Statement of Policy

Automatic Registration of Partners, Officers and Directors of Investment Advisers Inquiries have been received from Investment Advisers regarding the automatic registration of Partners, Officers or Directors of an Investment Adviser as representatives of a Registered Investment Adviser.

It is the general policy of the Commissioner to grant such automatic registration only to the top three (3) Partners, Officers or Directors designated by the Investment Adviser.

The Commissioner requires individual representative registration of all other Partners, Officers or Directors who fall within the definition of Investment Adviser Representative.

It should be further noted that any person relying upon automatic registration must have the qualifying examinations or waiver under Rule 13.01.

Entered this 21st day of December, 1999

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