General Registration Procedures Flashcards
what is needed for registration procedures?
Submit an application for registration
Provide consent to service of process
Pay filing/licensing fees
Pass a qualification exam (if required by the Administrator)
Post a surety bond (if required by the Administrator)
what is needed on the application?
Applicant’s form and place of business
Applicant’s qualifications and business history; in the case of a broker-dealer or investment adviser, the same information for each partner, officer, director, or controlling person
Applicant’s proposed methods of conducting business
Applicant’s financial condition
Administrative orders and court injunctions
Misdemeanor convictions relating to the securities or commodities business or any felony conviction
If an investment adviser, any information concerning the investment adviser to be furnished to prospects and customers (Brochure Rule)
Any other information that the Administrator determines is material to the application
what is consent to service of process?
The registrant must agree to appoint the State Administrator as their representative to be served legal papers on behalf of the registrant.
The consent is irrevocable and does not need to be renewed. It remains effective as long as the person is registered.
when do BDs, agents, IAs, and IAR have to pay fees?
Initially when registering and then annually
what is needed to be done during a merging of BD or IAs
An application or notice filing is required for the successor firm to continue for the unexpired portion of the year. But no additional fees are to be paid
can you transfer licensees for BDs, agents and IAs?
No they are not transferable
