Industry Alert: Colorado Division of Securities Adopts Rules to Extend Validity of Licensing Exams for Sales Representatives and Investment Adviser Representatives | DORA - Division of Securities

https://securities.colorado.gov/press-release/industry-alert-colorado-division-of-securities-adopts-rules-to-extend-validity-of
Success
Service Investment Services 85% Retail Banking 70%
Specialism Supervision 15% Conduct of Business 10%
2026-02-18 17:17:49 · pdonofrio@vixio.com
ID
2884932
GUID
38cbf82a25caf636c728360b4899c63d

Classification

Service
Investment Services (85%)

The update concerns licensing exam validity extensions for sales representatives and investment adviser representatives, which are regulatory personnel qualifications tied to investment advisory and brokerage services.

Retail Banking (70%)

Retail Banking is a secondary consideration because sales representatives and IARs may work across both investment and retail banking contexts, though the focus here is clearly on investment adviser and securities sales roles.

Specialism
Supervision (15%)

This update concerns state-level licensing exam validity extensions for securities sales representatives and investment adviser representatives, which falls outside the payments compliance taxonomy scope.

Conduct of Business (10%)

While the update involves regulatory oversight of financial professionals, it does not address payment service providers, payment systems, or any payments-specific compliance obligations.

Denver –- February 18, 2026 – The Colorado Division of Securities adopted new rules extending the validity of licensing exams for up to five years for sales representatives and investment adviser representatives (IARs) if certain criteria are met.

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TITLE: Colorado Division of Securities Extends Validity of Licensing Exams for Sales Representatives and Investment Adviser Representatives BODY: On February 18, 2026, the Colorado Division of Securities adopted new rules extending the validity of licensing exams for sales representatives and investment adviser representatives (IARs) for up to five years, subject to meeting specified criteria. The rules became effective on January 14, 2026. For sales representatives, the Division amended Rule 51-4.3 to adopt the Financial Industry Regulatory Authority's (FINRA) Maintaining Qualifications Program (MQP). Under this program, eligible sales representatives who terminate their representative or principal registrations with FINRA member broker dealers may maintain their licence qualifications by completing annual continuing education (CE). Participants have a maximum of five years to reregister with a FINRA member firm. To qualify, individuals must have been registered in the terminated registration category for at least one year immediately prior to termination and must elect to participate within two years of termination. For investment adviser representatives, the Division adopted Rule 51-4.4.2(IA) to incorporate the North American Securities Administrators Association's (NASAA) Exam Validity Extension Program (EVEP). This program extends the validity of Series 65 and Series 66 qualification exams for up to five years. IARs must opt into the program, pay an annual fee, and maintain CE requirements. The rule does not apply to the Series 63 examination as it is not required for sales representative licences with FINRA member broker dealers in Colorado. IAR EVEP participants must have been licensed as an IAR for at least one year preceding licence termination and must elect to participate within two years of termination. For further information, contact the Colorado Division of Securities at 303-894-2320 or Dora_SecuritiesWebsite@state.co.us.
  • ✓ Scraped:2026-02-18 17:17:49
  • ✓ Created:2026-02-18 17:17:48
  • ✓ By:pdonofrio@vixio.com (38)