Kan. Admin. Regs. § 122-3-5 - Investment transactions; requirements for brokers and dealers
Current through Register Vol. 40, No. 39, September 30, 2021
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122-3-5. Investment transactions; requirements for brokers and dealers. (a) Investment transactions shall be conducted only with qualified institutions. Qualified institutions shall be limited to:
(1) qualified depository banks;
(2) the federal reserve bank in Kansas City, Missouri;
(3) primary government securities dealers, as defined in K.S.A. 75-4209 and amendments thereto;
(4) broker-dealers engaged in the business of selling government securities which are registered in compliance with section 15 or 15C of the securities exchange act of 1934 and K.S.A. 17-1254, and amendments thereto; or
(5) direct issuers or dealers of qualified commercial paper.
(b) Before conducting any transactions, each broker-dealer conducting investment transactions with the board shall document compliance with registration requirements by providing to the board:
(1) proof of certification by the national association of security dealers;
(2) proof of Kansas registration; and
(3) upon request of the board or its designee:
(A) a copy of the broker-dealer's most recent, audited annual financial statement; and
(B) a copy of the broker-dealer's most recent, unaudited quarterly financial statement. (Authorized by and implementing K.S.A. 1995 Supp. 75-4232, as amended by L. 1996, Ch. 254, Sec. 26 and K.S.A. 1995 Supp. 75-4209, as amended by L. 1996, Ch. 254, Sec. 17; effective, T-122-7-27-95, July 27, 1995; effective Nov. 17, 1995; amended Jan. 24, 1997.)