NASAA program gives advisors 5 years to hold on to Series 65

Investment advisors can now join brokers in being able to retain their professional certifications for five years under a program announced by a state regulatory group.

The North American Securities Administrators Association, which represents state and provincial regulators in the U.S., Canada and Mexico, said Tuesday that it's offering its Exam Validity Extension Programs, EVEP, to investment advisors who want to hold on to their Series 65 certifications after leaving the industry.

The Series 65, technically the Uniform Investment Adviser Law Exam, qualifies takers to become registered Investment Adviser Representatives who can recommend investment strategies and manage client portfolios. Before NASAA's EVEP, advisors could hold on to their Series 65 qualifications for only two years after leaving the industry.

The EVEP for investment advisors mirrors a similar program that NASAA rolled out for brokers in August. That separate EVEP allows brokerage representatives to hold on to their Series 63 qualifications for five years after leaving the industry. The Series 63 generally qualifies takers for activities like trading in stocks, bonds and other securities. And holders of the Series 66, which combines parts of both Series 63 and 65, can extend that certification by enrolling in both of NASAA's EVEPs.

"With the release of the IAR EVEP, individuals can now enroll all of their eligible NASAA exams into the applicable exam validity extension programs," Claire McHenry, NASAA president, said in a statement.

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NASAA's EVEPs are available only in states that choose to adopt them. NASAA's website lists Minnesota as the only current participant.

To sign up for NASAA's EVEP for the Series 63 or Series 65, brokers will have to use their FinPro online account offered through the Financial Industry Regulatory Authority, the broker-dealer industry's self regulator.  Taking part in NASAA's EVEP costs $35 a year and requires participants to fulfill various continuing-education requirements. FINRA adopted a similar rule for federally registered brokers in March 2022.