1.  Registered representative permits shall be granted only to persons who:

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(a) Bear a good reputation for honesty, truthfulness and fair dealing;

(b) Are of good moral character;

(c) Are competent to transact the business of a registered representative in such a manner as to safeguard the interests of the public; and

(d) Meet such other reasonable requirements as the Division may promulgate.

2.  The Division shall establish rules and regulations to carry out the provisions of this section.