The North American Securities Administrators Association said Monday that it has adopted two new rules — one allowing states to permit investment advisor representatives to leave the securities industry for up to five years as well as revisions to NASAA's Uniform Application to Register Securities, or Form U-1.
NASAA members also voted Monday to admit Guam's securities regulator to the association.
"We are pleased to welcome the Guam Department of Revenue and Taxation to the association," NASAA President Andrew Hartnett said in a statement. "Guam's admission to NASAA will benefit the citizens and government of Guam as well as the securities industry more broadly."
The model rule allows states to permit IARs to leave the securities industry for up to five years while maintaining their exam qualifications, provided they complete certain annual continuing education requirements.
"This model rule will align investment adviser representative and broker-dealer agent regulations where adopted and will facilitate greater career flexibility for investment adviser representatives," said Linda Cena, chair of NASAA's Investment Adviser Representative Continuing Education Committee, in a statement.
