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02.02.02.00.htm 02.02.02.00. Title 02 OFFICE OF THE ATTORNEY GENERAL Subtitle 02 DIVISION OF SECURITIES Chapter 02 Broker-Dealer Regulations Authority: Corporations and Associations Article, §11-203, Annotated Code of Maryland
02.02.02.01.htm 02.02.02.01. 01 Initial Registration as Broker-Dealer.. A. Scope. This regulation governs applications for initial registration as a broker-dealer in Maryland.B. Financial Industry Regulatory Authority (FINRA) Members. An applicant that is already a member of, or has applied for membership in, the FINRA shall:1) File with the Central Registration Depository System (CRD) the information required by Form BD (Uniform Application for Broker-Dealer Registration) and the fee required by
02.02.02.02.htm 02.02.02.02. 02 Renewal Registration as Broker-Dealer.. A. Scope. This regulation governs applications for renewal registration as a broker-dealer in Maryland.B. FINRA Members. An applicant that is a member of the FINRA shall:. 1) File with the CRD the fee required by the Maryland Securities Act, Corporations and Associations Article, §11-407, Annotated Code of Maryland; and2) File with the Commissioner other information the Commissioner may reasonably require.. C. Non-FINRA Members..
02.02.02.03.htm 02.02.02.03. 03 Mandatory Registration of an Agent.. A broker-dealer registered with the Commissioner shall register at least one agent with the Commissioner.
02.02.02.04.htm 02.02.02.04. 04 Initial Registration as Agent.. A. Scope. This regulation governs applications for initial registration as a broker-dealer agent in Maryland.B. Agents of FINRA Members. An applicant for initial registration as an agent for a broker-dealer that is a member of the FINRA shall:1) File with the CRD the information required by Form U-4 (Uniform Application for Securities Industry Registration or Transfer) and the fee required by the Maryland Securities Act, Corporations and A
02.02.02.05.htm 02.02.02.05. 05 Renewal Registration as Agent.. A. Scope. This regulation governs applications for renewal registration as a broker-dealer agent in Maryland.B. Agents of FINRA Members. An applicant for renewal registration as an agent for a broker-dealer that is a member of the FINRA shall:1) File with the CRD the fee required by the Maryland Securities Act, Corporations and Associations Article, §11-407, Annotated Code of Maryland; and
02.02.02.06.htm 02.02.02.06. 06 Examination Requirement for Broker-Dealers and Agents.. A. Examination Requirement. An applicant for registration as a broker-dealer or as a broker-dealer agent in Maryland shall:1) Pass, with a score of 70 percent or better, the appropriate examination designated in §B of this regulation within 2 years before the date of application; or2) Qualify for an exemption from the examination requirement under §C of this regulation.. B. SRO Examinations. An applicant for initial regi
02.02.02.07.htm 02.02.02.07. 07 Amendment of Documents Filed by Broker-Dealers and Agents.. A. Time of Filing. An amendment to a broker-dealer or agent filing required by the Maryland Securities Act, Corporations and Associations Article, §11-411(d) Annotated Code of Maryland, shall be filed within 30 days of the event that gave rise to the need to amend the filing.B. Place of Filing.. 1) Broker-Dealers.. a) FINRA Members. A broker-dealer that is a member of the FINRA shall file an amendment with the CRD.
02.02.02.08.htm 02.02.02.08. 08 Financial Requirements for Broker-Dealers.. A. Terms Defined. For purposes of the Maryland Securities Act, Corporations and Associations Article, §11-409, Annotated Code of Maryland, and this regulation, the terms "net capital" and "aggregate indebtedness" have the meanings stated in 17 CFR §240.15c3-1 (SEC Rule 15c3-1, Net Capital Requirements for Brokers and Dealers) which is incorporated by reference.B. Broker-Dealers Subject to §15 of the Securities Exchange Act of 1934. A
02.02.02.09.htm 02.02.02.09. 09 Financial Reporting Requirements for Broker-Dealers.. A. Financial Reports. A broker-dealer registered in Maryland shall file financial reports with the Commissioner as required by this regulation.B. FINRA Members. Unless otherwise ordered by the Commissioner, a broker-dealer that is a member of the FINRA may satisfy its obligations under this regulation and the Maryland Securities Act, Corporations and Associations Article, §11-411(c) Annotated Code of Maryland, by f
02.02.02.10.htm 02.02.02.10. 10 Book and Record-Keeping Requirements for Broker-Dealers.. A. A broker-dealer registered or required to be registered in Maryland shall make and keep books and records as set forth in 17 CFR §240.17a-3 (SEC Rule 17a-3, Records to be Made by Certain Exchange Members, Brokers and Dealers) which is incorporated by reference.B. A broker-dealer registered or required to be registered in Maryland shall preserve all records required to be made under this regulation as set for
02.02.02.9999.htm 02.02.02.9999. Administrative History Effective date: June 1, 19652. Regulations .01―06 and new Regulations .01―10 adopted effective January 17, 1994 (21:1 Md. R. 26). Regulation .01B, D amended effective June 15, 1998 (25:12 Md. R. 944). Regulation .04B, D amended effective June 15, 1998 (25:12 Md. R. 944). Regulation .08B, C amended effective June 15, 1998 (25:12 Md. R. 944).
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