Alabama Administrative Code
Title 830 - ALABAMA SECURITIES COMMISSION
Chapter 830-X-3 - REGISTRATION OF DEALERS, AGENTS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES
Section 830-X-3-.13 - Supervision Of Associated Persons
Current through Register Vol. 42, No. 5, February 29, 2024
(1) Every dealer, issuer or investment adviser, and officers, directors and partners thereof, shall exercise diligent supervision over all the securities activities of its associated persons.
(2) Every associated person of the dealer, issuer or investment adviser shall be subject to the supervision of a supervisor designated by such dealer, issuer or investment adviser. The supervisor may be a partner, officer, director, office manager, or any other qualified associated person, or in the case of a sole proprietorship, the sole proprietor.
(3) As part of its responsibility under this rule, every dealer, issuer or investment adviser shall establish, maintain and enforce written procedures, a copy of which shall be kept in each business office, which shall set forth the procedures adopted by the dealer, issuer or investment adviser to comply with the following duties imposed by this rule, and shall state at which business office or offices the dealer, issuer or investment adviser keeps and maintains the records required by Rules 830-X-3-.14 and 830-X-3-.16, as appropriate.
(4) Every dealer, issuer or investment adviser who has designated more than one supervisor pursuant to paragraph (2) of this rule shall designate from among his partners, officers, directors or other qualified associated persons, a person or group of persons who shall:
Author:
Formerly Rule No. 830-X-3-.18.
Statutory Authority: Code of Ala. 1975, § 8-6-23.