Mo. Code Regs. tit. 15 § 30-51.020

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

Section 15 CSR 30-51.020 - Applications for Registration or Notice Filings

PURPOSE: This amendment replaces mentions of National Association of Securities Dealers (NASD) with Financial Industry Regulatory Authority (FINRA) throughout the rule.

(1) Broker-Dealer Application. The application for registration as broker-dealer shall contain the information outlined in section 409.4-406(a) of the Act and in this rule. Financial Industry Regulatory Authority (FINRA) members must file applications in accordance with the guidelines of the Central Registration Depository (CRD) System.

(A) Initial Registration. The following shall be included in an initial application for registration:

1. Form BD;

2. Form SBD-1, the Broker-Dealer Affidavit;

3. If a FINRA member, the most recent audited financial statements or Form X-17A-5 FOCUS Report;

4. If not a FINRA member, the most recent certified financial statements;

5. Designation of at least one (1) broker-dealer agent to be registered in Missouri; and

6. Payment of the filing fee.

(B) Renewal Registration. The following shall be submitted in a renewal application:

1. If a FINRA member, broker-dealer must submit payment of the filing fee;

2. If not a FINRA member, broker-dealer must submit-

A. The execution page of the Form BD;

B. Any amendments to the Form BD not previously filed;

C. A balance sheet prepared within ninety (90) days of filing;

D. A listing of agents representing the broker-dealer; and

E. Payment of the filing fee.

(C) Broker-Dealers with Investment Adviser or Federal Covered Adviser Capacity. A broker-dealer, that intends to employ or supervise investment adviser representatives, but which is not also registered as an investment adviser or filed as a federal covered adviser, shall file a Form ADV with its initial or renewal application for registration as required above. Broker-dealers have a continuing duty to amend this information under 15 CSR 30-51.160.

(2) Broker-Dealer Agent and Issuer Agent Application. The application for registration as a broker-dealer agent or issuer agent shall contain the information outlined in section 409.4-406(a) of the Act and in this rule. FINRA members must file applications in accordance with the guidelines of the CRD System.

(A) Initial Registration. The following shall be included in an initial application for registration:

1. Form U-4;

2. Payment of the filing fee; and

3. Documentation of qualification under examination requirements.

(B) Renewal registration of broker-dealer agents and issuer agents. The following shall be submitted in a renewal registration:

1. Payment of the filing fee; and

2. If not an agent of a FINRA member, Form SA-1, the Missouri Application for Renewal Registration as Agent.

(3) Investment Adviser Application. The application for registration as an investment adviser shall contain the information outlined in section 409.4-406(a) of the Act and in this rule. All applicants must file applications in accordance with the guidelines of the Investment Adviser Registration Depository (IARD) System, unless the commissioner has granted a hardship exemption under section (6).

(A) Initial Registration. The following shall be included in an initial application for registration:

1. Electronically-filed Form ADV;

2. Form SADV-1, the State Covered Investment Adviser Affidavit and requested information;

3. Applicant's current balance sheet prepared within thirty (30) days of filing;

4. A listing of all investment adviser representatives who will be rendering investment advice for the firm in this state;

5. The name of the applicant's chief compliance officer;

6. Copies of the following documents:

A. A sample or copy of the written agreement the applicant intends to enter into with any client relating to the business of the applicant;

B. A sample or copy of any solicitor agreements the applicant intends to utilize if the applicant intends to use a solicitor(s) arrangement or act as a solicitor; and

C. Private placement memorandum(s), limited partnership agreement(s), subscription agreement(s), and gatekeeper arrangement(s) if a pooled investment vehicle or hedge fund is to be involved, or any agreements similar to the above, if the applicant intends to utilize any of the above agreements; and

7. Payment of the filing fee.

(B) Renewal Registration. The following shall be submitted in a renewal registration:

1. Payment of the filing fee.

(4) Federal Covered Adviser Notice Filing. The notice filing of a federal covered adviser transacting business in this state shall be filed in accordance with the guidelines of the IARD System and include the following:

(A) Initial Notice Filing. The following shall be submitted in an initial notice filing:

1. Form ADV; and

2. Payment of filing fee.

(B) Renewal Notice Filing. The following shall be submitted in a renewal notice filing:

1. Payment of filing fee.

(5) Investment Adviser Representative Application. The application for registration as an investment adviser representative shall contain the information outlined in section 409.4-406(a), RSMo and in this rule. All applicants must file applications in accordance with the guidelines of the CRD System, unless the commissioner has granted a hardship exemption under section (6).

(A) Initial Registration. The following shall be included in an initial application for registration:

1. Form U-4;

2. Documentation of qualification under examination requirements; and

3. Payment of filing fee.

(B) Renewal Registration. The following shall be submitted in a renewal registration:

1. Payment of filing fee.

(6) Hardship Exemption for Investment Advisers and Investment Adviser Representatives from IARD System and CRD System.

(A) An investment adviser or investment adviser representative may request a hardship exemption from applying for registration in electronic format through the IARD System or CRD System by filing with the commissioner:

1. Form SADV-SH;

2. Payment of one hundred dollars ($100) filing fee.

(B) The commissioner may grant a hardship exemption if filing an application in electronic format would subject the applicant to unreasonable burden or expense.

(7) Amendments to Application. Any amendment of an application pursuant to section 409.4-406(b), RSMo and 15 CSR 30-51.160(3) shall be filed with the appropriate form marked AMENDED.

15 CSR 30-51.020

AUTHORITY: sections 409.4-406 and 409.6-605, RSMo Supp. 2010.* Original rule filed June 25, 1968, effective Aug. 1, 1968. Amended: Filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Amended: Filed Dec. 19, 1975, effective Dec. 31, 1975. Amended: Filed Aug. 11 , 1978, effective Feb. 11 , 1979. Emergency amendment filed Aug. 15, 1983, effective Aug. 29, 1983, expired Dec. 26, 1983. Amended: Filed Aug. 15, 1983, effective Nov. 11 , 1983. Amended: Filed Oct. 16, 1986, effective Feb. 12, 1987. Amended: Filed March 27, 1989, effective June 12, 1989. Amended: Filed July 3, 1989, effective Sept. 28, 1989. 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 Feb. 27, 1996, effective Aug. 30, 1996. Rescinded and readopted: Filed Dec. 17, 2001, effective July 30, 2002. Amended: Filed Feb. 13, 2003, effective Aug. 30, 2003. Emergency amendment filed Aug. 27, 2003, effective Sept. 12, 2003, expired March 9, 2004. Amended: Filed Aug. 28, 2003, effective Feb. 29, 2004. Amended: Filed Sept. 9, 2010, effective March 30, 2011 .

Amended by Missouri Register December 16, 2019/Volume 44, Number 24, effective 1/30/2020

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