§ 11-51-403 — Application for license - notice filing requirements

(1) An
applicant for a license as a broker-dealer, sales representative, investment adviser,
or investment adviser representative shall file with the securities commissioner or
with the securities commissioner's designee an application for a license and the
consent to service of process required by section 11-51-706. The application shall
contain the information and be in the form the securities commissioner requires by
rule. If the information contained in an application is inaccurate or incomplete in any
material respect when the application is filed or becomes inaccurate or incomplete
in any material respect as a result of any subsequent event, the applicant shall
promptly file an amendment to the application to cure the inaccuracy or omission.
The securities commissioner may require an applicant to submit additional
information that is material to an understanding of information about the applicant
available to the securities commissioner in the application or otherwise, and an
application shall be incomplete until all additional information required by the
securities commissioner has been submitted.

(2) The application requirement of subsection (1) of this section for broker-dealers and sales representatives is satisfied by an applicant who has filed and
maintains complete and current registration information with the securities and
exchange commission, in the case of a broker-dealer, or a self-regulatory
organization, in the case of a sales representative, if that registration information
and the consent to service of process required by section 11-51-706 are provided to
the securities commissioner through the central registration depository. Any
additional information the securities commissioner may require from such an
applicant pursuant to subsection (1) of this section must be material to an
understanding of information about the broker-dealer or sales representative that
is provided to the securities commissioner through the central registration
depository.

(2.5) The application requirement of subsection (1) of this section for an
investment adviser and an investment adviser representative is satisfied by an
applicant who has filed and maintains complete and current registration
information with the investment adviser registration depository if that registration
information and the consent to service of process required by section 11-51-706 are
provided to the securities commissioner through the investment adviser registration
depository. Any additional information the securities commissioner may require
from such an applicant pursuant to subsection (1) of this section must be material to
an understanding of information about the investment adviser or investment adviser
representative that is provided to the securities commissioner through the
investment adviser registration depository.

(3) (a) A federal covered adviser who, during any calendar year, either has a
place of business in this state or employs or engages an investment adviser
representative with a place of business in this state shall file with the securities
commissioner annually a consent to service of process and such documents as are
filed by such adviser with the securities and exchange commission that the
commissioner may require by rule or order.

(b) The notice filing requirement described in paragraph (a) of this
subsection (3) does not apply to any federal covered adviser who, during such
calendar year, neither has a place of business in this state nor employs nor engages
an investment adviser representative with a place of business in this state.

(c) A notice filing under this section shall be effective from its receipt by the
securities commissioner until December 31 of each year. Thereafter, it may be
renewed annually until the following December 31 by filing with the securities
commissioner a copy of such documents as are required pursuant to paragraph (a)
of this subsection (3) and payment of a fee pursuant to section 11-51-404.

(4) Any person required to pay a fee under this section may transmit through
any designee of the securities commissioner any fee required by this section or by
rules promulgated under this section.

Legislative History

Source: L. 90: Entire article R&RE, p. 722, � 1, effective July 1. L. 98: Entire section amended, p. 551, � 6, effective April 30. L. 2001: (1) amended and (2.5) and (4) added, p. 15, � 2, effective March 9.