Mich. Admin. Code R. 451.4.16 - Minimum financial requirements for Michigan investment markets. Rule 4.16
(1) A Michigan
investment market, registered or required to be registered under the act, shall
maintain net capital in such minimum amounts as are designated in SEC rule
15c3-1, 17 C.F.R. § 240.15c3-1, promulgated under the securities exchange
act of 1934,
15 U.S.C. §
78o, for the activities the Michigan
investment market shall engage in this state.
(2) The aggregate indebtedness of a Michigan
investment market to all other persons must not exceed the levels prescribed
under SEC rule 15c3-1, 17 C.F.R. § 240.15c3-1, promulgated under the
securities exchange act of 1934,
15 U.S.C. §
78o.
(3) If a Michigan investment market is an
individual, the person shall segregate from personal capital, an amount
sufficient to satisfy the net capital requirement. The amount so segregated
must be utilized solely for the business for which the Michigan investment
market is registered.
Notes
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