Section 451.2413 – Broker-Dealer Acting as Finder; Prohibited Conduct.
451.2413 Broker-dealer acting as finder; prohibited conduct. Sec. 413. A broker-dealer acting as a finder shall not do any of the following: (a) Take possession of funds or securities in connection with the transaction for which payment is made for services as a finder. (b) Fail to disclose clearly and conspicuously in writing to all […]
Section 451.2410 – Filing Fees.
451.2410 Filing fees. Sec. 410. (1) Before October 1, 2023, a person shall pay a fee of $300.00 when initially filing an application for registration as a broker-dealer and a fee of $300.00 when filing a renewal of registration as a broker-dealer. After September 30, 2023, a person shall pay a fee of $250.00 when […]
Section 451.2411 – Financial Requirements; Reports; Records; Audits or Inspections; Custody and Discretionary Authority Bond or Insurance; Furnishing Information to Clients; Continuing Education.
451.2411 Financial requirements; reports; records; audits or inspections; custody and discretionary authority bond or insurance; furnishing information to clients; continuing education. Sec. 411. (1) Subject to section 15(h) of the securities act of 1934, 15 USC 78o, or section 222 of the investment advisers act of 1940, 15 USC 80b-18a, a rule or order under […]
Section 451.2412 – Denial, Revocation, Suspension, Withdrawal, Restriction, Condition, or Limitation of Registration; Discipline; Examination; Summary Actions; Liability of Control Person; Limitation on Proceeding.
451.2412 Denial, revocation, suspension, withdrawal, restriction, condition, or limitation of registration; discipline; examination; summary actions; liability of control person; limitation on proceeding. Sec. 412. (1) If the administrator finds that the order is in the public interest and subsection (4) authorizes the action, an order under this act may deny an application or condition or […]
Section 451.2401 – Broker-Dealer Registration; Requirements; Exemptions; Limitation on Employment or Association; Employment or Association With Certain Individuals Prohibited; Rule or Order.
451.2401 Broker-dealer registration; requirements; exemptions; limitation on employment or association; employment or association with certain individuals prohibited; rule or order. Sec. 401. (1) A person shall not transact business in this state as a broker-dealer unless the person is registered under this act as a broker-dealer or is exempt from registration as a broker-dealer under […]
Section 451.2402 – Agent Registration; Requirements; Exemptions; Employment or Association; Acting as Agent for More Than 1 Broker-Dealer or Issuer; Exception.
451.2402 Agent registration; requirements; exemptions; employment or association; acting as agent for more than 1 broker-dealer or issuer; exception. Sec. 402. (1) An individual shall not transact business in this state as an agent unless the individual is registered under this act as an agent or is exempt from registration as an agent under subsection […]
Section 451.2403 – Investment Advisor Registration; Requirements; Exemptions; Employment or Association With Certain Individuals Prohibited; Exception.
451.2403 Investment advisor registration; requirements; exemptions; employment or association with certain individuals prohibited; exception. Sec. 403. (1) A person shall not transact business in this state as an investment adviser unless the person is registered under this act as an investment adviser or is exempt from registration as an investment adviser under subsection (2). (2) […]
Section 451.2404 – Investment Advisor Representative; Registration; Requirements; Exemption; Employment or Association; Transacting Business for More Than 1 Investment Adviser; Referral Fees.
451.2404 Investment advisor representative; registration; requirements; exemption; employment or association; transacting business for more than 1 investment adviser; referral fees. Sec. 404. (1) An individual shall not transact business in this state as an investment adviser representative unless the individual is registered under this act as an investment adviser representative or is exempt from registration […]
Section 451.2405 – Federal Covered Investment Adviser; Filing Requirements; Exceptions; Notice; Effectiveness of Filing.
451.2405 Federal covered investment adviser; filing requirements; exceptions; notice; effectiveness of filing. Sec. 405. (1) Except with respect to a federal covered investment adviser described in subsection (2), a federal covered investment adviser shall not transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with subsection […]
Section 451.2406 – Registration by Broker-Dealer, Agent, Investment Adviser, or Investment Adviser Representative; Application; Fee; Correcting Amendment; Effectiveness of Registration; Renewal; Other Conditions or Waivers.
451.2406 Registration by broker-dealer, agent, investment adviser, or investment adviser representative; application; fee; correcting amendment; effectiveness of registration; renewal; other conditions or waivers. Sec. 406. (1) A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with section 611 […]