15 CSR 30-59.020 - General Instructions

PURPOSE: This rule covers general instructions applicable to persons applying for registration as broker-dealers or sales representatives .

(1) A broker-dealer or agent may be registered or renewed as such under the Missouri Model Commodities Code (the Code), if the commissioner finds that the applicant is qualified, has sufficient training, knowledge and experience in the commodities business, is of good repute and has otherwise fully satisfied the requirements of the Code and this chapter. In determining which activities require registration under the Code, see sections 409.803 and 409.840, RSMo.

(2) The applicant, if an individual, shall have attained the age of eighteen (18) years.

(3) A foreign corporation shall furnish a copy of the certificate of authority to transact business in Missouri or an opinion of counsel stating no such authority is required (section 351.570, RSMo).

(4) Any applicant who will engage in or transact business in Missouri under a name shall furnish evidence of registration of fictitious name (section 417.200, RSMo).

(5) A broker-dealer shall have and maintain at least one (1) sales representative.

(6) Any application for registration as a sales representative shall not be registered as representing more than one (1) broker-dealer at any one (1) time, except as follows:

(A) Where control and management of the broker-dealers or issuers are essentially identical; or

(B) Where there is no conflict of interests and where prior to the dual registration, both broker-dealers have filed, written statements acknowledging the proposed dual agency and affirming that there will be no conflict. The statements must display an original signature of the appropriate signatory of the principal.

Notes

15 CSR 30-59.020

AUTHORITY: section 409.836, RSMo 2000.* This rule was previously filed as 15 CSR 30-60.010. Emergency rule filed Oct. 2, 1985, effective Oct. 12, 1985, expired Feb. 9, 1986. Original rule filed Aug. 22, 1986, effective Jan. 30, 1987. Amended: Filed Feb. 13, 2003, effective Aug. 30, 2003.

*Original authority: 409.836, RSMo 1985.