Policy Statement

IAR Series 65 Examination Requirements

The Massachusetts Securities Division (the “Division”) hereby provides notice that as of January 1, 2002, applicants for initial registration as an investment adviser representative will no longer be able to partially satisfy the examination requirements of 950 CMR 12.205(4) (the “Regulation”) by having passed the pre-year 2000 version of the Series 65 Examination (the “Old Series 65”). The Division has been accepting a passing score on the Old Series 65, usually in combination with a passing score on the Series 7 Examination, as one way of meeting the Regulation’s requirements. Beginning January 1, 2002, an applicant, absent holding a current professional designation listed in the Regulation, generally must successfully complete either the new Series 65 Examination or a combination of the Series 66 Examination and the Series 7 Examination. See the Regulation for complete details.

IAR Series 66 Examination Requirements

The Massachusetts Securities Division (the “Division”) hereby provides notice that as of October 1, 2002, applicants for initial registration as an investment adviser representative will no longer be able to partially satisfy the examination requirements of 950 CMR 12.205(4) (the “Regulation”) by having passed the pre-year 2000 version of the Series 66 Examination (the “Old Series 66”). The Division has been accepting a passing score on either the Old Series 66 or the new version of the Series 66 Examination available since January 1, 2000, usually in combination with a passing score on the Series 7 Examination, as one way of meeting the Regulation’s requirements. Beginning October 1, 2002, an applicant, absent holding a current professional designation listed in the Regulation, generally must successfully complete either the new Series 65 Examination or a combination of the new Series 66 Examination and the Series 7 Examination. See the Regulation for complete details.