17-12a411.Postregistration requirements.
(a) Financial requirements. Subject to section
15(h) of the securities exchange act of 1934 (15 U.S.C. section
78o(h)) or Section 222 of the investment advisers act of 1940 (15
U.S.C. section 80b-22), a rule adopted or order issued under this
act may establish minimum financial requirements for broker-dealers
registered or required to be registered under this act and
investment advisers registered or required to be registered under
this act.
(b) Financial reports. Subject to section 15(h) of the
securities exchange act of 1934 (15 U.S.C. section 78o(h)) or
section 222(b) of the investment advisers act of 1940 (15 U.S.C.
section 80b-22), a broker-dealer registered or required to be
registered under this act and an investment adviser registered or
required to be registered under this act shall file such financial reports as
are required by a rule adopted or order issued under this
act. If the information contained in a record filed under this
subsection is or becomes inaccurate or incomplete in a material
respect, the registrant shall promptly file a correcting amendment.
(c) Recordkeeping. Subject to section 15(h) of the securities
exchange act of 1934 (15 U.S.C. section 78o(h)) or section 222 of
the investment advisers act of 1940 (15 U.S.C. section 80b-22):
(1) A broker-dealer registered or required to be registered
under this act and an investment adviser registered or required to
be registered under this act shall make and maintain the accounts,
correspondence, memoranda, papers, books, and other records required
by rule adopted or order issued under this act;
(2) broker-dealer records required to be maintained under
paragraph (1) may be maintained in any form of data storage
acceptable under section 17(a) of the securities exchange act of
1934 (15 U.S.C. section 78q(a)) if they are readily accessible to
the administrator; and
(3) investment adviser records required to be maintained under
paragraph (1) may be maintained in any form of data storage required
by rule adopted or order issued under this act.
(d) Audits or inspections. The records of every person issuing
or guaranteeing any securities subject to the provisions of this act
and of every broker-dealer, agent, investment adviser or investment
adviser representative registered or required to be registered under
this act are subject to such reasonable periodic, special, or other audits or
inspections by a representative of the administrator,
within or without this state, as the administrator considers
necessary or appropriate in the public interest and for the
protection of investors. An audit or inspection may be made at any
time and without prior notice. The administrator may copy, and
remove for audit or inspection copies of, all records the
administrator reasonably considers necessary or appropriate to
conduct the audit or inspection. The administrator may assess a
reasonable charge for conducting an audit or inspection under this
subsection.
(e) Custody and discretionary authority bond or insurance.
Subject to section 15(h) of the securities exchange act of 1934 (15
U.S.C. section 78o(h)) or section 222 of the investment advisers act
of 1940 (15 U.S.C. section 80b-22), a rule adopted or order issued
under this act may require a broker-dealer or investment adviser
that has custody of or discretionary authority over funds or
securities of a customer or client to obtain insurance or post a
bond or other satisfactory form of security. The administrator may
determine the requirements of the insurance, bond, or other
satisfactory form of security. Insurance or a bond or other
satisfactory form of security may not be required of a broker-dealer
registered under this act whose net capital exceeds, or of an
investment adviser registered under this act whose minimum financial
requirements exceed, the amounts required by rule or order under
this act. The insurance, bond, or other satisfactory form of security must
permit an action by a person to enforce any liability
on the insurance, bond, or other satisfactory form of security if
instituted within the time limitations in
K.S.A. 17-12a509(j)(2),
and
amendments thereto.
(f) Requirements for custody. Subject to section 15(h) of the
securities exchange act of 1934 (15 U.S.C. section 78o(h)) or
section 222 of the investment advisers act of 1940 (15 U.S.C.
section 80b-22), an agent may not have custody of funds or
securities of a customer except under the supervision of a broker-dealer and an
investment adviser representative may not have custody
of funds or securities of a client except under the supervision of
an investment adviser or a federal covered investment adviser. A
rule adopted or order issued under this act may prohibit, limit, or
impose conditions on a broker-dealer regarding custody of funds or
securities of a customer and on an investment adviser regarding
custody of securities or funds of a client.
(g) Investment adviser brochure rule. With respect to an
investment adviser registered or required to be registered under
this act, a rule adopted or order issued under this act may require
that information or other record be furnished or disseminated to
clients or prospective clients in this state as necessary or
appropriate in the public interest and for the protection of
investors and advisory clients.
(h) Continuing education. A rule adopted or order issued under
this act may require an individual registered under
K.S.A. 17-12a402
or 17-12a404, and
amendments thereto, to participate in a continuing education
program approved by the securities and exchange commission and
administered by a self-regulatory organization or, in the absence
of such a program, a rule adopted or order issued under this act may
require continuing education for an individual registered under
K.S.A. 17-12a404, and amendments thereto.
17-12a411.Postregistration requirements.
(a) Financial requirements. Subject to section
15(h) of the securities exchange act of 1934 (15 U.S.C. section
78o(h)) or Section 222 of the investment advisers act of 1940 (15
U.S.C. section 80b-22), a rule adopted or order issued under this
act may establish minimum financial requirements for broker-dealers
registered or required to be registered under this act and
investment advisers registered or required to be registered under
this act.
(b) Financial reports. Subject to section 15(h) of the
securities exchange act of 1934 (15 U.S.C. section 78o(h)) or
section 222(b) of the investment advisers act of 1940 (15 U.S.C.
section 80b-22), a broker-dealer registered or required to be
registered under this act and an investment adviser registered or
required to be registered under this act shall file such financial reports as
are required by a rule adopted or order issued under this
act. If the information contained in a record filed under this
subsection is or becomes inaccurate or incomplete in a material
respect, the registrant shall promptly file a correcting amendment.
(c) Recordkeeping. Subject to section 15(h) of the securities
exchange act of 1934 (15 U.S.C. section 78o(h)) or section 222 of
the investment advisers act of 1940 (15 U.S.C. section 80b-22):
(1) A broker-dealer registered or required to be registered
under this act and an investment adviser registered or required to
be registered under this act shall make and maintain the accounts,
correspondence, memoranda, papers, books, and other records required
by rule adopted or order issued under this act;
(2) broker-dealer records required to be maintained under
paragraph (1) may be maintained in any form of data storage
acceptable under section 17(a) of the securities exchange act of
1934 (15 U.S.C. section 78q(a)) if they are readily accessible to
the administrator; and
(3) investment adviser records required to be maintained under
paragraph (1) may be maintained in any form of data storage required
by rule adopted or order issued under this act.
(d) Audits or inspections. The records of every person issuing
or guaranteeing any securities subject to the provisions of this act
and of every broker-dealer, agent, investment adviser or investment
adviser representative registered or required to be registered under
this act are subject to such reasonable periodic, special, or other audits or
inspections by a representative of the administrator,
within or without this state, as the administrator considers
necessary or appropriate in the public interest and for the
protection of investors. An audit or inspection may be made at any
time and without prior notice. The administrator may copy, and
remove for audit or inspection copies of, all records the
administrator reasonably considers necessary or appropriate to
conduct the audit or inspection. The administrator may assess a
reasonable charge for conducting an audit or inspection under this
subsection.
(e) Custody and discretionary authority bond or insurance.
Subject to section 15(h) of the securities exchange act of 1934 (15
U.S.C. section 78o(h)) or section 222 of the investment advisers act
of 1940 (15 U.S.C. section 80b-22), a rule adopted or order issued
under this act may require a broker-dealer or investment adviser
that has custody of or discretionary authority over funds or
securities of a customer or client to obtain insurance or post a
bond or other satisfactory form of security. The administrator may
determine the requirements of the insurance, bond, or other
satisfactory form of security. Insurance or a bond or other
satisfactory form of security may not be required of a broker-dealer
registered under this act whose net capital exceeds, or of an
investment adviser registered under this act whose minimum financial
requirements exceed, the amounts required by rule or order under
this act. The insurance, bond, or other satisfactory form of security must
permit an action by a person to enforce any liability
on the insurance, bond, or other satisfactory form of security if
instituted within the time limitations in
K.S.A. 17-12a509(j)(2),
and
amendments thereto.
(f) Requirements for custody. Subject to section 15(h) of the
securities exchange act of 1934 (15 U.S.C. section 78o(h)) or
section 222 of the investment advisers act of 1940 (15 U.S.C.
section 80b-22), an agent may not have custody of funds or
securities of a customer except under the supervision of a broker-dealer and an
investment adviser representative may not have custody
of funds or securities of a client except under the supervision of
an investment adviser or a federal covered investment adviser. A
rule adopted or order issued under this act may prohibit, limit, or
impose conditions on a broker-dealer regarding custody of funds or
securities of a customer and on an investment adviser regarding
custody of securities or funds of a client.
(g) Investment adviser brochure rule. With respect to an
investment adviser registered or required to be registered under
this act, a rule adopted or order issued under this act may require
that information or other record be furnished or disseminated to
clients or prospective clients in this state as necessary or
appropriate in the public interest and for the protection of
investors and advisory clients.
(h) Continuing education. A rule adopted or order issued under
this act may require an individual registered under
K.S.A. 17-12a402
or 17-12a404, and
amendments thereto, to participate in a continuing education
program approved by the securities and exchange commission and
administered by a self-regulatory organization or, in the absence
of such a program, a rule adopted or order issued under this act may
require continuing education for an individual registered under
K.S.A. 17-12a404, and amendments thereto.
17-12a411.Postregistration requirements.
(a) Financial requirements. Subject to section
15(h) of the securities exchange act of 1934 (15 U.S.C. section
78o(h)) or Section 222 of the investment advisers act of 1940 (15
U.S.C. section 80b-22), a rule adopted or order issued under this
act may establish minimum financial requirements for broker-dealers
registered or required to be registered under this act and
investment advisers registered or required to be registered under
this act.
(b) Financial reports. Subject to section 15(h) of the
securities exchange act of 1934 (15 U.S.C. section 78o(h)) or
section 222(b) of the investment advisers act of 1940 (15 U.S.C.
section 80b-22), a broker-dealer registered or required to be
registered under this act and an investment adviser registered or
required to be registered under this act shall file such financial reports as
are required by a rule adopted or order issued under this
act. If the information contained in a record filed under this
subsection is or becomes inaccurate or incomplete in a material
respect, the registrant shall promptly file a correcting amendment.
(c) Recordkeeping. Subject to section 15(h) of the securities
exchange act of 1934 (15 U.S.C. section 78o(h)) or section 222 of
the investment advisers act of 1940 (15 U.S.C. section 80b-22):
(1) A broker-dealer registered or required to be registered
under this act and an investment adviser registered or required to
be registered under this act shall make and maintain the accounts,
correspondence, memoranda, papers, books, and other records required
by rule adopted or order issued under this act;
(2) broker-dealer records required to be maintained under
paragraph (1) may be maintained in any form of data storage
acceptable under section 17(a) of the securities exchange act of
1934 (15 U.S.C. section 78q(a)) if they are readily accessible to
the administrator; and
(3) investment adviser records required to be maintained under
paragraph (1) may be maintained in any form of data storage required
by rule adopted or order issued under this act.
(d) Audits or inspections. The records of every person issuing
or guaranteeing any securities subject to the provisions of this act
and of every broker-dealer, agent, investment adviser or investment
adviser representative registered or required to be registered under
this act are subject to such reasonable periodic, special, or other audits or
inspections by a representative of the administrator,
within or without this state, as the administrator considers
necessary or appropriate in the public interest and for the
protection of investors. An audit or inspection may be made at any
time and without prior notice. The administrator may copy, and
remove for audit or inspection copies of, all records the
administrator reasonably considers necessary or appropriate to
conduct the audit or inspection. The administrator may assess a
reasonable charge for conducting an audit or inspection under this
subsection.
(e) Custody and discretionary authority bond or insurance.
Subject to section 15(h) of the securities exchange act of 1934 (15
U.S.C. section 78o(h)) or section 222 of the investment advisers act
of 1940 (15 U.S.C. section 80b-22), a rule adopted or order issued
under this act may require a broker-dealer or investment adviser
that has custody of or discretionary authority over funds or
securities of a customer or client to obtain insurance or post a
bond or other satisfactory form of security. The administrator may
determine the requirements of the insurance, bond, or other
satisfactory form of security. Insurance or a bond or other
satisfactory form of security may not be required of a broker-dealer
registered under this act whose net capital exceeds, or of an
investment adviser registered under this act whose minimum financial
requirements exceed, the amounts required by rule or order under
this act. The insurance, bond, or other satisfactory form of security must
permit an action by a person to enforce any liability
on the insurance, bond, or other satisfactory form of security if
instituted within the time limitations in
K.S.A. 17-12a509(j)(2),
and
amendments thereto.
(f) Requirements for custody. Subject to section 15(h) of the
securities exchange act of 1934 (15 U.S.C. section 78o(h)) or
section 222 of the investment advisers act of 1940 (15 U.S.C.
section 80b-22), an agent may not have custody of funds or
securities of a customer except under the supervision of a broker-dealer and an
investment adviser representative may not have custody
of funds or securities of a client except under the supervision of
an investment adviser or a federal covered investment adviser. A
rule adopted or order issued under this act may prohibit, limit, or
impose conditions on a broker-dealer regarding custody of funds or
securities of a customer and on an investment adviser regarding
custody of securities or funds of a client.
(g) Investment adviser brochure rule. With respect to an
investment adviser registered or required to be registered under
this act, a rule adopted or order issued under this act may require
that information or other record be furnished or disseminated to
clients or prospective clients in this state as necessary or
appropriate in the public interest and for the protection of
investors and advisory clients.
(h) Continuing education. A rule adopted or order issued under
this act may require an individual registered under
K.S.A. 17-12a402
or 17-12a404, and
amendments thereto, to participate in a continuing education
program approved by the securities and exchange commission and
administered by a self-regulatory organization or, in the absence
of such a program, a rule adopted or order issued under this act may
require continuing education for an individual registered under
K.S.A. 17-12a404, and amendments thereto.