The North American Securities Administrators Association (NASAA)’s Exam Validity Extension Program for investment adviser representatives (IAR EVEP), allows eligible individuals the opportunity to extend the validity of their Series 65 exam for up to five years by completing continuing education (CE) annually.
A similar program exists for broker-dealer agents (AG EVEP), which allows eligible individuals the opportunity to extend the validity of their Series 63 exam for up to five years by completing CE annually. Eligible individuals can extend their qualifications from the Series 66 exam by enrolling in both the IAR EVEP and the AG EVEP, since the exam qualifies individuals in both capacities.
States select to participate in the EVEP programs by adopting the NASAA model rules.
If an individual meets all eligibility requirements to join the EVEP, they can enroll even though their home state has not yet adopted the rule. If a jurisdiction subsequently adopts EVEP while they are enrolled in the EVEP, the jurisdiction will recognize the validity of the exam extension. However, if the jurisdiction does not participate in the EVEP at the time the individual reenters the industry, the exam extension will not be recognized in that jurisdiction. Individuals should consider the risk that a state(s) with which they wish to register in the future may not honor the EVEP qualification, in which case the individual may be required to pass a qualification examination to obtain registration despite participation in the EVEP.
Eligible individuals can enroll through FinPro, FINRA’s Financial Professional Gateway.
View NASAA’s EVEP model rules by clicking the links below.
- IAR EVEP model rule for Investment Adviser Representatives (adopted April 17, 2023)
- AG EVEP model rule for Investment Adviser Representatives (adopted Sept. 18, 2022)
- AG EVEP model rule for Broker-Dealer Agents (adopted Sept. 18, 2022)