Current through Register 2021 Notice Reg. No. 52, December 24, 2021
(a) Filing: A finder must annually renew the
exemption by filing the Statement of Information form in subsection (g) of
Section 260.211.4 of these rules with the Commissioner of Business Oversight in
accordance with the form instructions on or before the filing date specified in
Section 25206.1, subdivision (d)(1), of the Code. The Commissioner may request
additional information, documentation or detail pertaining to the form to be
filed with the Department.
Filing Fee: The fee for filing the renewal Statement of Information is $275.00
as prescribed in Section 25206.1, subdivision (d)(2), of the Code. The finder
must remit the fee payable to the Department of Business Oversight with the
Statement of Information. The fee is not refundable.
(c) Completion of Filing: A Statement of
Information is not considered filed until the required fee and a completed form
are received by the Commissioner.
(d) Amendment to the Statement of
Information: A finder must notify the Commissioner of any change to the
information in the renewal Statement of Information filed with the Commissioner
by filing an amended Statement of Information in accordance with the form
instructions within 10 business days of the change.
Registration as a Broker-Dealer or Agent
Required: A finder who commits any of the following acts does not meet the
requirements for the exemption as a finder and, if acting as a broker-dealer as
defined in Section 25004 or an agent as defined in Section 25003 of the Code,
must register as a broker-dealer pursuant to Section 260.211 or an agent
pursuant to Section 260.210 of these rules, unless the individual is otherwise
exempt from Section 25210 of the Code:
Failure to renew the exemption or pay the renewal filing fee to the
Commissioner before the filing due date specified in Section 25206.1,
subdivision (d), of the Code,
Failure to comply with the conditions for a finder in Section 25206.1,
subdivision (a), of the Code,
Performance of any of the acts or satisfaction of any of the circumstances in
Section 25212 of the Code or Rule 506(d) of Regulation D under the Securities
Act of 1933 ( 17 C.F.R.
) pursuant to
Section 25206.1, subdivision (d)(1)(A)(ii), of the Code,
(4) Failure to obtain a signed written
agreement or the written consent of each person introduced or referred by the
finder, or to provide the disclosures and information in accordance with
Section 25206.1, subdivision (e), of the Code,
(5) Failure to disclose whether
transaction-based compensation was received as specified in Section 25206.1,
subdivision (d)(1)(B), of the Code, and
(6) Failure to maintain the records required
under Section 25206.1, subdivision (f).