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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

BROKER-DEALER REGULATION Chapter 5A State Regulation of Broker-Dealers and Agents G. Philip Rutledge § 5A:1 Introduction..................................................................5A-4 § 5A:2 Uniform Securities Acts ...............................................5A-5 § 5A:2.1 Uniform Sales of Securities Act of 1930 (“USA 1930”)......................................................5A-5 § 5A:2.2 Uniform Securities Act of 1956 (“USA 1956”)....5A-5 § 5A:2.3 Uniform Securities Act of 1985 (“USA 1985”)....5A-5 § 5A:2.4 Uniform Securities Act of 2002 (“USA 2002”)....5A-6 § 5A:2.5 Persistence of Non-Uniformity...........................5A-7 § 5A:3 Definitions....................................................................5A-7 § 5A:3.1 Definition of Broker-Dealer ................................5A-7 § 5A:3.2 Definition of Agent.............................................5A-8 § 5A:3.3 Exclusions from the Definitions.........................5A-9 [A] Exclusions from the Definition of Broker-Dealer ..... 5A-9 [A][1] USA 1956 ..........................................................5A-9 [A][2] USA 2002 ........................................................5A-10 [B] Exclusions from the Definition of Agent ............5A-10 [B][1] USA 1956 ........................................................5A-10 [B][2] USA 2002 ........................................................5A-11 § 5A:3.4 Finders and Auctioneers ...................................5A-11 [A] Finders ................................................................5A-11 [B] Auctioneers .........................................................5A-12 § 5A:4 Regulatory Jurisdiction, FINRA, and NASAA.............5A-13 § 5A:4.1 Concurrent Federal and State Jurisdiction........5A-13 § 5A:4.2 Foreign Broker-Dealers .....................................5A-13 § 5A:4.3 FINRA ..............................................................5A-14 § 5A:4.4 NASAA .............................................................5A-15 § 5A:4.5 Individual State Securities Administrators .......5A-15 § 5A:5 State Jurisdiction Over the Itinerant/Internet Client....5A-16 § 5A:5.1 Federal Preemption and the Itinerant Client .....5A-17 § 5A:5.2 USA 2002 and the Itinerant Client..................5A-17 [A] De Minimis .........................................................5A-17 [B] Transactions with Pre-Existing Customers .........5A-18 [C] Transactions with Recently Moved Customers....5A-18 § 5A:5.3 NASAA Statement of Policy on Communications by Financial Intermediaries over the Internet...............................................5A-19 § 5A:6 Registration and Exemption .......................................5A-20 § 5A:6.1 Registration Requirements................................5A-20 [A] Broker-Dealers.....................................................5A-20 [B] Agents.................................................................5A-20 [C] Successor Registration.........................................5A-20 lviii

Table of Contents § 5A:6.2 Exemptions.......................................................5A-21 [A] Broker-Dealers.....................................................5A-21 [B] Agents.................................................................5A-22 § 5A:6.3 Dual Registration of Agents .............................5A-23 § 5A:6.4 Limitation on Association ................................5A-23 § 5A:7 Registration Process ....................................................5A-24 § 5A:7.1 Central Registration Depository .......................5A-24 § 5A:7.2 Uniform Forms.................................................5A-25 § 5A:7.3 Consent to Service of Process...........................5A-26 § 5A:7.4 Examination Requirements ..............................5A-26 § 5A:7.5 Time Period for Action on an Application .......5A-27 § 5A:7.6 Federal Preemption of Capital, Margin, Books and Records, and Bonding .....................5A-28 § 5A:7.7 FINRA Membership .........................................5A-28 § 5A:7.8 Renewal and Transfer of Registrations..............5A-29 [A] Renewal...............................................................5A-29 [B] Transfer...............................................................5A-29 § 5A:7.9 Termination and Withdrawal ...........................5A-31 [A] Termination ........................................................5A-31 [B] Withdrawal .........................................................5A-31 [B][1] Trail Commissions to Retired Agents..............5A-32 [B][2] Form U5 and Defamation Actions ..................5A-33 § 5A:8 Post Registration Compliance.....................................5A-33 § 5A:8.1 Books, Records, and Net Capital......................5A-33 § 5A:8.2 Compliance Audits and Inspections.................5A-34 [A] Regulatory Audits and Inspections .....................5A-34 [A][1] Routine Audits and Inspections.......................5A-35 [A][2] “For Cause” Inspections ..................................5A-35 [B] Internal Inspections by Broker-Dealer Compliance Departments...................................5A-35 § 5A:8.3 Continuing Education ......................................5A-36 § 5A:8.4 Obligation to Amend Forms BD and U4 .........5A-36 § 5A:9 Denial, Suspension, Revocation or Conditioning .......5A-37 § 5A:9.1 Meeting Any Statutory Criteria Should Not Be Characterized As a Violation................5A-37 § 5A:9.2 Statutory Criteria for Administrative Action....5A-38 [A] USA 1956 ...........................................................5A-38 [A][1] Criteria ............................................................5A-38 [A][2] Constraints on Administrative Action ............5A-40 [B] USA 2002 ...........................................................5A-40 [B][1] Applicants........................................................5A-40 [B][2] Registrants .......................................................5A-41 [B][3] Criteria ............................................................5A-41 [B][4] Limitation on Investigation or Proceeding ......5A-43 [B][5] Conditioning or Limiting a License.................5A-44 (Broker-Dealer Reg., Rel. #3, 5/13) lix

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