<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s523e6c75-42d3-4d92-9086-ccaba323078dP0 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: justify; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } span.s523e6c75-42d3-4d92-9086-ccaba323078dC0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s523e6c75-42d3-4d92-9086-ccaba323078dC0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s523e6c75-42d3-4d92-9086-ccaba323078dC0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s523e6c75-42d3-4d92-9086-ccaba323078d000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003 { background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s523e6c75-42d3-4d92-9086-ccaba323078d000004 { background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } a.s523e6c75-42d3-4d92-9086-ccaba323078d000005 { text-decoration: none; } span.s523e6c75-42d3-4d92-9086-ccaba323078dC0-000006 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    </span><a href="https://sdlegislature.gov/Rules?Rule=20:08:05:27"><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000000">20:08:05:27</span></a><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000001">.  Examination requirements.</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(1)  Unless otherwise waived by the director</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> of the division</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">, an investment adviser or an investment adviser representative shall take and pass:</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    (a)  The Uniform Investment Adviser State Law Examination (S65)</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> within the two-year period immediately preceding the date of application</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">; or</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    (b)  The Uniform Combined State Law Examination (S66) and the General Securities Representative Examination (S7)</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> within the two-year period immediately preceding the date of application; and</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    (c)  The FINRA Securities Industry Essential Examination within four years of the date of application.</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(2)  If the investment adviser is an entity, then a supervisory or control individual </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">must</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> take and pass </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">any</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> examination required in </span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">subdivision </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(1).</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(3)  Any person who has been registered as an investment adviser or an investment adviser representative in any state requiring the licensing, registration, or qualification of investment advisers or investment adviser representatives within the two</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">-</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">year period immediately preceding the date of filing an application is not required to comply with the examination requirement set forth in </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">subdivision (1)</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">.</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(4)  Compliance with </span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">subdivisions </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(1) and (2) is waived if the applicant has been awarded any of the following designations and</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">,</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> at the time of filing</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">,</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> an application is current and in good standing:</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    (a)  Certified Financial Planner (CFP) awarded by the Certified Financial Planners Board of Standards</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">, Inc;</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    (b)  Chartered Financial Consultant </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">awarded by the American College of Financial Services;</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    (c)  Chartered Financial Analyst awarded by the </span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">CFA </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">Institute</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">;</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    (d)  Personal Financial Specialist awarded by the American Institute of Certified Public Accountants</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">; or</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    (e)  Chartered Investment </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">Management Analyst awarded by the Investment and Wealth Institute.</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(5)  An applicant </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">is not required to retake and pass the Uniform Investment Advisor State Law Examination (S65) if:</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    (a)  </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003">The applicant has passed the exam within two years prior to the date the application is filed with the director of the division; or</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000004"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003">    (b)  </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003">The applicant was registered or licensed as an investment adviser or investment advisor representative within two years prior to the date the application is filed with the director of the division.</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(6)  An applicant </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003">is not required to retake and pass the Uniform Investment Adviser State Law Examination (S65) if the applicant is an agent for a broker-dealer or an investment adviser and is not required by the agent s home jurisdiction to make a separate filing on CRD as an investment adviser representative but has previously met the examination requirement in subdivision (1) necessary to provide advisory services on behalf of the broker-dealer or investment adviser.</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(7)  </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">A p</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">erson deemed to be </span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">an </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">investment adviser representative only because the</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> person</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> solicit</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">s</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">, offer</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">s</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">, or negotiate</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">s</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> for the sale of or sell investment advisory services in this state </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">is</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> not required to take and pass the examinations in</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> subdivision (1)</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">.</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(8)  </span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003">Any individual who is not registered as an investment adviser representative in any state for more than two years but less than five years, who has elected to participate in the FINRA Maintaining Qualifications Program, pursuant to </span><a id="_Hlk173849511" class="s523e6c75-42d3-4d92-9086-ccaba323078d000005"></a><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003">FINRA Rule 1240(c) (April 30, 2024)</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003">, and whose appropriate FINRA qualifying examinations remain valid pursuant to effective participation in the FINRA Maintaining Qualifications Program is not required to retake the appropriate FINRA qualifying examinations to comply with the examination requirements in subdivision </span><a href="https://sdlegislature.gov/Rules?Rule=20:08:05:27"><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000006">20:08:05:27</span></a><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003">(1); provided, however, that successful participation in the FINRA Maintaining Qualifications Program may not extend the </span><a id="_Hlk165475144" class="s523e6c75-42d3-4d92-9086-ccaba323078d000005"></a><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003">Uniform Investment Adviser State Law Examination (S65) or the Uniform Combined State Law Examination (S66) </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000003">for purposes of investment adviser representative registration.</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000001">Source:</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> 37 SDR 112, effective December 9, 2010</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">; 51 SDR 25, effective September 10, 2024</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">.</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000001">General Authority:</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=47-31B-605"><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000006">47-31B-605</span></a><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(a).</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">    </span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000001">Law Implemented:</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=47-31B-103"><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000006">47-31B-103</span></a><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=47-31B-404"><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000006">47-31B-404</span></a><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(f), </span><a href="https://sdlegislature.gov/Statutes?Statute=47-31B-412"><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000006">47-31B-412</span></a><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(e)</span><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=47-31B-605"><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0-000006">47-31B-605</span></a><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">(b)</span><span class="s523e6c75-42d3-4d92-9086-ccaba323078dC0">.</span></p><p dir="ltr" class="s523e6c75-42d3-4d92-9086-ccaba323078dP0"><span xml:space="preserve" class="s523e6c75-42d3-4d92-9086-ccaba323078d000002"> </span></p></div></body></html>