Current through February 24, 2025
(a) This section sets out the regulatory
requirements for submitting initial applications for broker-dealers, issuers,
agents, state investment advisers, and investment adviser representatives. This
section also sets out requirements for the administrator's acceptance of filing
of initial notices by federal covered advisers. The section also establishes
the effective dates of the initial applications and notices.
(b) An application for initial broker-dealer
registration for broker-dealers that are not NASD members and are not required
by federal law to become NASD members shall be made by submitting the following
items to the administrator:
(1) a complete
current, signed SEC Form BD, or its successor, with "AK" checked in item two of
page two, and the appropriate schedules to the form;
(2) a copy of the most recent
(A) audited financial statements;
and
(B) a SEC Form X-17A-5, or its
successor, which is commonly known as the "focus report";
(3) documents showing that the applicant is
registered with the SEC, if the applicant is not a member of the NASD and is
not required by federal law to become an NASD member;
(4) applicable fees set out in
3
AAC 08.015.
(c) An application for initial registration
for broker-dealers that are NASD members or are required by federal law to
become NASD members must be made through the NASDR's Central Registration
Depository (CRD), or any successor system. The broker-dealer shall comply with
applicable NASD rules regarding filing requirements, dates, and payments of
applicable fees set out in
3
AAC 08.015, and must check "AK" in item two of page
two of SEC Form BD. The administrator will consider an application for
registration filed on the date on which notice of intention to register in this
state is received by the administrator from the NASD.
(d) Unless the application for initial
broker-dealer registration is made effective earlier by the administrator,
registration becomes effective at noon on the thirtieth day after an
application is filed and the applicable fee set out in
3
AAC 08.015 is paid if
(1) a denial order is not in effect
concerning the applicant;
(2) a
proceeding is not pending under
AS
45.55.060 concerning the applicant;
and
(3) the administrator has not
initiated an investigation of the application under
AS
45.55.910.
(e) A broker-dealer whose registration is
effective in this state may file an initial agent registration by submitting
the following items:
(1) if the broker-dealer
is not an NASD member and is not required by federal law to become an NASD
member, the broker-dealer must file with the administrator
(A) a signed, complete NASDR Form U-4 for
each agent with "AK" checked as location for registration;
(B) documents demonstrating that each agent
has passed the NASDR Series 63 examination and any other applicable NASDR
examination; and
(C) the applicable
fee as set out in
3
AAC 08.015 for each agent;
(2) if the broker-dealer is an NASD member or
is required by federal law to become an NASD member, the broker-dealer must
(A) make application through the CRD, or its
successor;
(B) comply with
applicable NASD rules regarding filing requirements, dates, and payments of
applicable fees set out in
3
AAC 08.015;
(C) submit documents demonstrating that each
agent has passed the NASDR Series 63 or Series 66 examination and any other
applicable NASDR examination.
(f) The administrator will consider an
application for registration under (e)(2) of the section as filed with the
administrator on the day on which notice of intention to register in this state
is received by the administrator from the NASD.
(g) Initial registration of an agent under AS
45.55 becomes effective as follows:
(1) if
the broker-dealer is not an NASD member and is not required by federal law to
become an NASD member,
(A) if the agent is not
seeking dual registration and has indicated no affirmative response to any part
of question 23 of NASDR Form U-4, or its successor, the application for
registration becomes effective as of
(i) the
effective date of the registration for broker-dealer if both applications are
submitted together; or
(ii) the
date that the items in (e)(1) of this section are received by the
administrator;
(B) if
the agent is not seeking dual registration and has indicated an affirmative
response to any part of question 23 of NASDR Form U-4, or its successor, unless
the application is made effective earlier by the administrator, the
registration becomes effective at noon on the thirtieth day after the
application and the items in (e)(1) are filed, if
(i) a denial order is not in effect
concerning the application;
(ii) a
proceeding is not pending concerning the applicant under
AS
45.55.060; and
(iii) the administrator has not initiated an
investigation of the application under
AS
45.55.910;
(2) if the broker-dealer is an NASD member or
is required by federal law to become an NASD member,
(A) the application for registration becomes
effective as of the date that
(i) the items
in (e)(2) of this section are filed with the CRD, or its successor if the agent
has indicated no affirmative response to any part of question 23 of NASDR Form
U-4, or its successor; and
(ii) is
not seeking dual registration;
(B) unless the application is made effective
on the CRD earlier by the administrator, the application for registration
becomes effective at noon on the thirtieth day after the application and items
in (e)(2) are filed with the CRD if the agent is not seeking dual registration
and has indicated an affirmative response to any part of question 23 of NASDR
Form U-4 and
(i) a denial order is not in
effect concerning the applicant;
(ii) a proceeding is not pending concerning
the applicant under
AS
45.55.060; and
(iii) the administrator has not initiated an
investigation under
AS
45.55.910.
(h) An issuer may file initial
application for registration of an agent with the administrator containing the
following:
(1) a signed complete NASDR Form
U-4, or its successor, for each agent;
(2) documents demonstrating that each agent
has passed the NASDR Series 63 or Series 66 examination, unless waived by the
administrator; and
(3) the
applicable fees set out in
3
AAC 08.015 for each agent.
(i) Unless the administrator makes the
issuer's initial application for registration of an agent effective earlier,
the registration becomes effective at noon on the thirtieth day after the
application and items listed in (h) are filed with the administrator if the
agent is not seeking dual registration; and
(1) an affirmative response is not made to
question 23 of NASDR Form U-4;
(2)
a denial order is not in effect concerning the applicant;
(3) a proceeding is not pending concerning
the applicant under
AS
45.55.060; and
(4) the administrator has not initiated an
investigation under
AS
45.55.910.
(j) A person may file an initial application
to register as a state investment adviser by submitting the following with the
administrator:
(1) a complete, current,
signed SEC Form ADV, or it successor;
(2) a surety bond on a State of Alaska Form
08-100 or its successor, if required by
3
AAC 08.025;
(3) a complete, current, and signed NASDR
Form U-4, or its successor, for each investment adviser representative together
with evidence that the investment adviser representative has satisfied the
qualification requirements of
3
AAC 08.013;
(4) applicable fees for the applicant and
each investment adviser representative as set out in
3
AAC 08.015.
(k) Unless the administrator makes the
application effective earlier, the registration for initial state investment
adviser registration is effective at noon on the thirtieth day after an
application is filed if
(1) the applicable fee
set out under
3
AAC 08.015 has been paid;
(2) a denial order is not in effect
concerning the applicant;
(3) a
proceeding is not pending under
AS
45.55.060 concerning the applicant;
and
(4) the administrator has not
initiated an investigation of the application under
AS
45.55.910.
(l) Unless the administrator has set an
earlier date, initial registration of the investment adviser representative is
effective as follows:
(1) if the investment
adviser representative is not seeking dual registration and has indicated no
affirmative response to any part of question 23 of NASDR Form U-4, or its
successor, the application for registration becomes effective as of the date of
effectiveness of the registration of the state investment adviser if both
applications are submitted together, or as of the date that the administrator
receives all required items in this section and applicable fees if the state
investment adviser is already registered under AS 45.55;
(2) if the investment adviser representative
is not seeking dual registration and has indicated an affirmative response to
any part of question 23 of NASDR Form U-4, or its successor, the registration
is effective at noon of the thirtieth day after the application and items in
(j)(3) and (j)(4) of this section are filed with the administrator if the
registration as a state investment adviser is already effective; and
(A) a denial order is not in
effect;
(B) a proceeding is not
pending under
AS
45.55.060; and
(C) the administrator has not initiated an
investigation of the application under
AS
45.55.910.
(m) A federal covered adviser may file an
initial notice to provide advisory services in this state by submitting an
optional cover letter stating the notice of intent to provide advisory services
as a federal covered adviser and filing the following with the administrator:
(1) a complete, current, signed SEC Form ADV,
or its successor, as filed with the SEC, and a copy of the most current SEC
Schedule I, or its successor;
(2) a
complete, current, and signed NASDR Form U-4, or any similar document as filed
with the SEC, for each investment adviser representative having a place of
business in this state and evidence that the investment adviser representative
has satisfied the qualification requirements of
3
AAC 08.013; and
(3) applicable fees for the federal covered
adviser filing notice, and for each investment adviser representative as set
out in 3 AAC 08.015.
(n) The initial notice given by federal
covered adviser is effective as of the date of receipt of the notice by the
administrator, or the date of filing with the SEC, whichever is later. The
initial registration for investment adviser representatives of the federal
covered adviser is effective in a manner essentially the same as for investment
adviser representatives of state investment advisers described in (
l) of this section.
(o) The administrator will, in the
administrator's discretion, request the applicant to submit additional exhibits
or information not specifically required but essential to a full presentation
of all material facts relating to an applicant's qualifications. The applicant
shall furnish to the administrator and properly identify as the additional
exhibits or information requested by the administrator. The applicant may also
furnish any other exhibits or information desired relating to the applicant's
qualifications.
(p) The
administrator may determine an application abandoned if the applicant
(1) has not passed each required qualifying
examination, if any, within 180 days after application;
(2) has failed to receive registration
approval within 90 days after the application from the state of primary
jurisdiction;
(3) has failed to
respond within 60 days after receipt of the administrator's request for
information under ( o) of this section; or
(4) has failed to respond within 30 days
after receipt of an administrator's request under
AS
45.55.910.
Effective Register 154 (July 2000), the revisor of
regulations made technical amendment in 3 AAC 08.011 to reflect a manifest
error in reference to a question number of NASDR Form
U-4.
Authority:AS
45.55.040
AS 45.55.050
AS 45.55.060
AS
45.55.950
