230 R.I. Code R. 230-RICR-50-05-1.14 - Minimum Net Capital
A. Every
broker-dealer, whether or not subject to Rule 15 c3-1 under the Securities
Exchange Act of 1934, 17
C.F.R. § 240.15c3 -
1, shall maintain net capital in
such minimum amounts as are designated in that rule for the activities to be
engaged in by a broker-dealer in this state.
B. The aggregate indebtedness of each
broker-dealer, whether or not subject to Rule 15 c 3-1 under the Securities
Exchange Act of 1934, 17
C.F.R. § 240.15c3 -
1, to all other persons shall not
exceed the levels prescribed in that rule.
C. If a broker-dealer is an individual, the
person shall segregate from personal capital an amount sufficient to satisfy
the net capital requirement, and the amount so segregated shall be utilized
solely for the business for which the broker-dealer is licensed.
D. An investment adviser licensed under
RIUSA, but exempt from registration under the Investment Advisers Act of 1940,
15 U.S.C. §
80b-6a, must at all times maintain net worth
of not less than $5,000. This applies only to investment advisers that do not
take or retain custody of securities or funds of a client. Investment advisers
that take or retain custody must comply with the provisions of §
2.12 of
this Subchapter.
Notes
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