Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
032 - OFFICE OF SECURITIES
Chapter 504 - BROKER-DEALER AND AGENT LICENSING
Section 032-504-3 - Application for licensure

1. Initial application. The application for initial licensure pursuant to Section 16406(1)(A) of the Act shall be made by a broker-dealer completing Form BD or an agent completing Form U-4, in accordance with the form instructions, and by filing the form with CRD.The application for initial licensure shall also include the fee required by Rule Chapter 541.

2. Annual renewal. Pursuant to Section 16406(4) of the Act, a license is effective until midnight on December 31st of the year for which the application for licensing was filed. Alicensee shall renew a license through CRD and pay the fee required by Rule Chapter 541.

3. Amendments. Pursuant to Section 16406(2) of the Act, if the information or record contained in an application filed under this section is or becomes inaccurate or incomplete in a material respect, the licensee shall promptly file a correcting amendment. An amendment will be considered to be filed "promptly" if it is filed within thirty (30) days of the event that requires the filing.

4. Completion of filing. An application for initial licensure or a renewal is not considered filed for purposes of Section 16406 of the Act until all required forms have been completed and filed, all required fees have been paid, and all additional information and records requested by the Administrator under Section 16406 have been received.

5. Branch offices. Each broker-dealer shall file with CRD a Form BR, in accordance with the form instructions, for each branch office in Maine and shall pay the initial fee required by Rule Chapter 541.The filing is effective until midnight on December 31st of the year in which the filing was made. Each broker-dealer shall renew its branch office filings with CRD and shall pay the renewal fee required by Rule Chapter 541.