Administrators can reserve the right to require applicants to take an examination, which either oral or written.
- If at any time a broker-dealer has any material change in vital information (i.e. address), it is to notify the Administrator immediately.
- Records of a broker-dealer must be kept for a minimum of three years.
- Financial reports must be filed with the Administrator annually, and in some cases, quarterly.
- Usually, all advertising and promotional material must be filed with the Administrator, unless it is exempt on either a security or transaction basis.
The only requirement for renewal is for broker-dealers to pay annual fees, as long as there are no proceedings pending (including denial, suspension, revocation, or cancellation).
- Registration terminates annually on December 31 each year. However, if an Administrator deems it necessary, he or she can suspend or revoke registration at any time.
- Non-disciplinary registration can be terminated at any time, regardless of whether there is/was an infraction of the Uniform Securities Act.
- Withdrawal: At any time, a person may withdraw registration (if there are no violation-related proceedings in progress), by submitting such directly to the Administrator. Withdrawal is effective 30 days after the receipt of the withdrawal request.
- Cancellation: Upon death, mental incompetence, or non-activity, an Administrator can cancel registration at any time. It is extremely important to note that cancellation is NOT the same as suspension, revocation or abjuration (denial).
Exam Tips and Tricks
A broker-dealer is required to file the following forms with the Administrator:
2. Consent to service of process
In addition to these two items, a broker-dealer can be required to take an examination, pay a filing fee, maintain a minimum (liquid) net capital specified by the Administrator, and potentially post a surety bond as well! Note: The Administrator may not establish requirements that are in excess of, or more burdensome than, those already established by the SEC.
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