Improvement to Michigan U-4 Law (07/14/2010)

Michigan has now crafted a transitionary exemption that allows investment advisory personnel who have already taken and passed the exam and worked continuously in an investment firm (with at most a 2 year hiatus) to skip retaking the exam when personally registering in Michigan.  This is a very sensible change to the new law, which was unfair to those folks as it disregarded exams passed more than 2 years earlier.  Unfortunately our investment personnel already took and passed the exam a second time; we could not afford to wait.  Oh, well!