Rule 590-4-5-.09 - Notice of Changes in Circumstances(1) Every broker-dealer or applicant shall promptly notify the Commissioner, in writing, of any material change in any information, exhibits or schedules disclosed in the application. A correction amendment shall be filed at the time of the occurrence or promptly after discovery of the change. Material changes include, but are not limited to, the following: (a) Change in firm name, ownership, management, control or any of its partners, officers or persons in similar positions.(b) Change in principal office address.(c) Change in principal office or branch office managers, provided the offices are located in Georgia.(d) Change in the type of entity or general plan of the broker-dealer business, method of operation or type of securities in which it is dealing or trading.(e) Insolvency, either in the sense that liabilities exceed assets or in the sense that obligations cannot be met as they mature.(f) Change with the net liquid capital or bond requirements, including dissolution, liquidation or noncompliance.(g) Termination of business or discontinuance of activities as a broker-dealer.(h) The broker-dealer or applicant is the subject of an order, a proceeding or an institution of a proceeding by or in any civil court, criminal court or administrative agency involving any aspect of the securities business, any felony or a U.S. Post Office fraud order.(i) The report required by Subsection (1)(i) above shall be accompanied by a copy of any notice, order, pleading, indictment, accusation or similar legal document that such broker-dealer, agent or principal has received in the case.(2) Every agent or applicant shall promptly notify the Commissioner in writing of any material changes in any information, exhibits or schedules disclosed in his or her application. A correction amendment shall be filed at the time of the occurrence or promptly after discovery of the change. Material changes include, but are not limited to, the following:(b) Termination of agency with the broker-dealer or issuer with whom licensed.(c) The filing of a criminal charge or civil action against the applicant in which a fraudulent, dishonest or investment-related act is alleged.(d) The agent or applicant becomes aware that it, he or she is the subject of an order, a proceeding or an institution of a proceeding by or in any civil court, criminal court or administrative agency involving any aspect of the securities business, any felony or a U.S. Post Office fraud order.(3) Any broker-dealer or agent who fulfills the reporting requirements of CRD shall be deemed to be in compliance with reporting requirements of the Act and the Rules.Ga. Comp. R. & Regs. R. 590-4-5-.09
O.C.G.A. Secs. 10-5-35, 10-5-36, 10-5-40, 10-5-70, 10-5-74.
Original Rule entitled "Notice of Changes in Circumstances" adopted. F. Nov. 18, 2011; eff. Dec. 8, 2011.