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by happyllama
1576 days ago
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Looks like you will also need to get a Series 63 from the local state securities regulator as well, which requires sponsorship. From the NASAA FAQ: >>If I pass a Series 65 examination, is that all I need to do to qualify as an accredited investor?: No. The SEC’s August 26, 2020 order allows persons who hold an “Investment Adviser Representative license (Series 65) … in good standing” to qualify as accredited investors. The SEC explained in its Small Entity Compliance Guide for Amendments to the Accredited Investor Definition that “a person seeking accredited investor status by passing the Series 65 exam would also need to be licensed as an investment adviser representative in her state and would need to comply with all state-specific licensing requirements (e.g., paying dues, etc.).” In order to become a licensed investment adviser representative, a person must first apply through the investment adviser firm with which the individual is affiliated for registration with a state securities regulator. Please check with your state securities regulator for specific requirements. [1] [1] https://www.nasaa.org/exams/exam-faqs/ |
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>>Do I need to have a sponsor before I take the Series 63, 65, or 66? No. Unsponsored candidates who are not Form U4 registered or currently affiliated with a firm through FINRA’s Web CRD system should open an exam enrollment window via FINRA.org request and pay for the S63, S65, or S66 exams.
So if the S65 and the S63 are both required, then a person can do attempt both without requiring sponsorship from a financial firm. The additional cost of the S63 is another $147 on top of the $187 for the S65 (totaly exam cost $334).