15 CSR 30-51.020 - Applications for Registration or Notice Filings
PURPOSE: This amendment replaces mentions of National Association of Securities Dealers (NASD) with Financial Industry Regulatory Authority (FINRA) throughout the rule.
(1) Broker-Dealer Application. The
application for registration as broker-dealer shall contain the information
outlined in section 409.4-406(a) of
the Act and in this rule. Financial Industry Regulatory Authority (FINRA)
members must file applications in accordance with the guidelines of the Central
Registration Depository (CRD) System.
(A)
Initial Registration. The following shall be included in an initial application
for registration:
1. Form BD;
2. Form SBD-1, the Broker-Dealer
Affidavit;
3. If a FINRA member,
the most recent audited financial statements or Form X-17A-5 FOCUS
Report;
4. If not a FINRA member,
the most recent certified financial statements;
5. Designation of at least one (1)
broker-dealer agent to be registered in Missouri; and
6. Payment of the filing fee.
(B) Renewal Registration. The
following shall be submitted in a renewal application:
1. If a FINRA member, broker-dealer must
submit payment of the filing fee;
2. If not a FINRA member, broker-dealer must
submit-
A. The execution page of the Form
BD;
B. Any amendments to the Form
BD not previously filed;
C. A
balance sheet prepared within ninety (90) days of filing;
D. A listing of agents representing the
broker-dealer; and
E. Payment of
the filing fee.
(C) Broker-Dealers with Investment Adviser or
Federal Covered Adviser Capacity. A broker-dealer, that intends to employ or
supervise investment adviser representatives, but which is not also registered
as an investment adviser or filed as a federal covered adviser, shall file a
Form ADV with its initial or renewal application for registration as required
above. Broker-dealers have a continuing duty to amend this information under
15 CSR
30-51.160.
(2) Broker-Dealer Agent and Issuer Agent
Application. The application for registration as a broker-dealer agent or
issuer agent shall contain the information outlined in section
409.4-406(a) of
the Act and in this rule. FINRA members must file applications in accordance
with the guidelines of the CRD System.
(A)
Initial Registration. The following shall be included in an initial application
for registration:
1. Form U-4;
2. Payment of the filing fee; and
3. Documentation of qualification under
examination requirements.
(B) Renewal registration of broker-dealer
agents and issuer agents. The following shall be submitted in a renewal
registration:
1. Payment of the filing fee;
and
2. If not an agent of a FINRA
member, Form SA-1, the Missouri Application for Renewal Registration as
Agent.
(3)
Investment Adviser Application. The application for registration as an
investment adviser shall contain the information outlined in section
409.4-406(a) of
the Act and in this rule. All applicants must file applications in accordance
with the guidelines of the Investment Adviser Registration Depository (IARD)
System, unless the commissioner has granted a hardship exemption under section
(6).
(A) Initial Registration. The following
shall be included in an initial application for registration:
1. Electronically-filed Form ADV;
2. Form SADV-1, the State Covered Investment
Adviser Affidavit and requested information;
3. Applicant's current balance sheet prepared
within thirty (30) days of filing;
4. A listing of all investment adviser
representatives who will be rendering investment advice for the firm in this
state;
5. The name of the
applicant's chief compliance officer;
6. Copies of the following documents:
A. A sample or copy of the written agreement
the applicant intends to enter into with any client relating to the business of
the applicant;
B. A sample or copy
of any solicitor agreements the applicant intends to utilize if the applicant
intends to use a solicitor(s) arrangement or act as a solicitor; and
C. Private placement memorandum(s), limited
partnership agreement(s), subscription agreement(s), and gatekeeper
arrangement(s) if a pooled investment vehicle or hedge fund is to be involved,
or any agreements similar to the above, if the applicant intends to utilize any
of the above agreements; and
7. Payment of the filing fee.
(B) Renewal Registration. The
following shall be submitted in a renewal registration:
1. Payment of the filing fee.
(4) Federal Covered
Adviser Notice Filing. The notice filing of a federal covered adviser
transacting business in this state shall be filed in accordance with the
guidelines of the IARD System and include the following:
(A) Initial Notice Filing. The following
shall be submitted in an initial notice filing:
1. Form ADV; and
2. Payment of filing fee.
(B) Renewal Notice Filing. The
following shall be submitted in a renewal notice filing:
1. Payment of filing fee.
(5) Investment Adviser
Representative Application. The application for registration as an investment
adviser representative shall contain the information outlined in section
409.4-406(a),
RSMo and in this rule. All applicants must
file applications in accordance with the guidelines of the CRD System, unless
the commissioner has granted a hardship exemption under section (6).
(A) Initial Registration. The following shall
be included in an initial application for registration:
1. Form U-4;
2. Documentation of qualification under
examination requirements; and
3.
Payment of filing fee.
(B) Renewal Registration. The following shall
be submitted in a renewal registration:
1.
Payment of filing fee.
(6) Hardship Exemption for Investment
Advisers and Investment Adviser Representatives from IARD System and CRD
System.
(A) An investment adviser or
investment adviser representative may request a hardship exemption from
applying for registration in electronic format through the IARD System or CRD
System by filing with the commissioner:
1.
Form SADV-SH;
2. Payment of one
hundred dollars ($100) filing fee.
(B) The commissioner may grant a hardship
exemption if filing an application in electronic format would subject the
applicant to unreasonable burden or expense.
(7) Amendments to Application. Any amendment
of an application pursuant to section
409.4-406(b),
RSMo and
15 CSR
30-51.160(3) shall be filed with the
appropriate form marked AMENDED.
Notes
*Original authority: 409.4-406, RSMo 2003; 409.6-605, RSMo 2003.
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