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Rule Title: REGISTRATION AND EXAMINATION - SECURITIES SALESPERSON, INVESTMENT ADVISER REPRESENTATIVES, BROKER-DEALERS, AND INVESTMENT ADVISERS
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Department: STATE AUDITOR
Chapter: SECURITIES DEPARTMENT
Subchapter: Broker-Dealers and Investment Advisers
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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6.10.501    REGISTRATION AND EXAMINATION - SECURITIES SALESPERSON, INVESTMENT ADVISER REPRESENTATIVES, BROKER-DEALERS, AND INVESTMENT ADVISERS

(1) To become registered in this state as a securities salesperson or an investment adviser representative, the individual applicant shall pass the Financial Industry Regulatory Authority, Inc. (FINRA) uniform securities agent state law exam or the uniform combined state law examination, or an examination designated by the commissioner. The applicant must also complete an application form described in (2). A salesperson applying to register with an issuer does not have to take an examination.

(2) Each application for registration in this state must be made on the most current revised uniform application form as adopted by the North American Securities Administrators Association (NASAA), unless the commissioner, by order, designates another form. Broker-dealers shall use FINRA form BD, investment adviser representatives shall use FINRA form ADV, and securities salespersons and investment adviser representatives shall use FINRA form U-4.

(3) Except as provided in (3)(a) and (b), all applications, amendments, reports, notices, related filings, and fees required to be filed with the commissioner shall be filed electronically with and transmitted to the FINRA's investment adviser registration depositor (IARD) for investment advisers and investment adviser representatives or to the FINRA's central registration depository (CRD) for broker-dealers and salespersons:

(a) except as provided in (3)(b), salespersons representing issuers, salespersons of non-FINRA firms and broker-dealers that are not members of the FINRA shall file all applications, amendments, reports, notices, related filings, and fees directly with the commissioner;

(b) in the commissioner's discretion, the commissioner may by order provide for a manner of filing an application to register or an application to terminate registration different from the procedures provided in this rule;

(c) notwithstanding (3) of this rule, the electronic filing of any particular document and the collection of related processing fees shall not be required until such time as IARD provides for receipt of such filings and fees. Any documents or fees required to be filed with the commissioner that are not permitted to be filed with or cannot be accepted by IARD shall be filed directly with the commissioner.

(4) Each person registered pursuant to 30-10-201, MCA, wishing to terminate registration shall file an application to terminate registration. Each application to terminate registration must be made on the most current revised uniform termination form as adopted by NASAA, unless the commissioner, by order, designates another form. Broker-dealers shall use form BDW, investment advisers shall use form ADV-W, and securities salespersons and investment adviser representatives shall use form U-5.

(5) Each change in the information included in an application for registration or termination must be set forth in an amendment to the application and filed with the commissioner within 30 days after the change occurs.

(6) Upon the written request of an applicant and for good cause shown, the commissioner may waive any of the requirements of this rule.

History: 30-10-107, MCA; IMP, 30-10-201, MCA; NEW, 1984 MAR p. 19, Eff. 1/13/84; AMD, 1988 MAR p. 1803, Eff. 8/12/88; AMD, 1989 MAR p. 220, Eff. 1/27/89; AMD, 1996 MAR p. 1133, Eff. 4/26/96; AMD, 2002 MAR p. 73, Eff. 1/18/02; TRANS and AMD, from ARM 6.10.121, 2008 MAR p. 2046, Eff. 9/26/08.


 

 
MAR Notices Effective From Effective To History Notes
6-180 9/26/2008 Current History: 30-10-107, MCA; IMP, 30-10-201, MCA; NEW, 1984 MAR p. 19, Eff. 1/13/84; AMD, 1988 MAR p. 1803, Eff. 8/12/88; AMD, 1989 MAR p. 220, Eff. 1/27/89; AMD, 1996 MAR p. 1133, Eff. 4/26/96; AMD, 2002 MAR p. 73, Eff. 1/18/02; TRANS and AMD, from ARM 6.10.121, 2008 MAR p. 2046, Eff. 9/26/08.
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