Section 104.5 - Registration of Dealers and Investment Advisers-Review of Applications(a) Within 14 days of receipt by the Agency of an application and a fee that is sufficient for registration as a dealer or investment adviser, the Registration Division shall send a written deficiency letter to the applicant setting forth a list of items or exhibits that either have not been filed or that contain errors or omissions. If the applicant is filing through the Central Registration Depository (CRD) or the Investment Adviser Registration Depository (IARD), deficiency corrections of a procedural, non-disciplinary nature will be handled by the CRD or IARD. (1) If an insufficient fee is submitted with the application, the fee will be returned to the applicant along with immediate notification as to the correct amount owed.(2) The application will be held in abeyance until the correct fee is received by the Agency.(b) Within 14 days of receipt by the Agency of all requested items and exhibits, the division staff shall review the file and, if necessary, shall send a written comment letter setting forth any deviations from the substantive requirements of the Texas Securities Act or Board rules relating to the registration of dealers or investment advisers. This process may be repeated to raise subsequent comments.(c) An application is complete and accepted for filing upon receipt by the agency of the following: (1) all items required to be filed with the Agency as set forth in the deficiency letter referred to in subsection (a) of this section; and(2) complete responses to all comments raised by the division during review of the application.(d) Within 14 days of receipt by the Agency of a complete application, the division staff shall review the application and the applicant's responses to initial comments and make a recommendation to grant, deny, or allow withdrawal of the application.(e) Within 14 days of the division staff's recommendation, any remaining issues shall be addressed by the Director (or an Assistant Director) of the Registration Division and the Deputy Commissioner. Additional comments, if any, raised at this stage of review must be communicated to the applicant immediately.(f) The final decision to grant, deny, or allow withdrawal of the application must be made and communicated to the applicant within 14 days of the latter of: (1) the division's recommendation, or(2) receipt by the Agency of complete responses to any remaining comments.(g) Written communications between the Registration Division and the applicant may be transmitted by facsimile, email, U.S. mail, or other more timely means of communication.7 Tex. Admin. Code § 104.5
The provisions of this §104.5 adopted to be effective May 17, 1988, 13 TexReg 2160; amended to be effective March 14, 1999, 24 TexReg 1769; amended to be effective August 10, 2003, 28 TexReg 5991; Amended by Texas Register, Volume 40, Number 40, October 2, 2015, TexReg 6888, eff. 10/6/2015; Amended by Texas Register, Volume 44, Number 33, August 16, 2019, TexReg 4310, eff. 8/25/2019