PRESS RELEASE
New Exams for Investment Advisers/Representatives Require Higher Level of Competency
 
For Immediate Release
Monday, December 27, 1999 
 
Contact: Irving L. Faught, Administrator
  Oklahoma Department of Securities
  405-280-7700
 
 
Oklahoma City/////  Irving Faught, Administrator of the Oklahoma Department of Securities, announced that starting January 1, applicants for registration as investment advisers/representatives in Oklahoma will be required to take the new Series 65 examination. The new exam consists of 130 questions that test knowledge of economics, investment vehicles, investment strategies and ethics. The new exam replaces the old 75-question that focused mainly on securities law. The number one goal of this change is to achieve a higher level of investor protection.

The North American Securities Administrators Association (NASAA) developed the new Series 65 exam with input from more than 60 financial industry experts and in consultation with the Princeton, N.J.-based Chauncey Group, a leader in test development. The new exam will be administered by the regulatory arm of the National Association of Securities Dealers (NASD Regulation) at testing centers nationwide. Applicants will have 180 minutes to complete the exam, and the cost is $110. In addition to the state of Oklahoma, the District of Columbia and the forty other states that register investment advisers representatives are expected to adopt the new competency exam.

In an order issued today by Administrator Faught, Oklahoma adopted the liberal grandfathering provision set forth in a model rule proposed by NASAA. The provision essentially gives reciprocity to licensees from other jurisdictions. The order also provides that professional certifications such as the Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Chartered Financial Consultant (ChFC), Chartered Investment Counselor (CIC), and Personal Financial Specialist (PFS) may serve in lieu of the Series 65 examination requirement. Most states that register investment advisers representatives are also expected to adopt these two provisions.

For more information, prospective financial advisers and others can call the Oklahoma Department of Securities, (405) 280-7700.
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This press release, and related information, is available on the Securities Commission's web site at securities.ok.gov, by phone at (405) 280-7700, or in writing at:  Oklahoma Securities Commission, 204 North Robinson, Suite 400, Oklahoma City, OK 73102.