(1) Every broker-dealer or applicant shall
promptly notify the Commissioner, in writing, of any material change in any
information, exhibits or schedules disclosed in the application. A correction
amendment shall be filed at the time of the occurrence or promptly after
discovery of the change. Material changes include, but are not limited to, the
following:
(a) Change in firm name,
ownership, management, control or any of its partners, officers or persons in
similar positions.
(b) Change in
principal office address.
(c)
Change in principal office or branch office managers, provided the offices are
located in Georgia.
(d) Change in
the type of entity or general plan of the broker-dealer business, method of
operation or type of securities in which it is dealing or trading.
(e) Insolvency, either in the sense that
liabilities exceed assets or in the sense that obligations cannot be met as
they mature.
(f) Change with the
net liquid capital or bond requirements, including dissolution, liquidation or
noncompliance.
(g) Termination of
business or discontinuance of activities as a broker-dealer.
(h) The broker-dealer or applicant is the
subject of an order, a proceeding or an institution of a proceeding by or in
any civil court, criminal court or administrative agency involving any aspect
of the securities business, any felony or a U.S. Post Office fraud
order.
(i) The report required by
Subsection (1)(i) above shall be accompanied by a copy of any notice, order,
pleading, indictment, accusation or similar legal document that such
broker-dealer, agent or principal has received in the case.
(2) Every agent or applicant shall
promptly notify the Commissioner in writing of any material changes in any
information, exhibits or schedules disclosed in his or her application. A
correction amendment shall be filed at the time of the occurrence or promptly
after discovery of the change. Material changes include, but are not limited
to, the following:
(a) Change of
address.
(b) Termination of agency
with the broker-dealer or issuer with whom licensed.
(c) The filing of a criminal charge or civil
action against the applicant in which a fraudulent, dishonest or
investment-related act is alleged.
(d) The agent or applicant becomes aware that
it, he or she is the subject of an order, a proceeding or an institution of a
proceeding by or in any civil court, criminal court or administrative agency
involving any aspect of the securities business, any felony or a U.S. Post
Office fraud order.
(3)
Any broker-dealer or agent who fulfills the reporting requirements of CRD shall
be deemed to be in compliance with reporting requirements of the Act and the
Rules.
O.C.G.A. Secs.
10-5-35, 10-5-36, 10-5-40, 10-5-70, 10-5-74.
