of securities of an issuer and who is a bona fide officer, director, partner, or member of the issuer, or occupies a similar status or performs similar functions, or is a bona fide employee of the issuer, is required only to pass the NASAA Series 63 Uniform Securities Agent State Law Examination or the NASAA Series 66 Uniform Combined State Law Examination.

4. Requirements inapplicable to currently licensed agents. The requirements established in Subsection 1(A) shall not apply to any person licensed as an agent in Maine on the date this rule took effect unless that person later ceases to be licensed for a continuous period of at least two years.

5. Training required prior to licensing. Each individual who either resides or has an office in Maine applying for an initial license as an agent shall attend a seminar conducted by the Administrator for agent and investment adviser representative applicants.

6. Waivers. The Administrator may by rule or order waive some or all of the examination and training requirements for any applicant or group of applicants.

Notes

02-032 C.M.R. ch. 504, § 6