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Unit 2: Regulation of Broker-Dealers and Their Agents Under the Uniform…
Unit 2: Regulation of Broker-Dealers and Their Agents Under the Uniform Securities Act - 15 Qs
Broker-dealer under the Uniform Securities Act
Exclusions from the definition of broker-dealer
No Place of Business in the State :check:
Using the Internet
Excluded entities :check:
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Registration and Post-Registration requirements of BDs
Initial registration requirements for BDs
Registration Requirements :check:
Snowbird exemption :check:
No Automatic State Registration :check:
Successor Firm Rules :check:
Submitting an application
Form BD
: register with the SEC (if interstate) and state Administrators / filed through FINRA's CRD
Amendements :check:
Provide a consent to service of process
Payment of initial and renewal filing fees
Financial & Bonding Requirements (SEC vs State) :check:
Surety Bonds :check:
Effectiveness of registration :check:
Administrator’s Authority During Registration :check:
Federal Preemption (NSMIA 1966) :check:
Post-registration Requirements of BDs
SEC’s Recordkeeping Requirement :check:
Recordkeeping & Examination :check:
Administrator’s Post-Registration Powers :check:
Requirement for BDs to properly supervise agents
Permitted (Clerical/Administrative) Activities :check:
Who Is and Who Is Not an Agent?
Exclusions
from an agent for admin personnel
From Agent for Personnel Representing issuers
Transactions in exempt securities
Definition :check:
Registration and post-registration requirements of agents
Agent Registration Requirements
Client Location Rule
Snowbird New resident 30 day exemption :check:
Form U4 :check: register with the state and their firm (BD or IA), filed by the employing firm on behalf of the indiv
Post-registration requirements
Termination procedures: Form U5
Notification Rule :check:
Dec 31st renew :check:
Limited registration of Canadian BDs and agents
Initial registration
Individuals Representing Issuers of Exempt Securities :check:
state Admin may require: Filing fee, passing exam, posting a surety bond, NOT net capital
General registration rules
Registration of all securities professionals expires every December 31, unless renewed and pay annual fee :check:
Investment Adviser firms
Form ADV
Filed through: Investment Adviser Registration Depository (IARD)
Register the IA firm with the SEC (if $100M+ AUM) or with states (if smaller).
Administrator’s Authority
Investigation and Examination Powers :check: