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Public Protection Cabinet

Issuer Agents

Issuer Agent Registration
 
It is unlawful for an issuer to employ an agent in Kentucky unless that person is registered under the provisions of KRS 292.330.

All applicants must submit a fingerprint card to the FBI for a criminal background check. Background checks take approximately 14 to 16 weeks for the FBI to process. The FBI report and the fingerprint card must be submitted with a completed application.
All issuer agent applications shall include:
  1. A completed Form U-4 application.
  2. FBI criminal background check.
  3. The Applicant Acknowledgement and Authorization for Credit Report form.
  4. Initial registration fee of $50 made payable to the Kentucky State Treasurer.
  5. Proof of passing the Series 63 or 66 examination.
  6. Proof of passing an appropriate subject matter examination, such as the Series 6, Series 22, etc. See 808 KAR 10:260.
Enrollment for the exams listed above, as well as study materials, may be obtained by calling the Financial Industry Regulatory Authority (FINRA) at 301-590-6500. A form    U-10 will be required by FINRA to schedule this examination.

NOTE: Effective Jan. 1, 2010, the new passing scores for each securities law exam will be as follows:
 
Test
Raw Score
Percentage of Test Points
Series 63
43
72%
Series 66
75
75%
 
Form U-5 must be filed promptly with the Division of Securities when an issuer agent's employment is terminated.
 
Please note: It is the responsibility of the agent to make certain the application submitted for registration (Form U-4) is kept up to date. There is no filing fee in association with filing an amended Form U-4.
 
Issuer Agent Dual Registration
 
The general rule is that Kentucky will not license an agent who works with more than one principal (whether a broker-dealer or an issuer). However, this rule may be waived and dual registration of issuer agents may be granted under the following conditions:

  1. Each employing issuer must submit written verification to the Division of Securities that the firm is aware of the proposed dual registration and has no objection.
  2. A written statement from each employer must be received by the Division of Securities in which the employer clearly delineates the products/services over which that firm will exercise oversight and assume responsibility.
  3. At least one of the employers must assume residual responsibility and be accountable for all other securities-related activities of the agent.

Renewal Requirements for Issuer Agents
 
Effective July 2010, an issuer agent's registration expires 12 months from the date of registration, pursuant to KRS 292.331(2). An issuer agent's registration no longer expires Dec. 31 of the year which the issuer agent became registered. Companies that wish to renew registration of their issuer agent(s) must submit a Form 33-e-1 with a $50 renewal fee per agent.
 
For More Information:
 
Contact Lindsey Rankin at 502-782-9060 with any questions regarding issuer agent registration requirements.
 

Policy Statement
 

Please note that an order or advisory opinion may have changed license or registration requirements. Find out more in the Advisory Opinions, Orders and Notices section on DFI's Statutes and Regulations page.
 
Disclaimer
 
The Division of Securities does not respond to requests for written opinions on an “informal” basis such as emails. The Kentucky Securities Act, KRS Chapter 292, sets out a formal process for obtaining written rulings that requires a letter filing (along with a fee of $250) containing all of the relevant facts and circumstances of the proposed transaction(s) so that a thorough consideration of all the issues presented can be made, and to ensure that the provisions of the act are consistently applied. See KRS 292.420(2)

 

 Securities Documents

 
  
  
Required for
  
  
Applicant Acknowledgement and Authorization for Credit Report.pdfApplicant Acknowledgement and Authorization for Credit ReportInvestment Advisers and Representatives, Issuer Agents7 KB
Criminal Background Check Requirements.pdfCriminal Background Check RequirementsInvestment Advisers and Representatives, Issuer Agents74 KB
Form 33-e-1 - Application for Renewal of Issuer Agent Registration.pdfForm 33-e-1 - Application for Renewal of Issuer Agent RegistrationIssuer Agents78 KB
 

 Weblinks to Documents

 
  
  
Used by
  
Form U-10 - Uniform Examination Requesthttp://www.finra.org/Industry/Compliance/Registration/QualificationsExams/RegisteredReps/P121737Issuer Agents
Form U-4 - Uniform Application for Securities Industry Registration or Transferhttp://www.finra.org/Industry/Compliance/Registration/CRD/FilingGuidance/P005235Broker-Dealers and Agents, Investment Advisers and Representatives, Issuer Agents
Form U-5http://www.finra.org/Industry/Compliance/Registration/CRD/FilingGuidance/P005235Broker-Dealers and Agents, Investment Advisers and Representatives, Issuer Agents