NEW INVESTMENT ADVISER REPRESENTATIVE QUALIFICATIONS

 

Senate Bill 266 by Senator Danny Martiny was signed into law by Governor Bobby Jindal on May 28, 2014, becoming Act 298 of the 2014 Legislative Session.  This Act amends the qualifications for investment adviser representatives (IA reps) required to be registered in Louisiana. 

 

Previously, IA reps employed by state-registered investment advisers were required to meet one of the following criteria in order to qualify for registration in Louisiana:

 

  Certified Financial Planner (CFP)

  Chartered Financial Consultant (ChFC)

  Personal Financial Specialist (PFS)

  Chartered Financial Analyst (CFA)

  Certified Investment Counselor (CIC)

 

Prior to Act 298, these qualifications did not apply to IA reps employed by SEC-registered investment advisers.  The Act imposes these requirements on individuals employed by SEC-registered firms who are required to be registered as IA reps in Louisiana.  It should be noted that this Office may only require registration of IA reps of SEC-registered firms if the individual is domiciled in Louisiana.  The Act requires that these individuals meet the above criteria no later than August 31, 2016.