Denver – February 18, 2026 – The Colorado Division of Securities adopted new rules extending the validity of licensing exams for up to five years for sales representatives and investment adviser representatives (IARs) if certain criteria are met. The new rules became effective on January 14, 2026.
For Sales Representatives, New Rule Adopting FINRA’s Maintaining Qualifications Program (MQP)
The Division amended Rule 51-4.3 to adopt the MQP. This program provides eligible sales representatives who terminate their representative or principal registrations with FINRA member broker dealers the option of maintaining their license qualifications if they complete continuing education (CE) annually. The MQP provides individuals who choose this option and remain eligible through program participation a maximum of five years in which to reregister with a FINRA member firm.
To be eligible for the MQP, individuals must have been registered in the terminated registration category for at least one year immediately prior to the termination of that category. Additionally, individuals must elect to participate within two years from the date of termination of the eligible registrations. Visit FINRA’s website to learn more about the MQP.
For Investment Adviser Representatives, New Rule Adopting NASAA’s Exam Validity Extension Program (EVEP)
The Division adopted Rule 51-4.4.2(IA) to incorporate NASAA’s EVEP to extend the validity of applicable licensing exams to five years if certain criteria are met by those qualifying individuals.
NASAA’s Exam Validity Extension Program (EVEP) provides IARs an opportunity to extend their NASAA qualification exams (Series 65, and Series 66) for a period up to five years. IARs must opt into the program, pay an annual fee and maintain certain CE
requirements. Please note the Colorado rule only applies to the Series 65 and the Series 66 qualification exams. The rule does not apply to the Series 63 qualification exam because the Series 63 qualification exam is not required to obtain a sales
representative license with a FINRA member broker dealer in Colorado.
IAR EVEP participants must meet all of the criteria listed in the rule including, but not limited to:
- Previous successful passing of the examination validity extension is being sought, have been licensed as an IAR for at least one year immediately preceding the termination of the IAR license;
- Elect to participate in the IAR EVEP program within two years from the effective date of the termination of the IAR license; and
- Complete annual IAR CE requirements for each year of the program. Visit NASAA’s home page and look under the Exams tab to learn more about the EVEP.
For more information about Rule 51-4.3 and Rule 51-4.4.2(IA), visit the Division’s Statutes and Rules webpage. If you have questions about either program, please contact the Division of Securities at 303-894-2320 or Dora_SecuritiesWebsite@state.co.us and ask to speak with a licensing examiner.