New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 11 - SECURITIES
Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS
Section 12.11.17.8 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS

Universal Citation: 12 NM Admin Code 12.11.17.8

Current through Register Vol. 35, No. 18, September 24, 2024

The use of a senior-specific certification or designation by any person in connection with the offer, sale, or purchase of securities, or the provision of advice as to the value of or the advisability of investing in, purchasing, or selling securities, either directly or indirectly or through publications or writings, or by issuing or promulgating analyses or reports relating to securities, that indicates or implies that the user has special certification or training in advising or servicing senior citizens or retirees, in such a way as to mislead any person is prohibited and, in addition, shall be a dishonest and unethical practice in the securities, commodities, investment, franchise, banking, finance, or insurance business within the meaning of Section 58-13C-412 C(13). The prohibited use of such certifications or professional designations includes, but is not limited to, the following:

A. use of a certification or professional designation by a person who has not actually earned or is otherwise ineligible to use such certification or designation;

B. use of a non-existent or self-conferred certification or professional designation;

C. use of a certification or professional designation that indicates or implies a level of occupational qualifications obtained through education, training or experience that the person using the certification or designation does not have; and

D. use of a certification or professional designation that was obtained from a designating or certifying organization that:

(1) is primarily engaged in the business of instruction in sales or marketing;

(2) does not have reasonable standards or procedures for assuring the competency of its designees or certificants;

(3) does not have reasonable standards or procedures for monitoring and disciplining its designees or certificants for improper or unethical conduct; or

(4) does not have reasonable continuing education requirements for its designees or certificants in order to maintain the designation or certificate.

[The text of this rule is consistent with the model rule on use of senior-specific certifications and professional designations adopted by NASAA on 3-20-2008.]

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