Section 16-38-51 - Registration; examination requirements(a) Examination requirements. An individual applying to be registered as an investment adviser representative shall provide the commissioner with proof of obtaining a passing score on one of the following examinations: (1) The Uniform Investment Adviser Law Examination (Series 65 examination); or(2) The General Securities Representative Examination (Series 7 examination) and the Uniform Combined State Law Examination (Series 66 examination).(b) An individual who has not been registered in any jurisdiction for a period of two consecutive years immediately preceding the date of the application shall be required to comply with the examination requirements of this section.(c) Any investment adviser representative who fails to renew his or her registration for two or more consecutive years, or who has not registered for two or more consecutive years since passing a qualifying examination as approved by the commissioner, shall be required to apply as a new applicant and comply with the examination requirements of this section.(d) Exemptions. (1) Any individual who is registered as an investment adviser or investment adviser representative in any jurisdiction in the United States on the effective date of this rule shall not be required to satisfy the examination requirements for continued registration; provided that the commissioner may require additional examinations for any individual found to have violated any state or federal securities law.(2) Waivers. The examination requirement shall not apply to an individual who currently holds one of the following professional designations:(A) Certified Financial Planner (CFP) awarded by the International Board of Standards and Practices for Certified Financial Planners, Inc.;(B) Chartered Financial Consultant (ChFC) awarded by the American College, Bryn Mawr, Pennsylvania;(C) Personal Financial Specialist (PFS) awarded by the American Institute of Certified Public Accountants;(D) Chartered Financial Analyst (CFA) awarded by the Institute of Chartered Financial Analysts;(E) Chartered Investment Counselor (CIC) awarded by the Investment Counsel Association of America, Inc.; or(F) Such other professional designation as the commissioner may by rule or order recognize.(e) Notwithstanding any other provision to the contrary, the commissioner, by order, may waive the examination requirement if the commissioner determines that the examination is not necessary or appropriate in the public interest or for the protection of investors.[Eff and comp 10/12/85; am 4/4/87; am and comp 4/14/03] (Auth: HRS § 485-2) (Imp: HRS § 485-14)