Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Every
individual who is a broker-dealer, or a compliance supervisor or reported agent
of a broker-dealer:
(1) shall have passed,
within two years prior to the date of filing the application for, or the
issuance of, a broker-dealer license, or becoming a compliance supervisor or
reported agent of a licensed broker-dealer, the Series 63/Uniform Securities
Agent State Law Examination ("Series 63 Examination") or the Series 66/Uniform
Combined State Law Examination ("Series 66 Examination"), both of which are
administered by the Financial Industry Regulatory Authority; and
(2) shall meet all applicable examination
requirements of the Securities and Exchange Commission and the self-regulatory
organizations of which the broker-dealer is a member.
(b) The provisions of subsection (a)(1) shall
not apply to an individual:
(1) who was a
broker-dealer licensed under the Code (or a compliance supervisor or reported
agent of a broker-dealer licensed under the Code) on May 22, 1989, or
(2) who has been an active broker-dealer (or
a compliance supervisor or reported agent of a broker-dealer) without an
interruption of two or more years since passing the Series 63 Examination or
the Series 66 Examination or not being required to take the Series 63
Examination or the Series 66 Examination pursuant to subsection
(b)(1).
(c) The
provisions of this section do not apply to a broker-dealer or a compliance
supervisor or reported agent of a broker-dealer when acting within the scope of
his or her affiliation with a broker-dealer:
(1) who is licensed by the Cemetery and
Funeral Bureau as a Cemetery Authority or as a Cemetery Broker under Sections
7651
through
7653.9
of the Business and Professions Code and who sells only the securities of one
issuer in connection with arrangements for funerals or cemetery space;
or
(2) who sells only evidences of
indebtedness of issuers organized exclusively for religious purposes and not
for pecuniary profit.
(d)
Definitions. For purposes of this section:
(1)
"Compliance supervisor" of a broker-dealer means every individual who has
responsibility of ensuring that reported agents comply with the Corporate
Securities Law of 1968 and the rules thereunder.
(2) "Reported agent" means every agent
employed by a broker-dealer and whose employment has been reported in
accordance with Section
260.210 of these
rules.
Note: Authority cited: Sections
25217(a)
and
25610,
Corporations Code. Reference: Section
25217,
Corporations Code.
Note: Authority cited: Sections
25217(a)
and
25610,
Corporations Code. Reference: Section
25217,
Corporations Code.
