Unit 2 Flashcards
what is needed on an application for an agent registering with a broker dealer
citizenship, disclosure of any charge, a consent to service of process
an agent who sells variable products is overseen by who?
The broker dealer who the agent is registered has supervisory responsibility
an agent registered in one state may solicit business in another state if
both the agent and the broker dealer are properly registered in the other state
statutory disqualification
when a BDs registration has been revoked in one state, disclosure of that on the form BD for registration in another state will result in denial.
Form BD is used to register
broker-dealers
what is true of filing for a successor firm?
the firm does not have to be in existence, the filing fee is waived, the firms registration will be effective for the unexpired portion of the year
who is excluded from the definition of a broker dealer?
agents, issuers and banking institutions.
What is the consent to service process?
legal document entered into by all registrants granting the administrator the power to accept legal papers on behalf of the registrant
what are the two instances where an agent representing an issuer is exempt from registration?
when the issuer is one of the five (banks, trust companies) or when a transaction is exempt
what is the renewal date for the limited Canadian registration?
Dec 1
what is is required on the application for registering as a broker dealer?
business history of firms principal officers, the types of business the firm is engaged in
individuals excluded from the agent registration requirements are
those who represent issuers in selling certain exempt securities like U.S gov or municipal bonds
who is excluded from definition of a broker dealer?
banks, issuers, agents and certain out of state broker dealers
how do you communicate to an administrator that you are changing the location of its principal office?
through form BD
a person applying for an initial registration as an agent might be asked to provide all of the following except
fingerprints
