§ 7-11-209 Post-licensing requirements.– (a) The director may require by rule a licensed broker dealer who is notregistered under the Securities Exchange Act of 1934, 15 U.S.C. § 78a etseq., to maintain minimum net capital and a prescribed ratio between netcapital and aggregate indebtedness which may vary with the type or class ofbroker dealer.
(2) The director may require by rule a licensed investmentadviser who is not registered under the Investment Advisers Act of 1940, 15U.S.C. § 80b-1 et seq., to maintain a minimum net worth subject to thelimitations set forth in § 222 of the Investment Advisers Act of 1940, 15U.S.C. § 80b-18a.
(3) If a licensed broker dealer or investment adviser knows,or has reasonable cause to know, that a requirement imposed on it under thissubsection is not being met, the broker dealer or investment adviser shallpromptly notify the director of its current financial condition.
(b) The director may require by rule the furnishing of afidelity bond from a broker dealer who is not registered under the SecuritiesExchange Act of 1934, 15 U.S.C. § 78a et seq.
(c) A licensed broker dealer or investment adviser shall filewith the director the financial and other information the director determines,by rule or order, to be necessary.
(2) A licensed broker dealer required to file financialreports under the Securities Exchange Act of 1934, 15 U.S.C. § 78a etseq., may satisfy periodic financial report requirements of this subsection byfiling with the director a copy of the financial reports filed under theSecurities Exchange Act of 1934.
(3) A licensed investment adviser shall file with thedirector any financial reports, subject to the limitations of § 222 of theInvestment Advisers Act of 1940, 15 U.S.C. § 80b-18a, that the director byrule or order requires.
(d) A licensed broker dealer or sales representative shallcomply with the recordkeeping requirements of the Securities Exchange Act of1934, 15 U.S.C. § 78a et seq. A licensed investment adviser subject to thelimitations of § 222 of the Investment Advisers Act of 1940, 15 U.S.C.§ 80b-18a, shall maintain records the director requires by rule or order.
(2) Required records may be maintained in any form of datastorage if the records are readily accessible to the director.
(3) Required records must be preserved for any period thatthe director may require by rule or order, subject to the limitations of §15 of the Securities Exchange Act of 1934, 15 U.S.C. § 78o, and § 222of the Investment Advisers Act of 1940, 15 U.S.C. § 80b-18a, for brokerdealers and investment advisers, respectively.
(e) If the information contained in a document filed with thedirector as part of the application for licensing or under this section, exceptinformation the director excludes by rule or order, is inaccurate or incompletein a material respect, the licensed person shall promptly file correctinginformation, unless notification of termination has been given under §7-11-208(e).
§ 7-11-209 Post-licensing requirements.– (a) The director may require by rule a licensed broker dealer who is notregistered under the Securities Exchange Act of 1934, 15 U.S.C. § 78a etseq., to maintain minimum net capital and a prescribed ratio between netcapital and aggregate indebtedness which may vary with the type or class ofbroker dealer.
(2) The director may require by rule a licensed investmentadviser who is not registered under the Investment Advisers Act of 1940, 15U.S.C. § 80b-1 et seq., to maintain a minimum net worth subject to thelimitations set forth in § 222 of the Investment Advisers Act of 1940, 15U.S.C. § 80b-18a.
(3) If a licensed broker dealer or investment adviser knows,or has reasonable cause to know, that a requirement imposed on it under thissubsection is not being met, the broker dealer or investment adviser shallpromptly notify the director of its current financial condition.
(b) The director may require by rule the furnishing of afidelity bond from a broker dealer who is not registered under the SecuritiesExchange Act of 1934, 15 U.S.C. § 78a et seq.
(c) A licensed broker dealer or investment adviser shall filewith the director the financial and other information the director determines,by rule or order, to be necessary.
(2) A licensed broker dealer required to file financialreports under the Securities Exchange Act of 1934, 15 U.S.C. § 78a etseq., may satisfy periodic financial report requirements of this subsection byfiling with the director a copy of the financial reports filed under theSecurities Exchange Act of 1934.
(3) A licensed investment adviser shall file with thedirector any financial reports, subject to the limitations of § 222 of theInvestment Advisers Act of 1940, 15 U.S.C. § 80b-18a, that the director byrule or order requires.
(d) A licensed broker dealer or sales representative shallcomply with the recordkeeping requirements of the Securities Exchange Act of1934, 15 U.S.C. § 78a et seq. A licensed investment adviser subject to thelimitations of § 222 of the Investment Advisers Act of 1940, 15 U.S.C.§ 80b-18a, shall maintain records the director requires by rule or order.
(2) Required records may be maintained in any form of datastorage if the records are readily accessible to the director.
(3) Required records must be preserved for any period thatthe director may require by rule or order, subject to the limitations of §15 of the Securities Exchange Act of 1934, 15 U.S.C. § 78o, and § 222of the Investment Advisers Act of 1940, 15 U.S.C. § 80b-18a, for brokerdealers and investment advisers, respectively.
(e) If the information contained in a document filed with thedirector as part of the application for licensing or under this section, exceptinformation the director excludes by rule or order, is inaccurate or incompletein a material respect, the licensed person shall promptly file correctinginformation, unless notification of termination has been given under §7-11-208(e).
§ 7-11-209 Post-licensing requirements.– (a) The director may require by rule a licensed broker dealer who is notregistered under the Securities Exchange Act of 1934, 15 U.S.C. § 78a etseq., to maintain minimum net capital and a prescribed ratio between netcapital and aggregate indebtedness which may vary with the type or class ofbroker dealer.
(2) The director may require by rule a licensed investmentadviser who is not registered under the Investment Advisers Act of 1940, 15U.S.C. § 80b-1 et seq., to maintain a minimum net worth subject to thelimitations set forth in § 222 of the Investment Advisers Act of 1940, 15U.S.C. § 80b-18a.
(3) If a licensed broker dealer or investment adviser knows,or has reasonable cause to know, that a requirement imposed on it under thissubsection is not being met, the broker dealer or investment adviser shallpromptly notify the director of its current financial condition.
(b) The director may require by rule the furnishing of afidelity bond from a broker dealer who is not registered under the SecuritiesExchange Act of 1934, 15 U.S.C. § 78a et seq.
(c) A licensed broker dealer or investment adviser shall filewith the director the financial and other information the director determines,by rule or order, to be necessary.
(2) A licensed broker dealer required to file financialreports under the Securities Exchange Act of 1934, 15 U.S.C. § 78a etseq., may satisfy periodic financial report requirements of this subsection byfiling with the director a copy of the financial reports filed under theSecurities Exchange Act of 1934.
(3) A licensed investment adviser shall file with thedirector any financial reports, subject to the limitations of § 222 of theInvestment Advisers Act of 1940, 15 U.S.C. § 80b-18a, that the director byrule or order requires.
(d) A licensed broker dealer or sales representative shallcomply with the recordkeeping requirements of the Securities Exchange Act of1934, 15 U.S.C. § 78a et seq. A licensed investment adviser subject to thelimitations of § 222 of the Investment Advisers Act of 1940, 15 U.S.C.§ 80b-18a, shall maintain records the director requires by rule or order.
(2) Required records may be maintained in any form of datastorage if the records are readily accessible to the director.
(3) Required records must be preserved for any period thatthe director may require by rule or order, subject to the limitations of §15 of the Securities Exchange Act of 1934, 15 U.S.C. § 78o, and § 222of the Investment Advisers Act of 1940, 15 U.S.C. § 80b-18a, for brokerdealers and investment advisers, respectively.
(e) If the information contained in a document filed with thedirector as part of the application for licensing or under this section, exceptinformation the director excludes by rule or order, is inaccurate or incompletein a material respect, the licensed person shall promptly file correctinginformation, unless notification of termination has been given under §7-11-208(e).
