Ind. Code ch. 23-19-4.3

Ind. Code ch. 23-19-4.3
in effect

Ind. Code § 23-19-4.3-1 Definitions

Sec. 1. The following definitions apply throughout this chapter: (1) "Authorized provider" means a person that NASAA or its designee has authorized to provide continuing education content. (2) "Credit" means a unit that has been designated by NASAA as at least fifty (50) minutes of educational instruction. (3) "Ethics and professional responsibility continuing education content" means NASAA approved investment adviser representative continuing education content that addresses an investment adviser representative's ethical and regulatory obligations. (4) "FINRA" refers to the Financial Industry Regulatory Authority. (5) "Home state" means the state where the principal office and place of business of an investment adviser representative is located. (6) "NASAA" refers to the North American Securities Administrators Association or a committee designated by its board of directors. (7) "Products and practice continuing education content" means NASAA approved investment adviser continuing education content that addresses an investment adviser representative's continuing skills and knowledge regarding: (A) financial products; (B) investment features; and (C) practices; in the investment advisory industry. (8) "Reporting period" means one (1) twelve (12) month period as determined by NASAA. (9) "Series 7 examination" means the general securities representative examination administered by FINRA. (10) "Series 63 examination" means the uniform securities agent state law examination administered by FINRA. (11) "Series 65 examination" means the uniform investment adviser law examination administered by FINRA. (12) "Series 66 examination" means the uniform combined state law examination administered by FINRA. As added by P.L.41-2026, SEC.7.

Ind. Code § 23-19-4.3-2 Examination requirements for registration as an agent of a broker-dealer; exceptions

Sec. 2. (a) This section applies to an applicant seeking to register as an agent of a broker-dealer under IC 23-19-4. (b) Except as provided in subsections (c) through (e), an applicant must pass: (1) the Series 63 or Series 66 examination; and (2) any other examination required by the commissioner; within the two (2) years preceding the date of application. (c) An applicant is in compliance with the examination requirement under subsection (b) if the: (1) applicant has not been registered as an agent in any state for more than two (2) years but less than five (5) years; (2) applicant is a participant in the Maintaining Qualifications Program administered by FINRA; (3) applicant's FINRA qualifying examinations are valid through the applicant's participation in the Maintaining Qualifications Program administered by FINRA; and (4) applicant is a participant in the Examination Validity Extension Program for agents of broker-dealers administered by NASAA within two (2) years of agent registration termination. (d) An applicant is in compliance with the examination requirement in subsection (b)(2) if the: (1) applicant has not been registered as an agent in any state for more than two (2) years but less than five (5) years; (2) applicant is a participant in the Maintaining Qualifications Program administered by FINRA; and (3) applicant's FINRA qualifying examinations are valid through the individual's participation in the Maintaining Qualifications Program administered by FINRA. (e) The commissioner may waive any of the examination requirements under subsection (b). (f) For purposes of investment adviser representative registration, the validity of an applicant's investment adviser representative portion of the Series 66 examination may not be extended through participation in the Maintaining Qualifications Program administered by FINRA. As added by P.L.41-2026, SEC.7.

Ind. Code § 23-19-4.3-3 Examination requirements for registration as an investment adviser representative; exceptions

Sec. 3. (a) This section applies to an applicant seeking to register as an investment adviser representative. (b) Except as provided in subsections (c) through (e), an applicant under this section must pass the: (1) Series 65 examination within the two (2) years preceding the date of application or the Series 7 and Series 66 examination within the two (2) years preceding the date of application; and (2) Securities Industry Essentials Examination within the four (4) years preceding the date of application, if the applicant did not take the Series 65 examination within the two (2) years preceding the date of application. (c) If: (1) an applicant under this section has been designated as: (A) a Certified Financial Planner; (B) a Chartered Financial Consultant; (C) a Chartered Financial Analyst; (D) a Personal Financial Specialist; (E) a Certified Investment Management Analyst; and (F) any other designation that the commissioner considers to be equivalent to the examinations required under subsection (b); and (2) the applicant's designation in subdivision (1) is current and in good standing with the organization that awarded the designation; the examination requirement in subsection (b) does not apply. (d) An applicant is in compliance with the examination requirement in subsection (b)(1) if the: (1) applicant has not been registered as an investment adviser representative in any state for more than two (2) years but less than five (5) years; (2) applicant is a participant in the Maintaining Qualifications Program administered by FINRA; (3) applicant's FINRA qualifying examinations are valid through the individual's participation in the Maintaining Qualifications Program administered by FINRA; and (4) applicant is a participant in the Examination Validity Extension Program for investment adviser representatives administered by NASAA within two (2) years of agent registration termination. (e) An applicant is in compliance with the examination requirement in subsection (b)(2) if the: (1) applicant has not been registered as an investment adviser representative in any state for more than two (2) years but less than five (5) years; (2) applicant is a participant in the Maintaining Qualifications Program administered by FINRA; and (3) applicant's FINRA qualifying examinations are valid through the individual's participation in the Maintaining Qualifications Program administered by FINRA. (f) The commissioner may waive any of the examination requirements under subsection (b). As added by P.L.41-2026, SEC.7.

Ind. Code § 23-19-4.3-4 Examination validity extension for investment adviser representatives

Sec. 4. (a) An individual who terminates the individual's registration as an investment adviser representative may have the validity of the individual's Series 65 examination and the investment adviser representative portion of the Series 66 examination extended for a period of five (5) years, if the individual meets all of the following requirements: (1) The individual previously passed the examination for which the individual seeks to maintain validity under this subsection. (2) The individual was registered as an investment adviser representative for at least one (1) year immediately preceding the termination of the investment adviser representative registration. (3) The individual was not subject to a statutory disqualification as defined in Section 3(a)(39) of the Securities Exchange Act of 1934. (4) The individual does not have a deficiency under the investment adviser representative continuing education program described in section 6 of this chapter at the time the individual terminates the individual's investment adviser representative registration. (5) The individual completes annually on or before December 31 of each calendar year that elapses after the individual's investment adviser representative registration is terminated: (A) six (6) credits of ethics and professional responsibility continuing education content offered by an authorized provider, including at least three (3) hours covering the topic of ethics; and (B) six (6) credits of products and practice continuing education content offered by an authorized provider. (b) An individual who complies with the Maintaining Qualification Program administered by FINRA is in compliance with subsection (a)(5)(B). As added by P.L.41-2026, SEC.7.

Ind. Code § 23-19-4.3-5 Required investment adviser representative continuing education; exceptions; consequences for noncompliance

Sec. 5. (a) Except as provided in subsections (b) and (c), an investment adviser representative registered under IC 23-19-4 shall complete the following investment adviser representative continuing education requirements each reporting period: (1) Six (6) credits of investment adviser representative ethics and professional responsibility continuing education content offered by an authorized provider, with at least three (3) hours covering the topic of ethics. (2) Six (6) credits of investment adviser representative products and practice continuing education content offered by an authorized provider. (b) An investment adviser representative who is registered as an agent of a FINRA member broker-dealer and complies with FINRA's continuing education requirements is in compliance with subsection (a)(2) for each applicable reporting period if the FINRA continuing education content meets all of the following criteria as determined by NASAA: (1) The content of the program focuses on: (A) compliance; (B) regulatory; (C) ethical; and (D) sales practice; standards. (2) The content of the program is derived from: (A) state and federal investment advisory statutes; (B) rules and regulations; (C) securities industry rules and regulations; and (D) accepted standards and practices in the financial services industry. (3) The program requires that its participants demonstrate proficiency in the subject matter of the educational materials. (c) If an investment adviser representative who holds a designation that qualifies the individual for an examination waiver under section 3(c) of this chapter completes continuing education content as a condition of maintaining the individual's designation, the individual complies with subsection (a) if the continuing education content: (1) completed during the relevant reporting period by the investment adviser representative is mandatory to maintain the designation; and (2) provided by the designating organization during the relevant reporting period is NASAA approved investment adviser representative continuing education content. (d) An investment adviser representative who fails to comply with this section by the end of a reporting period will renew as "CE Inactive" at the close of the calendar year until the investment adviser representative completes and reports all required investment adviser representative continuing education credits. An investment adviser representative who is "CE Inactive" at the close of the next calendar year is not eligible for investment adviser representative registration or renewal of an investment adviser representative registration under IC 23-19-4. As added by P.L.41-2026, SEC.7.

Ind. Code § 23-19-4.3-6 Continuing education requirement upon termination of registration; exceptions

Sec. 6. If an investment adviser representative's registration is terminated, the individual shall complete the investment adviser representative continuing education requirements for all reporting periods that occurred between the time that the investment adviser representative's registration is terminated and when the individual became registered again under IC 23-19-4 unless the investment adviser representative: (1) passes the applicable examination described in section 3(b) of this chapter; or (2) receives an examination waiver under section 3(c) through 3(e) of this chapter. As added by P.L.41-2026, SEC.7.

Ind. Code § 23-19-4.3-7 Reporting completion of investment adviser representative continuing education requirements

Sec. 7. An authorized provider shall report the completion of an investment adviser representative's applicable investment adviser representative continuing education requirements to FINRA not more than thirty (30) days after the investment adviser representative completes the applicable investment adviser representative continuing education requirements. As added by P.L.41-2026, SEC.7.

Ind. Code § 23-19-4.3-8 Exception to continuing education requirements for investment adviser representative

Sec. 8. An investment adviser representative registered or required to be registered in Indiana who is registered as an investment adviser representative in the individual's home state satisfies the requirements of section 5(a) of this chapter if: (1) the investment adviser representative's home state has continuing education requirements that are at least as stringent as the continuing education requirements of this chapter; and (2) the investment adviser representative is in compliance with the home state's investment adviser representative continuing education requirements. As added by P.L.41-2026, SEC.7.

Ind. Code § 23-19-4.3-9 Prohibition on carrying forward excess continuing education credits

Sec. 9. An investment adviser representative who completes more than twelve (12) credits of continuing education for the reporting period may not carry forward the excess credits of continuing education. As added by P.L.41-2026, SEC.7.

Ind. Code § 23-19-4.3-10 Waiver of requirements by commissioner

Sec. 10. The commissioner may waive any of the requirements in sections 5 through 9 of this chapter. As added by P.L.41-2026, SEC.7.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/23Fetched: 10/17/2026

Starting a business in Indiana? Indiana LLC guide: costs and requirements