New Jersey Consumer Affairs

Registration Category	Exam Requirements	Exam Waiver Requirements
Broker-dealer representatives	Series 7	A waiver requires at least two years of securities related experience and an absence of regulatory problems.
Issuer agents	Series 7	See N.J.A.C. 13:47A-4.3(a) and (c) for issuer agents. A waiver can be requested by Form NJBOS-15.
Investment adviser representatives*	Series 65 or Series 66**	A waiver is granted on the basis of knowledge, training, and experience. There is a minimum of two years of securities-related experience. The Bureau Chief waives these exams for persons with the designations CFP, ChFC, PFS, CFA, and CIC. A waiver can be requested by letter to the Bureau Chief.

* Certain persons with prior experience in the securities industry may be "grandfathered." Consult the relevant Orders of the Bureau Chief for further information.

** The Series 7 is a co-requisite with the Series 66.

Series 65 and 66 examinations can be arranged through a brokerage firm or investment adviser, or can be arranged by sending Form U-10 and the appropriate fee directly to NASD Regulation. Series 7 examinations can be arranged only through a brokerage firm or investment adviser. The New Jersey Bureau of Securities does not "sponsor" any person for any examination.

The New Jersey Bureau of Securities conducts securities registration by qualification, coordination, and notification.

N.J.S.A. 49:3-61 provides for registration of securities by qualification. This type of registration is used when an offering does not meet the requirements for notification, and there is no simultaneous registration with the Securities and Exchange Commission. To make a securities registration filing by qualification, file Forms U-1, U-2, U-2A, and NJBOS-5, file the Prospectus, and include a $1,000 check payable to New Jersey Bureau of Securities.

A specialized type of registration by qualification is the SCOR offering, in which the Prospectus is replaced with Form U-7 in question-and-answer format. Form NJBOS-11 is the New Jersey instruction sheet for SCOR filings.

N.J.S.A. 49:3-61.1 provides for registration of securities by coordination, i.e. coordinating a registration at the state level with a registration at the Federal level. To make a securities registration filing by coordination, file Forms U-1, U-2, U-2A, and NJBOS-5, file the SEC registration statement, and include a $1,000 check payable to New Jersey Bureau of Securities.

N.J.S.A. 49:3-61.2 provides for registration of certain eligible securities by notification. To make a securities registration filing by notification, file Forms U-1, U-2, U-2A, NJBOS-5, NJBOS-6, and NJBOS-7, file the Prospectus, and include a $1,000 check payable to New Jersey Bureau of Securities.

In the event that rescission of securities transactions must be offered to investors, please use Form NJBOS-3.

An issuer seeking to offer and sell securities in New Jersey can do so through a broker-dealer registered with the Bureau, or through its own staff of issuer agents. For information about issuer agent registration, please consult the Issuer Agent Instructions, Form NJBOS-14, and the Issuer Agent Examination Waiver Request, Form NJBOS-15.

N.J.S.A. 49:3-50(a) provides New Jersey's securities exemptions, and N.J.S.A. 49:3-50(b) provides New Jersey's transactions exemptions.

A frequently used exemption is the private placement exemption. New Jersey has a private placement exemption corresponding to SEC Regulation D. For further information, please consult the Private Placement Instructions, Form NJBOS-16, and the Private Placement Report Form, Form NJBOS-1.

In New Jersey, the Model Accredited Investor Exemption is based on N.J.S.A. 49:3-50(b)(13) and a Bureau Chief's Order, dated March 23, 1998. This exemption permits offers and sales to accredited investors pursuant to a public solicitation. The issuer should file Form MAIE, Form U-2, a copy of the general announcement, and include a $250 check payable to New Jersey Bureau of Securities. The filing deadline is fifteen days after the first sale in New Jersey.

N.J.S.A. 49:3-50(b)(9) provides an exemption for sales to no more than ten New Jersey residents in any twelve-month period, provided that the investors purchase for investment, no commission is paid directly or indirectly for soliciting buyers in New Jersey, and the securities are not offered or sold by general solicitation or general advertisement. This is a self-executing exemption: no fees, forms, or other documents need be filed with the Bureau. However, to request a waiver of any conditions of this exemption, please file Form NJBOS-19 with the Bureau.

The New Jersey Bureau of Securities conducts notice filings of mutual funds and unit investment trusts. Form NJBOS-12 is the instruction sheet for these filings.

The New Jersey Bureau of Securities grants no-action relief and issues interpretive guidance in appropriate circumstances. Such requests to the Bureau must be made in writing. There is no fee for this service. Previous no-action and interpretive letters can be found in Blue Sky L. Rep. (CCH). However, each no-action and interpretive letter is fact-specific and does not have precedential value.