Current through August 31, 2023
01.
Broker-Dealer Agents. Agents of broker-dealers applying for
initial registration in the state of Idaho pursuant to Section
30-14-406, Idaho Code, shall file
the following: (3-23-22)
a. With CRD, a
completed Form U-4; (3-23-22)
b.
With CRD, the filing fee specified in Section
30-14-410, Idaho Code;
(3-23-22)
c. With CRD, proof of
successful completion of the applicable examinations specified in Section
103 of these rules;
(3-23-22)
d. With the Department,
any additional documentation, supplemental forms and information as the
Administrator may deem necessary; (3-23-22)
e. With the Department, Subsections
083.01.a. through 083.01.d. of
this rule, for any agent of a non-FINRA member. (3-23-22)
02.
Agents of Issuer. (3-23-22)
a. Agents of issuers applying for initial
registration in the state of Idaho pursuant to Section
30-14-406, Idaho Code, shall file
the following with the Department: (3-23-22)
i. A completed Form U-4; (3-23-22)
ii. The fee specified in Section
30-14-410, Idaho Code;
(3-23-22)
iii. Proof of successful
completion of the applicable examination(s) specified in Section
103 of these rules;
(3-23-22)
iv. Proof of a bond of a
surety company duly authorized to transact business in this state, said bond to
be in the sum of ten thousand dollars ($10,000) and conditioned upon faithful
compliance with the provisions of the Act by the agent, such that upon failure
to so comply by the agent, the surety company is liable to any and all persons
who may suffer loss by reason thereof. Provided, however, that the obligation
of the surety bond must be maintained at all times in the amount therein
provided; and provided further, that a certificate of deposit issued by any
bank in the state of Idaho and assigned to the Administrator in an amount equal
to the bond which would otherwise be required may be accepted by the
administrator in lieu of a bond, if the certificate of deposit is maintained at
all times in the amount and manner herein provided during the term for which
the registration is effective and for three (3) years thereafter;
(3-23-22)
v. Any additional
documentation, supplemental forms and information as the Administrator may deem
necessary. (3-23-22)
b.
An individual who represents an issuer that effects transactions in a federal
covered security under Section
18(b)(3)
(transactions relating to "qualified purchasers" as that term may be defined by
the SEC), 18(b)(4)(D) (commonly known as Regulation A, Tier 2), or 18(b)(4)(F)
(commonly known as Regulation D, Rule
506) of the Securities Act of 1933
is not exempt from the registration requirements of Section
30-14-402(a),
Idaho Code, if the individual is compensated, directly or indirectly, for
participation in the specified securities transactions. (3-23-22)
c. Exceptions for officers. If there are not
more than two (2) officers of an issuer, such officers may be registered as
agents for a particular original offering of the issuer's securities without
having to pass such written examination or file an agent's bond as provided by
Subsection 083.02.a.iii. and 02.a.iv.
of this rule, unless such person has registered under this rule within the
prior five (5) years. (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. Broker-Dealer Agent. Agents of FINRA,
members shall renew their registrations by submitting the renewal fee specified
in Section
30-14-410, Idaho Code, to the CRD.
Agents of non-FINRA. members shall renew their registrations by submitting a
completed renewal application and a renewal fee as specified in Section
30-14-410, Idaho Code.
(3-23-22)
b. Issuer Agent. Issuer
agents shall renew their registrations by submitting a completed renewal
application and a renewal fee as specified in Section
30-14-410, Idaho Code.
(3-23-22)
05.
Updates and Amendments. (3-23-22)
a. A broker-dealer agent or agent of issuer
must file with CRD, or with this Department, in accordance with the
instructions in Form U-4, any amendments to the broker-dealer agent's or issuer
agent's Form U-4. It is the responsibility of each broker-dealer agent or
issuer agent to 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 U-4 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 agent or issuer agent 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 shall 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 agent and issuer agent 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 agent or issuer agent changes his or her name, notice of such
must be submitted to the CRD or this Department 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 complete for
purposes of Section
30-14-406(c),
Idaho Code, until the required fee and all amendments, including submissions
requested by the Department, have been received by the Department.
(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)