Waivers
Source version current through Jan 15, 2026
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- NYCRR title agency
- Department of Law
- Section status
- Section source receipt
- Source version current through
- Jan 15, 2026
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- Sep 13, 2026
- Publisher current-through date
- Jan 15, 2026
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- Sep 13, 2026
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- Related Register notice
- LAW-15-20-00017-A · Adopted rule
- Related notice published
- Dec 2, 2020
- Related notice effective date
- Feb 2, 2021
A natural person who otherwise is required to meet the examination requirements of section 11.6 of this Part shall be exempt from such requirements upon application to, and approval by, the Department of Law, provided that such person has been continuously registered to provide investment advice in any jurisdiction for a period of at least two years prior to the date of filing registration information pursuant to section 11.4(c) of this Part; has not had any lapse in registration exceeding two years; and is not, and has not been, subject to any regulatory or civil action, proceeding or arbitration, either pending or in the preceding 10 years from the date of such application, that would require disclosure on Form U4.
Every natural person otherwise required to meet the examination requirements of section 11.6(a) of this Part and who, in the regular course of business, acted as an investment adviser representative from a place of business in the State continuously and permissibly for at least two years prior to February 1, 2021 and who is not eligible for any other waiver under this section, may be exempted from the provisions of section 11.6 of this Part upon application to, and approval by, the Department of Law. No person shall qualify for a waiver under this subdivision if:
The examination requirement of section 11.6 of this Part shall not apply to any natural person who currently holds one of the following professional designations in good standing:
Applicant waiver eligibility under subdivisions (a) and (c) of this section shall be automatically directed to the Department of Law for evaluation and approval through the Form U4 submission in CRD/IARD. All requests for specials waivers under subdivision (b) of this section must be submitted directly to the Department of Law on Form NY-IASW at the time of submission of the Form U4, unless otherwise directed by the Department of Law. Nothing in this section shall automatically revoke any examination waiver granted by the Department of Law prior to February 1, 2021 pursuant to Form NY-IAQ.