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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-B. SECURITIES |
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Chapter 26-B1. BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, AND INVESTMENT ADVISER REPRESENTATIVES |
Section 26-B102. BROKER-DEALER AND AGENT REGISTRATION AND LICENSING
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102.1Except as otherwise provided in § 102.3, an application for an initial or renewal license as a broker-dealer or agent, pursuant to Section 203(a) (D.C. Register at 47 DCR 7846) of the Act or a successor's license as a broker-dealer pursuant to Section 203(a)(5) (D.C. Register at 47 DCR 7846) of the Act, shall be filed with the Department of Insurance and Securities Regulation ("Department"), or any other entity designated by the Department, on application forms provided for that purpose in accordance with the instruction for preparation and execution of the forms.
1102.2If the information contained in any application form for licensing or renewal or licensing as a broker-dealer or agent or in any amendment thereto is or becomes materially inaccurate or incomplete for any reason, the broker-dealer or agent shall promptly correct or complete the information by amending the application.
1102.3Applications for licenses by broker-dealers and agents who are members of the Financial Industry Regulatory Authority (“FINRA”) shall be filed with the Central Registration Depository ("CRD") of the FINRA as developed under contract with the North American Securities Administrators Association ("NASAA"), on forms established for the CRD and, in addition thereto, the broker-dealer shall file with the Department completed Broker-Dealer Affidavit, Affidavit of No Sales, and such other information as the Director may require.
102.4Applications for licenses and annual reports of broker-dealers and agents not members of the NASD shall be filed with the Department on Forms BD, U-4, Broker-Dealer Affidavit and Affidavit of No Sales, and such other information as the Director may require.
102.5The broker-dealer who files an application for an initial license shall file as part of its application an original statement of financial condition in such detail as to disclose the nature and amount of assets, liabilities, and capital as of a date within thirty (30) days of the application filing date.
102.6The applicant shall attach to the statement an oath or affirmation that the statement is true and correct to the best of his or her knowledge and belief.
102.7The oath or affirmation shall be made before a person duly authorized to administer the oath or affirmation.
102.8If the broker-dealer is a sole-proprietorship, the oath or affirmation shall be made by the proprietor; if a partnership, by a general partner; if a corporation, by a duly authorized officer.
102.9The schedule of securities furnished as a part of the statement of financial condition shall be considered confidential if bound separately from the balance of the statement.
102.10Except as provided for in § 102.9, the schedule of securities shall be available for official use by any official or employee of the United States or any state, by national securities exchanges and national securities associations of which the person filing the statement is a member, and by any other person to whom the Department authorizes disclosure of the information as being in the public interest.