191—50.12 (502) Agent and issuer registrations, renewals and amendments.
	 50.12(1) Agent registration.
	  a.   	 An applicant for registration as an Iowa-registered agent of an NASD or non-NASD member broker-dealer shall:
	 (1) 	 Pass one of the following NASD examinations: Series 1, 2, 6, 7, 11, 17, 22, 24, 26, 39, 40, 52, 53, or 62. In the event that an applicant for registration as an agent has received a waiver by the NASD of an NASD examination otherwise required by this paragraph, the NASD waiver will be accepted in lieu of the examination requirement;
	 (2) 	 Pass the NASD Series 63 or Series 66 examination;
	 (3) 	 File an accurate and complete Form U-4 with CRD; and
	 (4) 	 Pay a $30 filing fee to NASD if applying for registration as an agent of an NASD member broker-dealer, or to the administrator if applying for registration as an agent of a non-NASD member broker-dealer.
	  b.   	 An applicant may file with the administrator a written request for waiver of the examination requirement contained in paragraph “a” pursuant to rule 191—4.21(17A), et seq.	A waiver will be considered for an applicant with ten years of continuous experience in the securities industry. A waiver of the Series 63 examination will not be granted.
	 50.12(2) No application for an agent registration shall be considered for approval until all requirements of subrule 50.12(1), as applicable, are met. In the administrator’s discretion, an applicant may be required to provide additional information regarding any aspect of the application. The application shall be considered incomplete until any such additional information is provided.
	 50.12(3) Renewals, amendments, and withdrawal requests.
	  a.   	 A registered agent of an NASD member broker-dealer shall submit all renewals, renewal fees, amendments to Form U-4, and withdrawal requests to CRD. A withdrawal request shall be made by filing an accurate and complete Form U-5 with CRD.
	  b.   	 A registered agent of a non-NASD member broker-dealer shall submit all renewals, renewal fees, amendments to Form U-4, and withdrawal requests to the administrator. A withdrawal request shall be made by filing an accurate and complete Form U-5 with the administrator.
	 50.12(4) An issuer seeking to employ persons as agents of the issuer within the meaning of Iowa Code section 502.102(2) must apply in writing to the administrator for such authority. The application shall include:
	  a.   	 A statement of the issuer’s intent to employ agents for the sale of its securities;
	  b.   	 The name, address, social security number, and proof of satisfaction of subrule 50.12(1) for each agent;
	  c.   	 A complete description of the subject securities;
	  d.   	 A complete and accurate Form U-4; and
	  e.   	 A $30 filing fee.
This rule is intended to implement Iowa Code section 502.406.