§ 23-19-4-6 — Application for initial registration; requirements; amendments; national criminal history background check for investment adviser representative; effective date; renewal; conditions and waivers

Indiana § 23-19-4-6

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 19: INDIANA UNIFORM SECURITIES ACT
• Ch. 4: Broker-Dealers, Agents, Investment Advisers,

Text

(a) A person shall register as a broker-dealer,
agent, investment adviser, or investment adviser representative by
filing an application and a consent to service of process complying with
IC 23-19-6-11, and paying the fee specified in section 10 of this
chapter and any reasonable fees charged by the designee of the
commissioner for processing the filing. The application must contain:
(1) the information or record required for the filing of a uniform
application; and
(2) upon request by the commissioner, any other financial or other
information or record that the commissioner determines is
appropriate.
(b) If the information or record contained in an application filed
under subsection (a) is or becomes inaccurate or incomplete in a
material respect, the registrant shall promptly file a correcting
amendment.
(c) At the time of application for an initial registration as an
investment adviser representative under this article, the commissioner
shall require each applicant to submit fingerprints for a national
criminal history background check (as defined in IC 10-13-3-12) by the
Federal Bureau of Investigation, for use by the commissioner in
determining whether the applicant should be denied registration under
this chapter for any reason set forth in section 12(d) of this chapter. The
applicant shall pay any fees or costs associated with the fingerprints
and background check required under this subsection.
(d) If an order is not in effect and a proceeding is not pending under
section 12 of this chapter, registration becomes effective at noon on the
forty-fifth day after a completed application is filed, unless the
registration is denied. A rule adopted or order issued under this article
may set an earlier effective date or may defer the effective date until
noon on the forty-fifth day after the filing of any amendment
completing the application.
(e) A registration is effective until midnight on December 31 of the
year for which the application for registration is filed. Unless an order
is in effect under section 12 of this chapter, a registration may be
automatically renewed each year by filing such records as are required
by rule adopted or order issued under this article, by paying the fee
specified in section 10 of this chapter, and by paying costs charged by
the designee of the commissioner for processing the filings.
(f) A rule adopted or order issued under this article may impose
other conditions, not inconsistent with the National Securities Markets
Improvement Act of 1996. An order issued under this article may
waive, in whole or in part, specific requirements in connection with
registration as are in the public interest and for the protection of
investors.

Legislative History

As added by P.L.27-2007, SEC.23. Amended by P.L.114-2010, SEC.9.