Mo. Code Regs. tit. 15 § 30-51.010

Current through Register Vol. 49, No.12, June 17, 2024

Section 15 CSR 30-51.010 - General Instructions

PURPOSE: This rule covers general instructions applicable to persons applying for registration as broker-dealer, agent, investment adviser, or investment adviser representative.

(1) Qualifications for Registration. A broker-dealer, agent, investment adviser, investment adviser representative, or issuer agent may be registered or renewed under the Act if the commissioner finds that the applicant:

(A) Is qualified;

(B) Has sufficient training, knowledge and experience in the securities business;

(C) Is of good repute and has otherwise satisfied the requirements of the Act and these rules; and

(D) Has attained the age of eighteen (18) years, if the applicant is an individual.

(2) Registered Person Requirement. A broker-dealer shall have at least one (1) agent registered in this state. An investment adviser shall have at least one (1) investment adviser representative registered in this state.

(3) Dual Registration of Agents and/or Investment Adviser Representatives. Any applicant for registration as agent or investment adviser representative shall not be registered as representing more than one (1) broker-dealer, issuer or investment adviser at any one (1) time, except as follows:

(A) Where control and management of the broker-dealers, issuers or investment advisers are essentially identical; or

(B) Where both broker-dealer(s), issuer(s) and/or investment adviser(s) have filed a statement signed by a principal of each firm:

1. Acknowledging the proposed dual agency;

2. Affirming that there will be no conflict of interest; and

3. Assuring the commissioner that the dual agency will be disclosed to all prospective customers.

(4) Broker-Dealer with Investment Adviser or Federal Covered Adviser Capacity. A broker-dealer, that is not also registered as an investment adviser or filed as a federal covered adviser, is not qualified to employ or supervise investment adviser representatives unless the broker-dealer has filed a Form ADV with its initial or renewal registration as required in 15 CSR 30-51.020(1)(C).

15 CSR 30-51.010

AUTHORITY: sections 409.4-402(e)409.4-406(e)409.6-605, RSMo Supp. 2003.* Original rule filed June 25, 1968, effective Aug. 1, 1968. Amended: Filed May 21, 1969, effective Aug. 1, 1969. Amended: Filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Emergency amendment filed Aug. 15, 1983, effective Aug. 29, 1983, expired Dec. 26, 1983. Amended: Filed Aug. 15, 1983, effective Nov. 11 , 1983. Emergency amendment filed Aug. 4, 1995, effective Aug. 14, 1995, expired Dec. 11 , 1995. Amended: Filed Aug. 4, 1995, effective Jan. 30, 1996. Amended: Filed Dec. 17, 2001, effective July 30, 2002. Emergency amendment filed Aug. 27, 2003, effective Sept. 12, 2003, expired March 9, 2004. Amended: Filed Aug. 28, 2003, effective Feb. 29, 2004.

*Original authority: 409.4-402, RSMo 2003; 409.4-406, RSMo 2003; 409.6-605, RSMo 2003.