Code of Maryland Regulations
Title 02 - OFFICE OF THE ATTORNEY GENERAL
Subtitle 02 - DIVISION OF SECURITIES
Chapter 02.02.02 - Broker-Dealer Regulations
Section 02.02.02.01 - Initial Registration as Broker-Dealer

Universal Citation: MD Code Reg 02.02.02.01

Current through Register Vol. 51, No. 6, March 22, 2024

A. Scope. This regulation governs applications for initial registration as a broker-dealer in Maryland.

B. Financial Industry Regulatory Authority (FINRA) Members. An applicant that is already a member of, or has applied for membership in, the FINRA shall:

(1) File with the Central Registration Depository System (CRD) the information required by Form BD (Uniform Application for Broker-Dealer Registration) and the fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-407, Annotated Code of Maryland; and

(2) File with the Commissioner other information the Commissioner may reasonably require.

C. Non-FINRA Members.

(1) An applicant that is not a member of, or has not applied for membership in, the FINRA shall file with the Commissioner an application upon Form BD (Uniform Application for Broker-Dealer Registration).

(2) The application shall contain:
(a) A financial statement prepared in accordance with 17 CFR § 240.17a-5(d) (SEC Rule 17a-5(d), Annual Filing of Audited Financial Statements), which is incorporated by reference, as of a date within 90 days of the date on which the statement is filed;

(b) If the applicant is a corporation, a resolution authorizing the filing of the application;

(c) The fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-407, Annotated Code of Maryland;

(d) A statement or certificate showing compliance with, or exemption from, the examination requirement of Regulation .06 of this chapter; and

(e) Other information the Commissioner may reasonably require.

D. Completion of Filing. An application for initial registration as a broker-dealer is not considered filed for purposes of the Maryland Securities Act, Corporations and Associations Article, § 11-405, Annotated Code of Maryland, until:

(1) The applicant has complied with the examination requirement of Regulation .06 of this chapter;

(2) The required fee and all required submissions have been received by the Commissioner;

(3) If the applicant is seeking membership in the FINRA, the applicant is approved as a member of the FINRA; and

(4) The applicant has submitted any other information the Commissioner has requested.

Disclaimer: These regulations may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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