{"data":{"id":"us-ky/krs-292.338","jurisdiction":"us-ky","citation":"KRS 292.338","heading":"Investment adviser representatives -- Continuing education requirements.","body":"(1) As used in this section:\n(a) \"Approved IAR continuing education content\" means the materials, written,\noral, or otherwise:\n1. That have been approved by NASAA or its designee; and\n2. Which make up the educational program provided to an investment\nadviser representative under this section;\n(b) \"Authorized provider\" means a person that NASAA or its designee has\nauthorized to provide continuing education content required by this section;\n(c) \"Credit\" means a unit that has been designated by NASAA or its designee as\nat least fifty (50) minutes of educational instruction;\n(d) \"Ethics and professional responsibility content\" means approved IAR\ncontinuing education content th at addresses an investment adviser\nrepresentative's ethical and regulatory obligations;\n(e) \"FINRA\" means the Financial Industry Regulatory Authority;\n(f) \"Home state\" means a state, other than Kentucky, in which the investment\nadviser representative has his or her principal office and place of business;\n(g) \"NASAA\" means the North American Securities Administrators Association\nor a committee designated by its board of directors;\n(h) \"Products and practice content\" means approved IAR continuing education\ncontent that addresses an investment adviser representative's continuing skills\nand knowledge regarding financial products, investment features, and\npractices in the investment advisory industry; and\n(i) 1. \"Reporting period\" means one (1) twelve (12) month period as\ndetermined by NASAA.\n2. An investment adviser representative's initial reporting period\ncommences the first day of the first full reporting perio d after the\nindividual is registered, or required to be registered, under this chapter.\n(2) Except as otherwise provided in this section, every registered investment adviser\nrepresentative shall complete the following continuing education requirements each\nreporting period:\n(a) Six (6) credits of ethics and professional responsibility content offered by an\nauthorized provider, with at least three (3) hours covering the topic of ethics;\nand\n(b) Six (6) credits of products and practice content offered by an a uthorized\nprovider.\n(3) An investment adviser representative shall be considered in compliance with\nsubsection (2)(b) of this section for each applicable reporting period if:\n(a) The investment adviser representative:\n1. Is also registered as an agent of a FINRA-member broker-dealer; and\n2 Complies with FINRA's continuing education requirements; and\n(b) FINRA's continuing education content meets all of the following baseline\ncriteria, as determined by NASAA:\n1. The content focuses on compliance, regulatory,  ethical, and sales\npractices standards;\n2. The content is derived from:\na. State and federal investment advisory statutes, rules, and\nregulations;\nb. Securities industry rules and regulations; or\nc. Accepted standards and practices in the financial services industry;\nand\n3. The content requires that its participants demonstrate proficiency in the\nsubject matter of the educational materials.\n(4) Continuing education credits completed by an investment adviser representative\nshall be considered to comply with subsection (2) of this section for each applicable\nreporting period if:\n(a) The investment adviser representative:\n1. Is not required to pass a written examination by administrative\nregulation or order promulgated pursuant to KRS 292.331(3);\n2. Completes continuing education credits necessary for maintaining, and\nremaining in good standing to hold, a professional designation identified\nby the commissioner by administrative regulation or order; and\n3. Is required to complete continuing education credits to maintain, and\nremain in good standing to hold, the professional designation identified\nby the commissioner by administrative regulation or order; and\n(b) The continuing education content provided by the credentialing organization\nfor the professional desig nation identified by the commissioner by\nadministrative regulation or order is approved IAR continuing education\ncontent.\n(5) An investment adviser representative registered or required to be registered in\nKentucky who is registered as an investment adviser representative in the\nindividual's home state shall be considered in compliance with this section if:\n(a) The investment adv iser representative's home state has continuing education\nrequirements that are at least as stringent as the NASAA Model Rule on\nInvestment Adviser Representative Continuing Education; and\n(b) The investment adviser representative is in compliance with the  home state's\ninvestment adviser representative continuing education requirements.\n(6) Every investment adviser representative shall be responsible for ensuring that the\nauthorized provider reports the investment adviser representative's completion of\nthe approved IAR continuing education content.\n(7) An investment adviser representative who completes continuing education credits\nin excess of the amount required for the reporting period may not carry forward\nexcess credits to a subsequent reporting period.\n(8) (a) An investment adviser representative who fails to comply with this section by\nthe end of a reporting period shall:\n1. Be subject to registration renewal as \"CE inactive\" at the close of the\ncalendar year in Kentucky; and\n2. Remain \"CE inactive\" unt il the investment adviser representative\ncompletes and reports all required continuing education credits for all\nreporting periods as required by this section.\n(b) An investment adviser representative who is \"CE inactive\" at the close of the\nnext calendar year shall not be eligible for:\n1. Investment adviser representative registration; or\n2. Renewal of investment adviser representative registration.\n(9) A person who was previously registered under this chapter as an investment adviser\nrepresentative and be came unregistered shall complete approved IAR continuing\neducation content for all reporting periods that occurred between the time that the\ninvestment adviser representative became unregistered and the time the person\nbecame registered again under this ch apter unless the investment adviser\nrepresentative makes a subsequent application for registration and complies with\nany examination requirement under KRS 292.331(3).\n(10) The commissioner may, in his or her discretion, waive any requirements of this\nsection.","path":["KRS Chapter 292"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53290","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:23Z","sha256":"edd37c20aff42246bcd6765cedb164ff35c4dea4b37acbec8744839f2e1816eb","source_id":"us-ky","stale":false,"prev":"us-ky/krs-292.337","next":"us-ky/krs-292.340"},"notice":"GroundRules: Original legal text. Not legal advice."}