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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-B104. FILING AND TRANSFER PROCEDURES
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104.1All relevant time periods in the Act for processing of filings will begin running on the first business day after the date the document is received.
104.2Any electronic method acceptable to the Director of the Securities Bureau ("Director") may be used to make any filings with the Department. The filing of documents and information using such an electronic method is equivalent to paper filing of documents and information with the Department.
104.3Filings directed to the Department by means of facsimile will be accepted by the Commissioner as complying with the requirements of the Act and these regulations, provided the filer sends the original signed document to the Department postmarked not later than the next business day after the facsimile transmission.
104.4A broker-dealer or an issuer may apply to the Commissioner to transfer its agent's license in order to transfer the business of the agent to other licensed broker-dealers or issuers. The agent may not conduct the activities of an agent on behalf of the other broker-dealer or issuer until the transferred license is effective.
104.5A broker-dealer who is not a member of FINRA or an issuer shall transfer an agent's affiliation from another broker-dealer or issuer by filing with the Department a signed, complete FINRA Form U-4, or its successor, with "DC" checked, and the required fee pursuant to § 109.
104.6A broker-dealer that is a registered with FINRA shall transfer an agent's affiliation from another FINRA broker-dealer by filing the appropriate application with the CRD, or any successor system, and shall comply with applicable FINRA rules regarding filing requirements, and dates.
104.7An application filed under this subsection is processed as an initial application in accordance with § 102.
104.8A licensed broker-dealer may register a successor by filing with the Department the following:
(a)a current, complete, and signed copy of SEC Form BD, or its successor, with "DC" checked; and
(b)a list of licensed agents associated or to be associated with the successor broker-dealer;
104.9If the successor is a broker-dealer who is also licensed with NASDR, the application for transfer of agents must be filed and processed through the CRD system, or any successor system.
104.10If a broker-dealer succeeds to and continues the business of another broker-dealer, the license of the predecessor broker-dealer is effective as the license of the successor broker-dealer for sixty (60) days after that succession or until the last day of the calendar year, whichever is sooner, but only if the successor broker-dealer has filed the SEC Form BD, or its successor, with the Department within thirty (30) days after the succession or before the last day of the calendar year, whichever occurs earlier.
104.11If a broker-dealer partnership that is not licensed with the Commissioner succeeds to and continues the business of a predecessor partnership that was licensed as a broker-dealer and files an SEC Form BD, or its successor, with the Commissioner to reflect changes in the partnership the Commissioner will treat a SEC Form BD, or its successor, as an application for license. The Commissioner will take this action even though the form filed may be designated as an amendment to an existing license of the predecessor partnership.
104.12A successor broker-dealer effecting a mass transfer of agents licenses pursuant to Section 205 of the Act (D.C. Register at 47 DCR 7848) shall be exempt from the fee requirement of § 109.