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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-B107. TERMINATION AND WITHDRAWAL OF REGISTRATION AS AN AGENT OF A BROKER-DEALER
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107.1Every broker-dealer shall promptly file with the Department, through the CRD on From U-5, a notice of termination of employment of any person registered in the District as an agent with such broker-dealer in the District, and shall also furnish the reason or reasons for such termination.
107.2When a licensed agent withdraws, cancels, or otherwise terminates its license, or when the association between the agent and broker-dealer is otherwise terminated for any reason, notice of such fact shall be filed promptly by the agent with the Department on the forms or in the manner prescribed below.
107.3A broker-dealer which is a member of the NASDR shall file notice of any withdrawals, cancellations, or terminations of an agent's license with the Department through the CRD. A broker-dealer which is not a member of FINRA shall file any notice required by this section with the Department.
107.4The Commissioner, in his or her discretion, may institute a disciplinary proceeding pursuant to Section 207 of the Act (D.C. Official Code § 31-5602.07; D.C. Register at 47 DCR 7849) after the effective date of a termination or withdrawal of a license, as provided in Section 209 of the Act (D.C.Official Code § 31-5602.09; D.C. Register at 47 DCR 7852).
107.5A broker-dealer shall be responsible for the acts, practices, and conduct of licensed agents in connection with the purchase and sale of securities until such time as they have been properly terminated as provided in these regulations; and such broker-dealer may be subject to disciplinary action pursuant to Section 207 of the Act, for such agents as have been terminated but for whom the appropriate termination notices have not been filed at date of license renewal.
107.6The forms to be utilized for providing notice to the Department required by § 107.1 are:
(a)Uniform Request for Broker Dealer Withdrawal (Form BDW) (Revised 8/99); or
(b)Uniform Termination Notice for Securities Industry Registration (Form U-5) (Revised 8/99).