Ala. Admin. Code r. 830-X-3-.02

Current through Register Vol. 43, No. 1, October 31, 2024

Section 830-X-3-.02 - Application For Registration As An Agent

(1) Application for registration as an NASD member agent shall be filed on Form U-4 and in compliance with all requirements of the NASAA/NASD Central Registration Depository System, or its successor, and in compliance with all requirements of law or by rules, regulations or orders of the Commission.

(2) Application for registration as a non-NASD agent shall be filed on Form U-4 directly with the Commission and in compliance with all requirements of law or by rules, regulations or orders of the Commission.

(3) Whenever the information contained in an agent's U-4 becomes inaccurate or incomplete for any reason, it is the responsibility of the issuer or dealer to correct such information by the filing of an amendment on Form U-4 within 30 days with the Central Registration Depository, or its successor, for NASD agents and directly with the Commission for all other agents.

(4) Whenever an agent's registration is terminated, it shall be the responsibility of the issuer or dealer to file a Form U-5 within 30 days with the Central Registration Depository, or its successor, for NASD agents and directly with the Commission for all other agents.

(5) Agent transfers from one dealer or issuer to another are accomplished by filing Form U-4 with the Central Registration Depository, or its successor, for NASD agents and directly with the Commission for all other agents. Fees shall be incurred with each agent transfer in accordance with §§ 8-6-3(h).

(6) Registration of all agents shall expire on December 31st of each year unless renewals for the following year are completed by that date.

Author:

Ala. Admin. Code r. 830-X-3-.02

Filed September 30, 1982. Readopted: Filed November 9, 1983. Amended: Filed September 28, 1990 (rule title changed from "Application as Salesman" to "Application as Agent.")

Statutory Authority:Code of Ala. 1975, § 8-6-23.