Regulation of Broker-dealers - Post Registration Requirements
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).
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.
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