Oklahoma City, Oklahoma
Oklahoma Investment Advisers to Face New "Competency Exam" 
For Immediate Release
Monday, June 07, 1999
Contact: Irving L. Faught, Administrator
  Oklahoma Department of Securities
Oklahoma City/////  "If you’re thinking of hanging out a shingle as a registered investment adviser, soon you’ll have to take a newly revised exam to show you know your stuff," said Irving Faught, Administrator of the Oklahoma Securities Commission.

The Oklahoma Department of Securities currently accepts the Series 65 exam. However, starting January 1, 2000, the Series 65 exam will be expanded to a 130-question "competency exam" that will cover subjects such as economics and analysis, investment vehicles, investment recommendations and strategies and ethics and legal guidelines. The current version of the test includes 75-questions that focus mainly on securities law and ethics. Applicants will have 180 minutes to complete the exam. It will cost $110. The National Association of Securities Dealers will administer the exam at testing centers nationwide.

The new revised Series 65 exam reflects the input of the North American Securities Administrators Association, a group that represents state securities regulators, and more than 60 financial industry experts.

"Oklahoma has tested investment adviser representatives for several years, but studying for the revised and more comprehensive test should help bring up the basic competency level," said Faught. "Testing securities professionals for ethical sales practices as well as technical competency will be of great help to investors. Without testing, it's difficult for investors to determine if their investment adviser has the necessary skills to give proper advice."

In addition, those who want to dually register in Oklahoma as an investment adviser representative and a broker-dealer agent may take the Series 66 in lieu of the Series 63 and 65. The 100-question exam covers investment analysis, recommendations and strategies, ethics and legal guidelines. The Series 66 is basically a combination of the current Series 63, a state licensing exam for agents, and the new Series 65 investment adviser competency exam. However, the NASD, as administrator of the exams, may require an applicant to pass the Series 7 before taking the Series 66.

For more information on the exams, prospective financial advisers can visit the Oklahoma Securities Commission website at http://www.securities.state.ok.us
This press release, and related information, is available on the Department of Securities' web site at www.securities.ok.gov, by phone at 405/280-7700, or in writing at:  Oklahoma Department of Securities, 204 North Robinson, Suite 400, Oklahoma City, OK 73102