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 451.2413 – 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 451.2451 – Definitions.
451.2451 Definitions. Sec. 451. As used in this article: (a) “Intrastate offering exemption” means the exemption described in section 202a or any other exemption from federal securities regulation under 15 USC 77c(a)(11) and SEC rule 147, 17 CFR 230.147, 15 USC 77e and SEC rule 147A, 17 CFR 230.147A. (b) “Michigan investment market” means a […]
Section 451.2453 – Transaction of Business as Michigan Investment Market; Registration Required.
451.2453 Transaction of business as Michigan investment market; registration required. Sec. 453. Beginning May 1, 2015, a person shall not transact business in this state as a Michigan investment market unless the person is registered under this article as a Michigan investment market. History: Add. 2014, Act 355, Imd. Eff. Oct. 21, 2014 ;– Am. […]
Section 451.2455 – Michigan Investment Market; Registration Requirements.
451.2455 Michigan investment market; registration requirements. Sec. 455. (1) A person shall register as a Michigan investment market by filing a written application, filing a consent to service of process that complies with section 611, and paying the fee specified in section 457. Subject to section 461, if a person complies with this article and […]
Section 451.2457 – Filing Fees.
451.2457 Filing fees. Sec. 457. (1) A person shall pay a fee of $500.00 when initially filing an application for registration as a Michigan investment market and a fee of $250.00 when filing a renewal of registration as a Michigan investment market. (2) If an initial or renewal registration application is denied or withdrawn, the […]
Section 451.2459 – Records; Examination or Inspection; Report.
451.2459 Records; examination or inspection; report. Sec. 459. (1) A Michigan investment market that is registered or is required to register under this article must make a written or electronic record of each transaction conducted between users through the Michigan investment market, maintain that record for at least 7 years after the date of the […]
Section 451.2461 – Registration Application; Notice of Filing; Duties of Administrator; Factors to Be Considered; Order; Sanctions; Discipline; Proceeding.
451.2461 Registration application; notice of filing; duties of administrator; factors to be considered; order; sanctions; discipline; proceeding. Sec. 461. (1) When the administrator receives an application for registration as a Michigan investment market, the administrator shall publish notice of the filing on a website managed by the administrator, where interested persons are provided an opportunity […]
Section 451.2409 – Withdrawal of Registration by Broker-Dealer, Agent, Investment Adviser, or Investment Adviser Representative.
451.2409 Withdrawal of registration by broker-dealer, agent, investment adviser, or investment adviser representative. Sec. 409. Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative is effective 60 days after an application to withdraw is filed or within a shorter period as provided by rule or order under this act, unless a […]