Notice of Proposed Rulemaking to Extend Exam Validity
On October 8, 2025, Colorado Securities Commissioner Tung Chan filed a notice of proposed rulemaking to adopt the North American Securities Administrators Association’s (NASAA) Exam Validity Extension Program (EVEP) and the Financial Industry Regulatory Authority's (FINRA) Maintaining Qualifications Program (MQP). The programs would allow eligible representatives to extend the validity of certain qualifying examinations for up to five years. A virtual and in-person hearing is scheduled for Monday, November 17, 2025, at 11:00 a.m.
The address to attend in person is:
1560 Broadway, Room 100A, Denver, Colorado 80202.
Join the rulemaking meeting virtually.
The Statement of Basis of Purpose, Notice, and a redlined copy of the rules can be found on the Division's website at Rule Making Notices and Opinions. For more information on the programs, see:
IAs Warned Against Asking Clients to Share Login Credentials for Third Party Platforms
Colorado licensed investment advisers are encouraged to review their use of any online third-party platform to access and manage clients’ held-away accounts by having clients share their unique login credentials. Division staff are alerting you that advisers’ use of platforms that require clients to share their login credentials with the platform, without an agreement with the custodian, is likely a dishonest and unethical business practice under Colorado state investment adviser rules. The applicable provisions and a discussion of them can be found on the Division’s website.
If you are/were using a third-party platform described above, you are encouraged to contact exam staff at 303-894-2320 or dora_SecuritiesWebsite@state.co.us. The Division can work with you to transition away from the use of any non-compliant platform over a reasonable time period with minimal business disruptions.
Investment Adviser Representative Continuing Education
Division Course Available Online -2025 Investment Adviser Representative Examination Priorities: Learn more about what to expect during a routine examination while earn continuing education credit by taking the Division’s online course, 2025 Investment Adviser Representative Examination Priorities. This course addresses how IARs can prepare for routine examinations based on common deficiencies identified in recent exams. Specifically, the class focuses on suitability, contracts, invoices, and financial statements. The information highlighted during this course will apply to exams beyond 2025. Take the Division's Course.
Visit NASAA's website for a list of approved IAR CE providers, which includes the Colorado Division of Securities.
Compliance: Colorado licensed investment adviser representatives (IARs) are excelling at meeting continuing education (CE) requirements! The rule to complete 12 CE credits annually helps IARs stay current with industry changes and uphold their fiduciary obligation to clients. Here are some important compliance reminders:
- Completion Deadline: IARs are required to complete 12 CE credits by December 31 annually. The 12 CE credits include 6 Credits of IAR Regulatory and Ethics Content and 6 credits of IAR Products and Practice Content. The Division recommends that IARs complete CE credits by December 1 of each year.
- How to Track CE Credits and Verify Course Completion Reporting: To manage course completion and monitor CE status, IARs must establish an account on FINRA's Financial Professional Gateway (FinPro). Visit the FinPro website.
Enforcement Update: Commissioner Notches Win in the INDXcoin Cryptocurrency Fraud Case
September 12, 2025 - A Denver District Court Judge ruled that Eligio Jr. (Eli) and Kaitlyn Regalado and INDXcoin LLC committed securities fraud in violation of the Colorado Securities Act. In January 2024, Commissioner Tung Chan filed civil charges that alleged the Regalados created, marketed, and sold a worthless cryptocurrency known as the INDXcoin.
The court ordered a judgment against the Regalados for damages in the amount of more than $3.3 million, which is how much they raised from investors. This decision resolves all outstanding issues in the civil case brought by Commissioner Chan. In a separate matter, on July 22, 2025, a Denver grand jury criminally indicted Eli and Kaitlyn Regalado on 40 counts regarding the alleged multi-million-dollar cryptocurrency scam. Learn about the case.
Investor Education and Outreach
Consumers lost more than $5.7 billion to investment fraud in 2024, according to the Federal Trade Commission. This is a 24% increase over 2023, and investment scams show no signs of slowing down.
To help combat rising securities fraud, the Division is offering presentations for seniors, law enforcement, and community groups about how to identify and report investment scams. Additionally, the Division offers resources to help educate consumers. View the Division's investor education resources.
If you’re interested in learning more, please contact Public Information Officer, Annelise Grygiel, at annelise.grygiel@state.co.us.