Tenn. Comp. R. & Regs. 0780-04-03-.03

Current through January 8, 2025

Section 0780-04-03-.03 - OIL AND GAS ISSUER-DEALERS

(1) Oil and Gas Issuer Dealer Registration.

(a) All applications for initial registration as an oil and gas issuer-dealer shall contain the following unless waived by order of the commissioner:

1. Form IN-0911, Application for Registration as an Oil and Gas Issuer-Dealer, containing all information and exhibits required by that Form;

2. A Consent to Service of Process and, if applicable, a Uniform Form of Corporate Resolution. Forms U-2 and U-2A are acceptable;

3. A nonrefundable filing fee of one hundred dollars ($100) by check made payable to the Tennessee Department of Commerce and Insurance; and

4. Such other information as the Division may request from a particular applicant to determine eligibility for registration.

(b) All applications for registration must be filed with the Division at its current published address.

(c) All applications become effective by operation of law thirty (30) days after the date stamped on the Form IN-0911 by the Division or, in the event the application is incomplete, thirty (30) days after the date the application becomes complete, unless a proceeding has been initiated by the Division to suspend or deny the application pursuant to T.C.A § 48-1-110(f)(4) or the thirty (30) day period is waived in writing by the applicant.

(d) Abandonment.

1. The Division may determine that an application to register an oil and gas issuer-dealer has been abandoned if:

(i) The application has been on file with the Division for more than one hundred eighty (180) days without becoming registered and no written communication has been received by the Division in connection with the application during such time period; or

(ii) A period of one hundred eighty (180) days has elapsed since the date of the Division's receipt of the most recent written communication to the Division from or on behalf of the applicant.

2. Upon determination that an application has been abandoned, the Division shall, by Order of Abandonment, cancel the pending application without prejudice and, within thirty (30) days of such cancellation, mail a copy of the Order of Abandonment to the last known business address of the applicant.

(2) Renewal of Registration.

(a) All registrations expire at midnight on December 31 of each year and must be renewed no later than ten (10) days prior to that date.

(b) All renewals shall contain the following:

1. The renewal form provided by the Division with all information and exhibits required by the form; and

2. A nonrefundable renewal fee of fifty dollars ($50) by check to the Tennessee Department of Commerce and Insurance.

(3) Amendments.

(a) The applicant shall notify the Division in writing of any changes in the information provided in the application within ten (10) days of occurrence.

Tenn. Comp. R. & Regs. 0780-04-03-.03

Original rule filed September 9, 1980; effective October 24, 1980. Amendment filed January 13, 1983; effective February 14, 1983. Amendment filed July 5, 1983; effective August 4, 1983. Amendment filed January 12, 1989; effective February 26, 1989. Repeal and new rule filed September 28, 1990; effective November 12, 1990. Amendment filed May 15, 2002; effective July 29, 2002. Repeal and new rule filed March 16, 2015; effective 6/14/2015.

Authority: T.C.A. §§ 48-1-102, 48-1-107, 48-1-110, 48-1-111, 48-1-112, 48-1-113, 48-1-115, 48-1-116, 48-1-118, Public Acts of 2001, Chapter 61, §222 of the Investment Advisers Act of 1940, as amended by §304(a) of the National Securities Markets Improvement Act of 1996, and §§201A, 205, and 215 of the Investment Advisers Act of 1940.