Md. Code Regs. 02.02.02.04

Current through Register Vol. 51, No. 24, December 2, 2024

Section 02.02.02.04 - 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 Associations Article, § 11-407, Annotated Code of Maryland; and

(2) File with the Commissioner other information the Commissioner may reasonably require.

C. Agents of Non-FINRA Members.

(1) An applicant for initial registration as an agent for a broker-dealer that is not an FINRA member shall file an application with the Commissioner upon Form U-4 (Uniform Application for Securities Industry Registration or Transfer).

(2) The application shall contain:

(a) A statement or certificate showing compliance with or exemption from the examination requirement of Regulation .06 of this chapter;

(b) The fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-407, Annotated Code of Maryland; and

(c) Other information the Commissioner may reasonably require.

D. Completion of Filing. An application for initial registration as an agent is not considered filed for purposes of the Maryland Securities Act, Corporations and Associations Article, § 11-405, Annotated Code of Maryland, until:

(1) The applicant has complied with the examination requirement of Regulation .06 of this chapter;

(2) If the applicant has applied for registration with the FINRA, the applicant is approved by the FINRA as a representative; and

(3) The applicant has submitted any other information the Commissioner has requested.

Md. Code Regs. 02.02.02.04

Regulations .04 adopted effective January 17, 1994 (21:1 Md. R. 26)
Regulation .04B, D amended effective June 15, 1998 (25:12 Md. R. 944)