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