Mich. Admin. Code R. 451.4.1 - Broker-dealer; Canadian exemption
Rule 4.1.
(1) A
broker-dealer that is registered as a broker-dealer in 1 or more Canadian
provinces and that does not have a place of business in this state may effect
transactions in securities with or for, or attempt to effect the purchase or
sale of any securities by, any of the following:
(a) A resident of Canada who is temporarily
present in this state and with whom the broker-dealer had a bona fide customer
relationship before the individual entered the United States.
(b) A resident of Canada who is present in
this state and whose transactions are in a self-directed, tax-advantaged
retirement plan of which the individual is the holder or contributor in
Canada.
(c) An individual who is
present in this state, with whom the broker-dealer customer relationship arose
while the individual was temporarily or permanently a resident of
Canada.
(2) An agent who
represents a broker-dealer that is exempt under subrule (1)(a) of this rule,
may effect transactions in securities or attempt to effect the purchase or sale
of any securities in this state as permitted for a broker-dealer described in
subrule (1)(a) of this rule.
Notes
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