21 Va. Admin. Code § 5-20-10

Current through Register Vol. 41, No. 6, November 4, 2024

Section 21VAC5-20-10 - Application for registration as a broker-dealer

A. Application for registration as a broker-dealer by a FINRA member shall be filed in compliance with all requirements of CRD and in full compliance with forms and regulations prescribed by the commission and shall include all information required by such forms.

B. An application shall be deemed incomplete for registration as a broker-dealer by a FINRA member unless the applicant submits the following executed forms, fee, and information:

1. Form BD.

2. Statutory fee payable to FINRA in the amount of $200 pursuant to § 13.1-505F of the Act.

3. Evidence of approved FINRA membership.

4. Evidence of at least one qualified agent registration pending on CRD.

5. Any other information the commission may require.

C. Application for registration for any non-FINRA member broker-dealer shall be filed with the commission at its Division of Securities and Retail Franchising or such other entity designated by the commission on and in full compliance with forms prescribed by the commission and shall include all information required by such forms.

D. An application shall be deemed incomplete for registration as a non-FINRA member broker-dealer unless the applicant submits the following executed forms, fee, and information to the commission:

1. Form BD.

2. Statutory fee payable to the Treasurer of Virginia in the amount of $200 pursuant to § 13.1-505F of the Act.

3. Financial statements required by 21VAC5-20-80.

4. Evidence of exam requirements for principals required by 21VAC5-20-70.

5. Evidence of at least one qualified individual with an agent registration pending with the division on behalf of the broker-dealer.

6. Any other information the commission may require.

E. The commission shall either grant or deny each application for registration within 30 days after it is filed. However, if additional time is needed to obtain or verify information regarding the application, the commission may extend such period as much as 90 days by giving written notice to the applicant. No more than three such extensions may be made by the commission on any one application. An extension of the initial 30-day period, not to exceed 90 days, shall be granted upon written request of the applicant.

21 Va. Admin. Code § 5-20-10

Derived from Rule 200, Case No. SEC810005, eff. July 1, 1981; amended by Case No. SEC890040, eff. July 1, 1989; Case No. SEC900034, eff. July 1, 1990; Virginia Register Volume 14, Issue 22, eff. July 1, 1998; Volume 15, Issue 22, eff. July 1, 1999; Volume 17, Issue 20, eff. July 1, 2001; Volume 29, Issue 20, eff. June 3, 2013.

Statutory Authority

§§ 12.1-13 and 13.1-523 of the Code of Virginia.