A person shall not transact business in this state as a broker-dealer or sales representative unless licensed or exempt from licensing under section 11-51-402. (1.5) A person with a place of business in this state shall not transact business in this state as an investment adviser or investment adviser representative unless such person is licensed […]
The following broker-dealers are exempt from the license requirement of section 11-51-401 (1): A broker-dealer who is registered as a broker-dealer under the federal “Securities Exchange Act of 1934” and has no place of business in this state if the business transacted in this state as a broker-dealer is exclusively with the following: Issuers in […]
An applicant for a license as a broker-dealer, sales representative, investment adviser, or investment adviser representative shall file with the securities commissioner or with the securities commissioner’s designee an application for a license and the consent to service of process required by section 11-51-706. The application shall contain the information and be in the form […]
An applicant for a license as a broker-dealer, sales representative, investment adviser, or investment adviser representative shall pay an initial license fee, and a licensed person shall pay an annual license fee, determined and collected by the division of securities pursuant to section 11-51-707. A federal covered adviser required to file an annual notice with […]
In the case of a license as a broker-dealer, if the applicant is not registered as a broker-dealer under the federal “Securities Exchange Act of 1934”, the securities commissioner may by rule require the successful completion of a standardized written examination by any individual who will have primary responsibility to supervise any licensed sales representative […]
Unless a proceeding under section 11-51-410 is instituted, the license of a broker-dealer, sales representative, or investment adviser representative becomes effective upon the last to occur of the following: The passage of thirty days after the filing of the application or, in the event any amendment is filed before the license becomes effective, the passage […]
The securities commissioner may by rule require licensed broker-dealers who are not registered under the federal “Securities Exchange Act of 1934”: To satisfy specified minimum financial responsibility requirements; To file with the securities commissioner specified financial and other information; To make and maintain specified records and to preserve such records for five years or such […]
A licensed broker-dealer or investment adviser may file an application for a license on behalf of a successor, whether or not the successor is in existence. If a broker-dealer or investment adviser succeeds to and continues the business of a licensed broker-dealer or investment adviser and the successor files an application for a license within […]
The securities commissioner, in a manner reasonable under the circumstances, may examine, without notice, the records, within or without this state, of a licensed broker-dealer or investment adviser that are required to be made and maintained pursuant to this article in order to determine compliance with this article. A licensed broker-dealer or investment adviser may […]
Each investment adviser and investment adviser representative of a licensed investment adviser shall furnish a written disclosure statement to each prospective client and to each client who is to receive investment advisory services. Such statement shall, at a minimum, contain the information the securities commissioner by rule requires to be furnished to clients or prospective […]
The securities commissioner may by order deny an application for a license, suspend or revoke a license, censure a licensed person, limit or impose conditions on the securities activities that a licensed person may conduct in this state, and bar a person from association with any licensed broker-dealer, investment adviser, or federal covered adviser in […]
If a licensed person has died or ceased to exist as a legal entity, has been adjudicated incompetent, or cannot be located by the securities commissioner after a reasonable search, the securities commissioner may by order summarily revoke the license on the grounds that the license has been abandoned. Source: L. 90: Entire article R&RE, […]
An application for a license may be withdrawn without prejudice by the applicant upon written notice to the securities commissioner before the license becomes effective unless a proceeding under section 11-51-410 to deny the license is pending. Withdrawal from licensing as a broker-dealer, investment adviser, sales representative, or investment adviser representative becomes effective thirty days […]
