Current through August 31, 2023
01.
Initial Application -- FINRA Member Firms. Broker-dealers applying
for initial registration pursuant to Section
30-14-406, Idaho Code, and who are
contemporaneously applying for FINRA, membership or who are a FINRA, member,
shall file: (3-23-22)
a. With CRD, a completed
Form BD, including Schedules A-D; (3-23-22)
b. With CRD, a filing fee as specified in
Section 30-14-410, Idaho Code;
(3-23-22)
c. With CRD, the Form BR.
(3-23-22)
02.
Initial Application -- Non-FINRA Member Firms. Broker-dealers
applying for initial registration pursuant to Section
30-14-406, Idaho Code, and who are
not contemporaneously applying for FINRA membership or are not a FINRA member,
shall file with the Department: (3-23-22)
a. A
completed Form BD, including Schedules A-E; (3-23-22)
b. The filing fee specified in Section
30-14-410, Idaho Code;
(3-23-22)
c. Audited financial
statements; (3-23-22)
d.
Documentation of compliance with the minimum capital requirements of Section
087 of these rules;
(3-23-22)
e. Designation and
qualification of a principal officer; (3-23-22)
f. A list of the addresses, telephone numbers
and resident agents of all office locations within the state of Idaho, to be
provided within sixty (60) days of becoming registered; (3-23-22)
g. A copy of the written supervisory
procedures of the broker-dealer; (3-23-22)
h. Any additional documentation, supplemental
forms and information as the Administrator may deem necessary.
(3-23-22)
03.
Incomplete Applications. After a period of six (6) months from
date of receipt, an incomplete application will automatically be considered
abandoned and withdrawn if the requirements have not been fulfilled.
(3-23-22)
04.
Annual
Renewal. (3-23-22)
a. A FINRA member
shall renew its registration by submitting the renewal fee specified in Section
30-14-410, Idaho Code, to the CRD
according to their policies and procedures. A non-FINRA member shall renew its
registration by submitting to the Department current information required for
initial registration, and the renewal fee specified in Section
30-14-410, Idaho Code.
(3-23-22)
b. It is required that an
application for the renewal of the registration of a broker-dealer must be
filed with the Department before the registration expires, which is the
thirty-first day of December next following such registration, per the
provisions of Section
30-14-406(d),
Idaho Code. Any registration that is not renewed within that time limit will be
deemed to have lapsed, thus requiring the broker-dealer to reapply for
registration with the Department in accordance with the requirements of the
Act. (3-23-22)
05.
Updates and Amendments. (3-23-22)
a. A broker-dealer must file with CRD, in
accordance with the instructions in Form BD, any amendments to the
broker-dealer's Form BD. All broker-dealers must assure that current and
accurate information is on file with the Department at all times. If
information in an application for registration becomes inaccurate or
incomplete, additional information must be submitted through updates on the
Form BD or by direct notice to the Department. (3-23-22)
b. An amendment will be considered to be
filed promptly if the amendment is filed within thirty (30) days of the event
that requires the filing of the amendment. (3-23-22)
c. Litigation Notice. Any broker-dealer shall
notify the Administrator in writing or through the CRD of any civil,
administrative, or criminal complaint, petition, or pleading issued or filed
against him and of any bankruptcy proceeding filed by or against him within
thirty (30) days of his receipt of the initial pleading. This requirement does
not include minor traffic violations or minor civil actions unrelated to the
registrant's business as a broker-dealer. (3-23-22)
d. Notice of Address. Every broker-dealer
shall provide the Department, with an address sufficiently descriptive to allow
service of process pursuant to the Idaho Rules of Civil Procedure.
(3-23-22)
e. Change of Name. If a
registered broker-dealer desires to change its name, notice of such an intent
must be submitted to the CRD or this Department for non-FINRA members, either
before or within a reasonable time after the effective date of the change. The
name change will not be effective in this state until the notice is received.
(3-23-22)
06.
Completion of Filing. An application for initial or renewal
registration is not considered filed for purposes of Section
30-14-406, Idaho Code, until the
required fee and all required submissions have been received by the
Administrator. (3-23-22)
07.
Deferral of Effectiveness. The Administrator may defer the
effective date of any registration until noon on the forty-fifth day after the
filing of any amendment completing the application. (3-23-22)
