Regulation of Broker-dealers - Post Registration Requirements

Renewal
The only requirement for renewal is for broker-dealers to pay annual fees - provided there are no proceedings pending (including denial, suspension, revocation or cancellation).

Termination

  • Registration terminates annually on December 31st. 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 or not there is/was an infraction of the Uniform Securities Act.
     
  • Withdrawal: At any time, a person may withdraw from registration (if there are no violation-oriented proceedings in progress) by submitting a request directly to the Administrator. Withdrawal is effective 30 days after receipt of withdrawal request.
     
  • Cancellation: An Administrator can cancel registration at any time due to death, mental incompetence or non-activity. It is very important to note that cancellation is not the same as suspension, revocation or abjuration (denial).

A broker-dealer is required to file the following forms with the Administrator: Application Consent to Service of Process On top of 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.

Introduction


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