18 NCAC 06A .1413          SALESMAN EXAMINATION REQUIRED

(a)  Every application for registration as a salesman shall show evidence of a minimum passing grade of seventy percent on either:

(1)           the Uniform Securities Agent State Law Examination (USASLE ‑ Series 63); or

(2)           both the Uniform Combined State Law Examination (Series 66 Exam) and the General Securities Representative Examination (Series 7 Exam).  These examinations are given by the National Association of Securities Dealers (NASD).  Each application for registration must also show that the applicant has passed the appropriate NASD exam applicable to applicants for registration as a securities salesman.  The scheduled dates, times and locations may be obtained by contacting the NASD, Central Registration Depository, P.O. Box 9401, Gaithersburg, MD 28898-9401 (301) 590-6500 or the Securities Division.

(b)  The requirement of Paragraph (a) of this Rule shall not apply to any salesman who has been registered continuously since April 1, 1981; provided that a lapse in registration in this State of less than one year shall not require compliance with Paragraph (a) of this Rule.  New registrants after April 1, 1981 who have not been registered previously in this State and previously registered salesmen in this State whose registration has lapsed for one year or more shall comply with Paragraph (a) of this Rule.

(c)  The administrator may, upon a showing of good cause, waive the requirements of Paragraph (a) of this Rule.  For purposes of this Rule, "good cause" for waiver for the examination requirement is shown by a demonstration that the applicant's understanding of the ethics and legal guidelines applicable to securities salesmen is comparable to that shown by evidence of a passing grade on the examination for which waiver is sought.

(d)  Termination of the salesman's registration with the NASD for violation of NASD rules shall automatically terminate the salesman's registration with the State of North Carolina.

 

History Note:        Authority G.S. 78A‑39; 78A‑39(b)(4); 78A‑49(a);

Eff. April 1, 1981;

Amended Eff. April 1, 2001; September 1, 1995; January 1, 1984;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. December 6, 2016.