Iowa Admin. Code r. 191-50.12

Current through Regsiter Vol. 46, No. 26, June 12, 2024

Rule 191-50.12 - Agent and issuer registrations, renewals and amendments

(1) Agent registration. Every applicant for registration as an agent of a broker-dealer shall:

a. Pass the Uniform Securities Agent State Law Examination (Series 63) or the Uniform Combined State Law Examination (Series 66);

b. Pass the appropriate qualifying examination administered by FINRA. In the event that an applicant for registration as an agent has received a waiver by FINRA of a FINRA examination otherwise required by this paragraph, the FINRA waiver will be accepted in lieu of the examination requirement;

c. File an accurate and complete Form U-4 with CRD; and

d. Pay a $40 filing fee to FINRA if applying for registration as an agent of a FINRA member broker-dealer, or to the administrator if applying for registration as an agent of a non-FINRA member broker-dealer.

(2) Any individual who is out of the business of effecting transactions in securities for less than two years from the date of filing an application and who has previously passed an examination required in subrule 50.12(1) shall not be required to retake the examination to be eligible to be relicensed upon application.

(3) Renewals, amendments, and withdrawal requests.

a. A registered agent of a FINRA member broker-dealer shall submit all renewals, renewal fees, amendments to Form U-4, and withdrawal requests to CRD. A withdrawal request shall be made by filing an accurate and complete Form U-5 with CRD.

b. A registered agent of a non-FINRA member broker-dealer shall submit all renewals, renewal fees, amendments to Form U-4, and withdrawal requests to the administrator. A withdrawal request shall be made by filing an accurate and complete Form U-5 with the administrator.

(4) An issuer seeking to employ persons as agents of the issuer within the meaning of Iowa Code section 502102(2). must apply in writing to the administrator for such authority. The application shall include:

a. A statement of the issuer's intent to employ agents for the sale of its securities;

b. The name, address, social security number, and proof of satisfaction of subrule 50.12(1) for each agent;

c. A complete description of the subject securities;

d. A complete and accurate Form U-4; and

e. A $40 filing fee.

This rule is intended to implement Iowa Code section 502.406.

Iowa Admin. Code r. 191-50.12

ARC 9169B, IAB 10/20/10, effective 11/24/10; ARC 1076C, IAB 10/2/2013, effective 11/6/2013

Amended by IAB April 11, 2018/Volume XL, Number 21, effective 5/16/2018