§ 17-4-411 — Post registration requirements

Wyoming § 17-4-411

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 4: SECURITIES
• Art. 4: BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS,

Text

(a) Subject to section 15(h) of the Securities Exchange
Act of 1934 (15 U.S.C. § 78o(h)) or section 222 of the
Investment Advisers Act of 1940 (15 U.S.C. § 80b-22), a rule
adopted or order issued under this act may establish minimum
financial requirements for broker-dealers registered or required
to be registered under this act and investment advisers
registered or required to be registered under this act.
(b) Subject to section 15(h) of the Securities Exchange
Act of 1934 (15 U.S.C. § 78o(h)) or section 222(b) of the
Investment Advisers Act of 1940 (15 U.S.C. § 80b-22), a
broker-dealer registered or required to be registered under this
act and an investment adviser registered or required to be
registered under this act shall file such financial reports as
are required by a rule adopted or order issued under this act.
If the information contained in a record filed under this
subsection is or becomes inaccurate or incomplete in a material
respect, the registrant shall promptly file a correcting
amendment.
(c) Subject to section 15(h) of the Securities Exchange
Act of 1934 (15 U.S.C. § 78o(h)) or section 222 of the
Investment Advisers Act of 1940 (15 U.S.C. § 80b-22):
(i) A broker-dealer registered or required to be
registered under this act and an investment adviser registered
or required to be registered under this act shall make and
maintain the accounts, correspondence, memoranda, papers, books,
and other records required by rule adopted or order issued under
this act;
(ii) Broker-dealer records required to be maintained
under paragraph (i) of this subsection may be maintained in any
form of data storage acceptable under section 17(a) of the
Securities Exchange Act of 1934 (15 U.S.C. § 78q(a)) if they are
readily accessible to the secretary of state; and
(iii) Investment adviser records required to be
maintained under paragraph (i) of this subsection may be
maintained in any form of data storage required by rule adopted
or order issued under this act.
(d) The records of a broker-dealer registered or required
to be registered under this act and of an investment adviser
registered or required to be registered under this act are
subject to such reasonable periodic, special, or other audits or
inspections by a representative of the secretary of state,
within or without this state, as the secretary of state
considers necessary or appropriate in the public interest and
for the protection of investors. An audit or inspection may be
made at any time and without prior notice. The secretary of
state may copy, and remove for audit or inspection copies of,
all records the secretary of state reasonably considers
necessary or appropriate to conduct the audit or inspection. The
secretary of state may assess a reasonable charge for conducting
an audit or inspection under this subsection.
(e) Subject to section 15(h) of the Securities Exchange
Act of 1934 (15 U.S.C. § 78o(h)) or section 222 of the
Investment Advisers Act of 1940 (15 U.S.C. § 80b-22), a rule
adopted or order issued under this act may require a
broker-dealer or investment adviser that has custody of or
discretionary authority over funds or securities of a customer
or client to obtain insurance or post a bond or other
satisfactory form of security in an amount as set by rule. The
secretary of state may determine the requirements of the
insurance, bond, or other satisfactory form of security.
Insurance or a bond or other satisfactory form of security may
not be required of a broker-dealer registered under this act
whose net capital exceeds, or of an investment adviser
registered under this act whose minimum financial requirements
exceed, the amounts required by rule or order under this act.
The insurance, bond, or other satisfactory form of security must
permit an action by a person to enforce any liability on the
insurance, bond, or other satisfactory form of security if
instituted within the time limitations in W.S. 17-4-509(k)(ii).
(f) Subject to section 15(h) of the Securities Exchange
Act of 1934 (15 U.S.C. § 78o(h)) or section 222 of the
Investment Advisers Act of 1940 (15 U.S.C. § 80b-22), an agent
may not have custody of funds or securities of a customer except
under the supervision of a broker-dealer and an investment
adviser representative may not have custody of funds or
securities of a client except under the supervision of an
investment adviser or a federal covered investment adviser. A
rule adopted or order issued under this act may prohibit, limit,
or impose conditions on a broker-dealer regarding custody of
funds or securities of a customer and on an investment adviser
regarding custody of securities or funds of a client.
(g) With respect to an investment adviser registered or
required to be registered under this act, a rule adopted or
order issued under this act may require that information or
other record be furnished or disseminated to clients or
prospective clients in this state as necessary or appropriate in
the public interest and for the protection of investors and
advisory clients.
(h) A rule adopted or order issued under this act may
require an individual registered under W.S. 17-4-402 or 17-4-404
to participate in a continuing education program approved by the
securities and exchange commission and administered by a
self-regulatory organization or, in the absence of such a
program, a rule adopted or order issued under this act may
require continuing education for an individual registered under
W.S. 17-4-404.