N.J. Admin. Code § 13:47A-1.1

Current through Register Vol. 56, No. 9, May 6, 2024

Section 13:47A-1.1 - Application for registration for FINRA members

(a) Any person who is a member of the Financial Industry Regulatory Authority (FINRA), desiring to transact business in the State of New Jersey as a broker-dealer shall file an application with the Bureau of Securities (the Bureau) by filing the application with the Central Registration Depository (CRD) on the form designated as Form BD, Uniform Application for Broker-Dealer Registration, or any successor form to the Form BD prescribed by the CRD for filing a broker-dealer application. The requisite registration fee shall be submitted with the application filed with the CRD in the amount of $ 450.00 for a one-year registration term. Failure to pay the registration fee as above, within the billing time limits established by the Bureau or by the CRD, shall be a ground for immediate revocation of the registration. The applicant shall supplement the application filed with the CRD by directly filing with the Bureau the Broker-Dealer Supplement and any additional information that the Chief of the Bureau of Securities of the State of New Jersey (the Bureau Chief) requires. The 30-day time period for review of an application will not commence until the applicant files all documents or material facts specified and required. The following additional information shall be filed with the Bureau for all broker-dealer applications and no application shall be deemed complete until all of the following are properly submitted, unless the requirements are waived by the Bureau Chief:

1. A consent to service of process executed by the applicant as set forth in 13:47A-7.1. A fully completed and executed Execution Page of the Form BD, Uniform Application for Broker-Dealer Registration, or a successor form as prescribed by the CRD, shall satisfy this requirement;

2. A consent to service of process executed by each officer, director, general partner, or limited partner of the applicant who is to act as an agent in the State of New Jersey, as set forth in N.J.A.C. 13:47A-7.1. A fully completed and executed Form U2, Uniform Consent to Service of Process, for each person, or a fully completed and executed Individual/Applicant's Acknowledgement and Consent section of Form U4, Uniform Application for Securities Industry Registration or Transfer, or a successor form, shall satisfy this requirement;

3. Certified financial statements as set forth in 13:47A-1.3 and 1.5;

4. Any additional information requested by the Bureau Chief.

(b) The applicant shall submit to the Bureau as part of the application written permission for the Bureau Chief, or his or her duly designated representative, to examine without notice any filings made by the applicant with the New York Stock Exchange, NYSE MKT LLC, or another national securities exchange registered pursuant to Section 6 of the Securities Exchange Act of 1934 ( 15 U.S.C. § 78 f).

(c) If the applicant is a natural person and is not applying for registration through the CRD, he or she shall submit to the Bureau as part of the application, the applicant's fingerprints and written consent for a criminal history record background check to be performed pursuant to 49:3-56(p).

(d) If the applicant is a corporation or partnership and is not applying for registration through the CRD, it shall submit to the Bureau as part of the application, the fingerprints of each officer, director, controlling person, (as defined on the Form BD), or partner, and written consent from each for a criminal history record background check to be performed pursuant to 49:3-56(p).

(e) If, during the pendency of the application, it appears to the Bureau Chief that the application may contain a misrepresentation, may omit a document or material fact, or contains any statement which may be, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect, the Bureau Chief, in his or her discretion, may notify the applicant of the deficiency or act pursuant to 49:3-58 or 49:3-67. Notification of the deficiency shall require the applicant to perfect the application by amending or supplementing the information previously submitted within 21 days after notification of the deficiency; withdraw the application; or subject itself to further action of the Bureau Chief by Order or otherwise. If the applicant elects to perfect the application within 21 days, the amendment or supplement by the applicant shall postpone the effectiveness of the application for 30 days after the applicant perfects the application. The Bureau Chief may elect, in his or her discretion, to grant extensions of time to perfect the application.

N.J. Admin. Code § 13:47A-1.1

Amended by 47 N.J.R. 2155(a), effective 8/17/2015

Amended by 51 N.J.R. 1467(a), effective 9/16/2019