DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS  
CORPORATIONS, SECURITIES, AND COMMERCIAL LICENSING BUREAU  
SECURITIES  
Filed with the secretary of state on December 13, 2024  
These rules become effective immediately after filing with the secretary of state unless  
adopted under section 33, 44, or 45a(9) of the administrative procedures act of 1969, 1969  
PA 306, MCL 24.233, 24.244, or 24.245a. Rules adopted under these sections become  
effective 7 days after filing with the secretary of state.  
(By authority conferred on the director of the department of licensing and regulatory  
affairs by sections 201, 202, 202a, 203, 304, 306, 401, 403, 405, 406, 410, 411, 412, 502,  
504, and 605 of the uniform securities act (2002), 2008 PA 551, MCL 451.2201,  
451.2202, 451.2202a, 451.2203, 451.2304, 451.2306, 451.2401, 451.2403, 451.2405,  
451.2406, 451.2410, 451.2411, 451.2412, 451.2502, 451.2504, and 451.2605, and  
Executive Reorganization Order No. 2012-6, MCL 445.2034)  
R 451.4.9 and R 451.4.12 of the Michigan Administrative Code are amended, and R  
451.4.30 is added, as follows:  
PART 4. BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS,  
INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED  
INVESTMENT ADVISERS  
R 451.4.9 Broker-dealer and agents representing broker-dealers examination  
requirements.  
Rule 4.9. (1) Unless waived by the administrator, a natural person applicant for initial  
registration as a broker-dealer or agent shall take and pass, within 2 years immediately  
preceding the filing date of the application, and as reflected on the records of CRD, both  
of the following:  
(a) Either the uniform securities agent state law examination, S63, or the uniform  
combined state law examination, S66.  
(b) The general securities business examination set forth in paragraph (i) of this  
subdivision, unless the applicant’s proposed securities activities will be restricted, in  
which case the applicant is required to take and pass each examination in paragraphs (ii)  
to (viii) of this subdivision that relates to the applicant’s proposed securities activities:  
(i) The general securities representative examination, S7.  
(ii) The investment company products/variable contracts representative examination,  
S6.  
(iii) The direct participation programs representative examination, S22.  
(iv) The municipal securities representative examination, S52.  
(v) The corporate securities limited representative examination, S62.  
(vi) The registered options representative examination, S42.  
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(vii) The government securities representative examination, S72.  
(viii) The private placement representative examination, S82.  
(ix) Other examinations as may be applicable to an associated person and their  
activities according to FINRA rules.  
(2) An applicant for registration as a broker-dealer or agent is not required to take the  
examinations required by subrule (1) of this rule if the applicant was registered or  
licensed as a broker-dealer or agent in this state or another state with the same  
examination requirements as those identified in subrule (1) of this rule within the 2 years  
preceding the date the application was filed.  
(3) An applicant for registration as a broker-dealer or agent who has not been registered  
in a state with the same examination requirements as those identified in subrule (1)(a) of  
this rule for more than 2 years but fewer than 5 years and who elects to participate in the  
maintaining qualifications program operated by FINRA is not required to take and pass  
the uniform securities agent state law examination, S63, required by subrule (1)(a) of this  
rule if the applicant elects to participate in the examination validity extension program  
operated by NASAA within 2 years after agent registration termination.  
(4) An applicant for registration as a broker-dealer or agent who has not been registered  
in a state with the same examination requirements as those identified in subrule (1)(b) of  
this rule for more than 2 years but fewer than 5 years and who maintains validity of an  
examination required by subrule (1)(b) of this rule by successfully participating in the  
maintaining qualifications program operated by FINRA is not required to take and pass  
an examination required by subrule (1)(b).  
(5) This rule does not extend the validity of the uniform combined state law  
examination, S66, for purposes of registration as an investment adviser representative  
under section 404(1) of the act, MCL 451.2404.  
R 451.4.12 Investment adviser and investment adviser representative examination  
requirements.  
Rule 4.12. (1) Unless otherwise waived by the administrator, a natural person  
investment adviser or investment adviser representative shall take and pass within 2 years  
immediately preceding the date of the application, as reflected on the records of IARD,  
either of the following:  
(a) The uniform investment adviser state law examination, S65.  
(b) The uniform combined state law examination, S66, and the general securities  
representative examination, S7.  
(2) Any person who has been registered as an investment adviser or an investment  
adviser representative in a state that requires the licensing, registration, or qualification of  
investment advisers or investment adviser representatives within the 2 years immediately  
preceding the date of filing an application is not required to comply with the examination  
requirement in subrule (1) of this rule.  
(3) Compliance with subrules (1) and (2) of this rule is waived if the applicant has been  
awarded any of the following designations and at the time of filing an application the  
designation is current and in good standing:  
(a) Certified financial planner awarded by the Certified Financial Planners Board of  
Standards.  
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(b) Chartered financial consultant or Master of Science in Financial Planning awarded  
by the American College in Bryn Mawr, Pennsylvania.  
(c) Chartered financial analyst awarded by the Institute of Chartered Financial  
Analysts.  
(d) Personal financial specialists awarded by the American Institute of Certified Public  
Accountants.  
(e) Chartered investment counselor awarded by the Investment Adviser Association.  
(4) An applicant who has taken and passed the uniform investment adviser law  
examination, S65, within 2 years immediately preceding the date the application is filed  
with the administrator, or at any time if the applicant has been registered or licensed as an  
investment adviser or investment adviser representative within the 2 years immediately  
preceding the date the application is filed with the administrator, is not required to take  
and pass the uniform investment adviser law examination again.  
(5) An applicant who is an agent for a broker-dealer and an investment adviser and who  
is not required by the agent’s home jurisdiction to make a separate filing on CRD as an  
investment adviser representative, but who has previously met the examination  
requirement in subrule (1) of this rule necessary to provide advisory services on behalf of  
the broker-dealer or the investment adviser, is not required to again take and pass the  
exams in subrule (1) of this rule.  
(6) An applicant for registration who has not been registered in a state with the same  
examination requirements as those identified in subrule (1) of this rule for more than 2  
years but fewer than 5 years is not required to take and pass the examination required by  
subrule (1) of this rule if the individual complies with R 451.4.30.  
R 451.4.30 Investment adviser representative examination validity extension  
program.  
Rule 4.30. (1) As used in this rule:  
(a) “IAR EVEP” means the investment adviser representative examination validity  
extension program operated by NASAA.  
(b) “MQP” means the maintaining qualifications program operated by FINRA.  
(2) Notwithstanding R 451.4.12(2), an individual who terminates their registration as an  
investment adviser representative under section 404(1) of the act, MCL 451.2404, may  
maintain the validity of the examination required by R 451.4.12(1)(a) or (b) without  
being employed by or associated with an investment adviser or federal covered  
investment adviser for no more than 5 years following the termination of the  
effectiveness of the investment adviser representative registration if the individual  
complies with all of the following:  
(a) The individual previously took and passed the examination that they seek to  
maintain validity under this rule.  
(b) The individual was registered under section 404(1) of the act, MCL 451.2404, for at  
least 1 year immediately before the termination of that registration.  
(c) The individual has never been subject to statutory disqualification under section  
3(a)(39) of the securities and exchange act of 1934, 15 USC 78c.  
(d) The individual elects to participate in the IAR EVEP within 2 years after the  
effective date of the termination of a registration under section 404(1) of the act, MCL  
451.2404.  
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(e) The individual complies with R 451.4.29 when the individual’s registration under  
section 404(1) of the act, MCL 451.2404, becomes ineffective.  
(f) The individual annually completes the continuing education credits required by R  
451.4.29(2)(a) and (b) on or before December 31 of each calendar year in which the  
individual participates in the IAR EVEP, regardless of when the individual elects to  
participate in the IAR EVEP.  
(3) An individual who complies with MQP is considered to comply with the R  
451.4.29(2)(b) component of continuing education required by subrule (2)(f) of this rule.  
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