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23-42-301. Registration required — Unlawful acts — Supervision requirements.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-42-301. Registration required — Unlawful acts — Supervision requirements.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-301

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Stable record: arkansas_code:legal_authorities:23-42-301
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d6a81ad195ce08b2458b1550bc9a8a6fe9f6a24aaa486c3d35c2e3271ad1d4ff

Source location: content.xml paragraph 20614

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23-42-301. Registration required — Unlawful acts — Supervision requirements. (a) It is unlawful for a person to transact business in this state as a broker-dealer or agent unless he or she is registered under this chapter. (b)(1) It is unlawful for a registered broker-dealer or issuer to employ an unregistered agent except a nonresident agent who is registered by any other state securities administrator and who effects transactions in this state exclusively with registered broker-dealers. (2) The registration of an agent is not effective during a period when he or she is not associated with a particular: (A) Broker-dealer registered under this chapter; or (B) Issuer. (3)(A) A broker-dealer or issuer shall notify promptly the Securities Commissioner or the commissioner's designee if an agent begins or terminates: (i) An association with a broker-dealer or issuer; or (ii) The activities that make him or her an agent of the broker-dealer or issuer. (B) If an agent terminates or withdraws his or her registration with a broker-dealer or issuer, a subsequent application by the agent for registration is treated as: (i) An initial registration; and (ii) A notification by the agent of termination or withdrawal of the previous registration or application. (4) [Repealed.] (c) It is unlawful for a person to transact business in this state as an investment adviser or investment adviser representative without first being registered under this chapter unless the person: (1) Is registered as an investment adviser with the United States Securities and Exchange Commission under section 203 of the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq., as it existed on January 1, 2013, and has filed with the commissioner or the commissioner's designee a notice filing consisting of: (A) A copy of documents on file with the United States Securities and Exchange Commission that the commissioner may by rule or order prescribe; and (B) The fee set forth in § 23-42-304(a)(3); (2) Is not registered as an investment adviser with the United States Securities and Exchange Commission under section 203 of the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq., as it existed on January 1, 2013, because the person is not an investment adviser under section 202(a)(11) of the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq., as it existed on January 1, 2013; (3) Is a “representative” of an investment adviser registered with the United States Securities and Exchange Commission under section 203 of the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq., as it existed on January 1, 2013, and has no place of business located in this state; or (4) Is a supervised person of an investment adviser registered with the United States Securities and Exchange Commission, but is not an investment adviser representative as defined by Rule 203A-3 of the rules and regulations of the Investment Advisers Act of 1940, 17 C.F.R. § 275, as they existed on January 1, 2013. (d)(1) A notice filing required by subdivision (c)(1) of this section becomes effective upon receipt by the commissioner or the commissioner's designee of the notice filing, consent to service of process, and the appropriate fee. (2)(A) The registration and notice filing required by subdivision (c)(1) of this section expires December 31 of each year unless renewed. (B) Effective upon the commissioner's receipt of notification, an investment adviser may terminate the investment adviser's notice filing under subdivision (c)(1) of this section by providing the commissioner notification of the termination. (e) A broker-dealer or investment adviser shall not conduct business from a branch office within this state unless the branch office is registered under this chapter. (f)(1) A broker-dealer shall establish, maintain, and enforce a system to supervise the activities of its agents and employees that is reasonably designed to achieve compliance with this chapter, the rules and orders of the commissioner, all other applicable state and federal securities laws, and the rules of self-regulatory organizations. (2) A broker-dealer's supervisory system shall include without limitation the: (A) Establishment and maintenance of written procedures designed to achieve compliance with subdivision (f)(1) of this section; and (B) Appointment of at least one (1) agent of the broker-dealer, who is registered in Arkansas and meets the qualifications and performs the supervisory responsibilities of the broker-dealer for activities in this state under rules established by the commissioner. (g)(1) An investment adviser shall establish, maintain, and enforce a system to supervise the activities of its representatives and employees that is reasonably designed to achieve compliance with this chapter, the rules and orders of the commissioner, all other applicable state and federal securities laws, and the rules of self-regulatory organizations. (2) An investment adviser's supervisory system shall include without limitation the: (A) Establishment and maintenance of written procedures designed to achieve compliance with subdivision (g)(1) of this section; and (B) Appointment of at least one (1) representative of the investment adviser, who is registered in Arkansas and meets the qualifications and performs the supervisory responsibilities of the investment adviser for activities in this state under rules established by the commissioner. (h) The commissioner may by rule establish concurrent registration with a broker-dealer, issuer, or investment adviser or any combination of broker-dealers, issuers, and investment advisers.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 80b-1 — Findings

Page 588 TITLE 15—COMMERCE AND TRADE § 80a–64 1 See References in Text note below. development company to inform the purchaser of such securities, at or before the time of sale, of the existence of the risk statement prepared by such business development company pursu- ant to this subsection, and make such risk statement available on request. The Commis- sion, in making such rules and regulations, shall consider, among other matters, whether any such rule or regulation would impose any unrea- sonable burdens on such brokers or dealers or unreasonably impair the maintenance of fair and orderly markets. (Aug. 22, 1940, ch. 686, title I, § 64, as added Pub. L. 96–477, title I § 105, Oct. 21, 1980, 94 Stat. 2289; amended Pub. L. 104–290, title V, § 507, Oct. 11, 1996, 110 Stat. 3446.) Editorial Notes AMENDMENTS 1996—Subsec. (b)(1). Pub. L. 104–290 inserted ‘‘and cap- ital structure’’ after ‘‘portfolio’’. § 80a–64. Preventing compliance with sub- chapter; liability of controlling persons Notwithstanding the exemption set forth in section 80a–6(f) of this title, section 80a–47 of this title shall apply to a business development company to the same extent as if it were a reg- istered closed-end investment company, except that the provisions of section 80a–47(a) of this title shall not be construed to require any com- pany which is not an investment company with- in the meaning of section 80a–3(a) of this title to comply with the provisions of this subchapter which are applicable to a business development company solely because such company is a whol- ly-owned subsidiary of, or directly or indirectly controlled by, a business development company. (Aug. 22, 1940, ch. 686, title I, § 65, as added Pub. L. 96–477, title I, § 105, Oct. 21, 1980, 94 St

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 80b-1

Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 80b-1. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-42-304. Filing fees — Rules.

23-42-304. Filing fees — Rules. (a) Every applicant for initial or renewal registration and every person making a notice filing as required by § 23-42-301(c) shall pay a filing fee of: (1) Three hundred dollars ($300) in the case of a broker-dealer; (2) Seventy-five dollars ($75.00) in the case of an agent, of which twenty-five dollars ($25.00) shall be designated as special revenues and shall be deposited into the Securities Department Fund; (3) Three hundred dollars ($300) in the case of an investment adviser; (4) Seventy-five dollars ($75.00) in the case of a representative, of which twenty-five dollars ($25.00) shall be designated as special revenues and shall be deposited into the Securities Department Fund; (5) Fifty dollars ($50.00) in the case of a branch office, of which the entire amount shall be designated as special revenues and deposited into the Securities Department Fund; and (6) Three hundred dollars ($300) in the case of an exempt reporting adviser or investment adviser to a private fund that complies with exemption requirements. (b) After an application for registration has been processed, in whole or in part, any filing fee shall be nonrefundable. (c) The State Securities Department is hereby authorized to promulgate such rules necessary to administer the fees, rates, tolls, or charges for services established by this section and § 23-42-404 and is directed to prescribe and collect such fees, rates, tolls, or charges for the services by the department in such manner as may be necessary to support the programs of the department as directed by the Governor and the General Assembly.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-304

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-304. This identifies an authority to review, not proof of applicability.