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9 Cards in this Set
- Front
- Back
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Agent Registration
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all agents at B/D must be registered in there state of business and can only go out of state if:
1. Existing customer moves to a new state: Agents registration must be pending in new state(up to 60days), agnet must be registered in at least one other state, and agents B/D must be registered in that new state. 2. Existing customer visits another state: no registration is required if client is temporarily in state(up to 30days) |
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State registration of IA's and IAR's
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IA: must register in any state where it does business, unless institutional or de minimis exemption applies.
IAR: must register in any of the states where he has 6 or more non-institutional clients. |
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Registration Procedure
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1. File Application: update annually, contain info req. by the administrator.
2. Consent to service of process: filed once(not renewed), Appoints the administrator as registrants attorney to recieve and process non-criminal legal complaints. 3. Filing Fee: Paid annually 4. Effective date and expiration: Effective at noon on the 30th day after filing, expire annually on Dec. 31st. |
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IARD: Investment Advisers Registration Depository
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An elctronic filing system that facilitates IA registration.
Forms filed include ADV part 1a, 1b and 2. Developed and administrated by FINRA. Used by both state and SEC registered advisors. |
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Exemptions from registration: B/D
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No exemptions from registration
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Exemptions from registration: Investment Advisors
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No place of business in a state and:
All clients are institutions or have no more than 5 non-institutional clients |
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Exemptions from registration: Agents
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if client moves to a new state and registration there is pending.
If existing client visits another state |
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Exemptions from registration: IAR's
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If IAR has no office in that state
5 or fewer non-institutional clients in the state. Federal Covered: If IAR does not have an office in the state, registration is not required. |
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Registration Withdrawl
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Individuals may withdraw if:
Effective 30 days after filling written report, however pending actions delay the withdrawal. The adminstrator may institute proceedings within one year of the effective date of withdrawal. |
