Marked-Up Version - Proposed Amendments to Arkansas Securities Commissioner Rules - Rule 302.01(c) and Rule 302.02

Sep 25, 2026

Marked-Up Version presenting proposed amendments to rules of the Arkansas Securities Commissioner, including Rule 302.01(c) on examination requirements for agents and supervisors, and Rule 302.02 on examinations for investment adviser representatives. It specifies eligibility based on passing FINRA exams within a two-year period, including SIE and relevant specialized or state-law examinations (Series 63 or Series 66). It also sets conditions for limited agents and limited supervisors, recognizes prior registration exemptions, and describes waiver possibilities for justified circumstances.

LanguageEnglish

CategoryExam

FormatPDF

Pages7

Reading Time18 min

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Proposed Amendments to the Following Rules

Rule 302.01(c) Examination of Agents and Supervisors

Rule 302.02 Examination of Investment Adviser Representative

A5032U18 BUREAU OF # Marked-Up Version LEGISLATIVE RESEARCH Proposed Amendments to the following Rules of the Arkansas Securities Commissioner Rule 302.01(c)EXAMINATION OF AGENTS AND SUPERVISORS.The Commissioner requiresthat written examinations on general securities knowledge and state securities law betaken and passing scores achieved within a two(2)year period immediately precedingthe filing date of the application before an applicant will be considered eligible forregistration. (1) Agent.An applicant to be an agent must achieve passing scores for theappropriate FINRA examinations.FINRA rules effective October 1.2018require agents to pass the Securities Industrv Essentials Exam (SIE)and aspecialized knowledoe exam appropriate to their job function.Agentapplicants must also pass the Series 63 or Series 66 exam that addresses statelaw.Prior to October 2018 agents were required to pass a Series 7 or Series 1exam along with an exam covering state law.following examinations:(A)—Series 1 Registered Representative orSeries 7 General Securities Representative;and(B)Series 63 Uniform Securities Agent State Law,orSeries-66 Uniform Combined State Law (2) Limited Agent.Applicants successfully completing a limited knowledgeexamination will only be eligible for registration to effect transactions in thosesecurities that were covered by the limited examination.Applicants shallsatisfy the state law examination requirement by passing the Series 63 orSeries 66examination and the knowledge requirement by passing at least oneef the following limited knowledge securities examination.SSeries6 Investment Company Products; Series 17,37,or 38 All General Securities Except Municipal;Series 22 Direet Participation Programs; 1 Series 42 Registered Options Representative;Series-52 Municipal Securities;Series 55—Equity Trader;Series 62—Corporate Seeurities;Series 72 Government Securities;Series 79 Investment Banking;andSeries-82 Private Securities. (3) Supervisor.An agent designated as a supervisor must achieve passing scoresfor the appropriate FINRA examinations.FINRA rules effective October I.2018 require agents to pass the SIE and a specialized knowledge examappropriate to their job function.Agent applicants must also pass the Series 63or Series 66 exam that addresses state law.Prior to October 2018 agents wererequired to pass the Agent exams along with a Series 24 exam or the Series 9and Series 10 exams combined with the Series 23 exam.followingexaminations: The agent examination requirements in Rule 302.01(c)(1);and Series 24-General Securities Principal(formerly Series 40or Series 00),oF Series 9and Series 10-General Securities Sales Supervisor(formerly Series 8),combined with the Series 23-General Securities Principal Qualification (4) Limited Supervisor.If the firm is limited in its scope of business and providesverification of the same to the Commissioner then at least one(1)agentdesignated as a limited supervisor must achieve passing scores for theappropriate FINRA examinations.following examinations: The agent examination requirement in Rule 302.01(c)(2);and At least one(1)limited scope securities prineipal examination that isappropriate for the supervision of agents with a limited registration.Thefollowing limited scope securities prineipal examinations are recognized: Series 4 Options Principal; Series 26 Investment Company Products; Series 39 Direct Participation Programs;Series-51Municipal Fund Securities;andSeries 53 Municipal Securities. (5) Any individual who has been registered as a general securities agent,generalsecurities principal,or investment adviser representative in any state,commonwealth,territory,district,or province in the United States or Canadawithin the two(2)years immediately preceding the filing of an applicationand who has at any time in the past met the requirements of Rule 302.01(c)shall not be required to repeat the examinations in order to become registered. (6

FAQs

What examinations determine eligibility under Rule 302.01(c)?

An applicant must achieve passing scores on written examinations for general securities knowledge and Arkansas state securities law within the two-year period before filing. For agents, this includes passing FINRA exams such as the SIE and the appropriate state-law exam (Series 63 or Series 66).

How does the rule handle limited agents and limited supervisors?

Limited agents who complete a limited knowledge examination are eligible only to effect transactions covered by that limited exam, and they still must satisfy state law requirements (Series 63 or Series 66). For limited supervisors, at least one agent designated as a limited supervisor must achieve passing scores, and at least one recognized limited scope securities principal examination must be completed for supervision.

When can examination requirements be waived?

The Commissioner may waive any or all examination requirements upon petition and good cause shown by the applicant, solely in cases where circumstances warrant due to limited time, amount, nature of the issue or transaction, or unique applicant circumstances.

Sep 25, 2026

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