Investment adviser representatives and agents.
Investment adviser representatives and agents. Requires an applicant seeking to register as an agent of a broker-dealer in Indiana to pass financial industry regulatory authority (FINRA) examinations unless certain exceptions apply. Requires an applicant seeking to register as an investment adviser representative in Indiana to pass FINRA examinations unless certain exceptions apply. Provides that under certain circumstances an agent of a broker-dealer or an investment adviser representative may have the validity of the individual's FINRA qualifying examinations extended. Requires an investment adviser representative to participate in a continuing education program.
HB1545 aims to establish new requirements for individuals seeking to work as agents for broker-dealers or as representatives for investment advisers in Indiana. Specifically, the bill mandates that applicants for these roles must pass examinations administered by the Financial Industry Regulatory Authority (FINRA), unless they qualify for certain exceptions. It also provides a mechanism for extending the validity of these qualifying examinations under specific conditions.
This bill would affect financial professionals, including those who work as agents for broker-dealers and representatives for investment advisers in Indiana. By requiring FINRA examinations, the bill aims to ensure that these professionals have the necessary knowledge and skills to serve their clients effectively. Additionally, the bill requires investment adviser representatives to participate in continuing education to keep their skills and knowledge up-to-date.
HB1545 was introduced on January 21, 2025, by Representative Robert Heaton and has been referred to the Committee on Financial Institutions for further review. This bill is in its early stages of the legislative process, and additional steps will be taken to determine its future. As of now, it has been authored and referred to the appropriate committee for review.