As manager licensing and the manager license exam become more and more real to the industry, many are still struggling with understanding the licensing requirements and rules. But on March 9, 2015, the Director of DORA has finally adopted the official Manager Rules. The final Manager Rules will become effective on May 6, 2015.
Although the final Manager Rules remain almost unchanged from the temporary emergency rules, some key elements were clarified, which include but are not limited to the following:
• Term for initial license renewal and annual renewals;
• Insurance deductible requirements for management companies;
• Fidelity insurance requirements; and
• Deposit of funds requirements.
In addition to the above, the manager license fees have been set at $205 for individual managers and a one-time fee of $175 per business entity.
For more information concerning manager licensing, please contact one of our attorneys at 303.432.9999.