Section 130.832  Examinations Deemed Satisfactory for Purposes of Determining Sufficient Knowledge Under Section 8.C(7) of the Act for Registration as a Salesperson

a)         Passage of the Series 63 examination and Series 1, 2, 7, 37, 38, 17 or 47 examination conducted by the NASD shall qualify a natural person who is 18 years of age for registration on behalf of a dealer, controlling person or issuer as a salesperson without limitation in this State.

b)         Passage of the Series 63 examination and Series 6, 22, 52 or 62 examination conducted by the NASD shall qualify by examination a natural person who is 18 years of age for registration as a salesperson in a limited capacity in this State, as follows:

1)         The Series 6 (Investment Company/Variable Contract Products (ICVC) Representative Examination) and the Series 63 examination shall qualify a salesperson to offer or sell securities issued by investment companies and variable contracts.

2)         The Series 22 examination (Direct Participation Program Limited Representative Qualification Examination) and the Series 63 examination shall qualify a salesperson to offer or sell direct participation programs in the form of limited partnerships or joint venture interests in tax shelter programs.

3)         The Series 52 examination (Municipal Securities Representative Examination) and the Series 63 examination shall qualify a salesperson to offer and sell securities of municipalities and industrial development revenue obligation.

4)         The Series 62 Examination (Corporate Securities Representative Examination) shall qualify a salesperson to offer and sell corporate securities and bonds, real estate investment trusts and mortgage investment trusts.

c)         All scheduling for the examinations referred to in subsections (a) and (b) of this Section shall be made with and fees paid to an office of the NASD.  The dealer, controlling person or issuer on whose behalf the salesperson is being registered shall submit in writing satisfactory evidence of passing the examination prior to registration of such person in the State if such information is not available to the Securities Department through the CRD.

(Source:  Amended at 21 Ill. Reg. 15892, effective December 1, 1997)