N.M. Code R. § 12.11.2.17

Current through Register Vol. 35, No. 11, June 11, 2024

Section 12.11.2.17 - CANADIAN BROKER-DEALERS AND SALES REPRESENTATIVES EXEMPTION

A broker-dealer and its authorized agents are exempt from the registration requirements of Sections 58-13C-401 A and 58-13C-402 A if:

A. the broker-dealer and its authorized agents are located in Canada;

B. the broker-dealer and its authorized agents are licensed or registered pursuant to the laws of one or more Canadian provinces or territories;

C. the broker-dealer has no place of business in this state; and

D. the transactions in this state are limited to the following:

(1) transactions with a person who is temporarily in this state and with whom the Canadian broker-dealer had a bona fide broker-dealer-client relationship before the person entered the United States; or

(2) transactions with a person who is present in this state in relation to a self-directed tax advantaged retirement plan in Canada of which the person is the holder or contributor.

N.M. Code R. § 12.11.2.17

12.11.2.17 NMAC - Rp, 12.11.2.17 NMAC, 1-1-2010