Illinois Administrative Code
Title 14 - COMMERCE
Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953
Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES
Section 130.810 - Procedures for Registration as a Dealer Under Section 8.B of the Act
Current through Register Vol. 48, No. 12, March 22, 2024
No person shall be registered as a dealer unless satisfactory evidence shall have been furnished to the Secretary of the trustworthiness of the applicant and the applicant's officers, directors, partners, principal members or trustees. No person shall be registered as a dealer until that person shall have given evidence of competency to engage in the business of dealing in, buying or selling securities. Every person or officer who sells securities in this State shall be deemed to be a salesperson and must be registered as such in accordance with Section 8.B of the Act.
a) Each applicant for registration as a dealer shall deliver to FINRA Form BD as provided in Appendix C or, if already on file with FINRA, the requisite amendment that indicates that an application is on file in this State and pay to FINRA the registration fee specified in Section 130.110.
b) Each applicant for registration as a dealer shall file with the Securities Department a complete and current application and pay to the Securities Department the branch office fee, if any, specified in Section 130.110. The application shall consist of the following:
c) Each person applying for registration as a dealer shall give evidence of competency to engage in the business of dealing in, buying or selling securities by providing the Secretary of State with proof of obtaining a passing score onthe examinations listed in Section 130.822, to demonstrate to the Secretary that the principal or principals have sufficient knowledge of the securities business and the laws relating to that business. In the case of a person, other than a natural person, filing an application for registration as a dealer, all of the principals who, on behalf of the applicant, participate in or are responsible for the sale of securities in this State are required to take such an examination on behalf of the applicant. Each registered dealer shall amend the list not later than 10 business days after any change of any principal or principals.
d) At or prior to registration of the dealer, there must be on file with the Securities Department, whether through the CRD or otherwise, the following:
e) The application and documents on file with the Securities Department with respect to the dealer shall be amended from time to time whenever a change occurs that renders the information contained in the document not accurate in any material respect. The amendment shall be filed with FINRA if the dealer is a member of FINRA, or with the Securities Department if the dealer is not a member of FINRA, within 10 business days after the occurrence of the change.
f) For the limited purpose of this Section and solely to implement a supplemental procedure known as the CRD, a computer based registration system, for the registration and re-registration of dealers and salespersons, the term "in the Office of the Secretary of State", as used in Sections 8.B and 8.C of the Act, and "with the Secretary of State", as used in Section 8.H of the Act, and "with the Securities Department", as used in Section 130.820 of this Part, shall include a filing made with FINRA utilizing the single automated system referred to in this subsection as the CRD.