Md. Code Regs. 02.02.03.11

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

Section 02.02.03.11 - Initial and Renewal Registration as Issuer Agent

A. Definitions.

(1) For purposes of this regulation, the following terms have the meanings indicated.

(2) Terms Defined.

(a) "Agent" has the same meaning as set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-101(b), Annotated Code of Maryland.

(b) "Issuer agent" means an agent, other than a broker-dealer agent, who represents an issuer in effecting or attempting to effect the purchase or sale of securities.

B. Initial Registration. An applicant for initial registration as an issuer agent shall file with the Commissioner:

(1) An application upon Form U-4 (Uniform Application for Securities Industry Registration or Transfer);

(2) A statement or certificate demonstrating that the applicant has satisfied the examination requirement of §C of this regulation; and

(3) The fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-407(a)(2), Annotated Code of Maryland.

C. Examination Requirement. An applicant for initial registration as an issuer agent shall have passed, with a score of 70 percent or better, the Series 63 examination administered by the NASD unless:

(1) The applicant effects transactions exclusively in securities exempt under the Maryland Securities Act, Corporations and Associations Article, § 11-601; or

(2) Based upon the applicant's education, experience, or duties, the Commissioner waives the examination requirement.

D. Renewal Registration. An applicant for renewal registration as an issuer agent shall file with the Commissioner:

(1) An application on the form entitled Maryland Application for Renewal of Registration as an Issuer Agent; and

(2) The fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-407(a)(2).

Md. Code Regs. 02.02.03.11

Regulation .11 adopted effective May 9, 1994 (21:9 Md. R. 749)