Registrations of Persons - Broker-Dealer: Membership Maintainance

Broker-Dealer: Testing
Administrators can reserve the right to require applicants to take an examination, which either oral or written.

Broker-Dealer: Update

  • 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.

Broker-Dealer: Renewal
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).

Broker-Dealer: Termination

  • 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:

1. Application
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.

Agents: Definition
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