950 CMR, § 12.201 - Broker-dealer/Agent Registration Requirements
(1)
Registration Expiration Date. Every registration of a
broker-dealer, agent, investment adviser, investment adviser representative, or
issuer-agent expires on the last day of the calendar year, unless renewed or
terminated at an earlier date.
(2)
Prohibition Against Dual Registration. No person may
be registered concurrently as an agent of more than one broker-dealer or
issuer. The Director may waive this requirement if he or she determines that it
would not interfere with effective supervision of the agent by the
broker-dealer or issuer and it is in the public interest.
(3)
Boston Stock
Exchange. (Reserved)
(4)
Automatic Registration as
Agent for Executive Officers, Directors or Partners. Each
executive officer, director, partner, or a person occupying a similar status
performing similar functions is presumed to be acting as an agent and thus
registered automatically, pursuant to M.G.L. c. 110A, § 202(a), when the
broker-dealer is registered. If any such person does not desire automatic
registration because he or she does not meet the definition of an agent, he or
she must file with the Division an affidavit stating that he performs no
activity for the broker-dealer that would require him or her to register as an
agent.
(5)
Scope of
Activity Permitted by Registration. A broker-dealer's registration
permits only such activity in types of business indicated on the Form BD,
unless such activity constitutes 1% or less of the broker-dealer's revenue from
its securities business. An agent's registration permits only activity that is
conducted within the scope of the agency relationship, and activity for which
the appropriate examination has been passed. Any activity that occurs outside
of that permitted by the registration, shall be considered in violation of
M.G.L. c. 110A, § 201(a), unless the person is separately registered or
appropriately exempt to conduct such activity.
Notes
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